The ABS has today published its Consumer Price Index for the quarter ending in June 2009, including figures for rents.
Across the Australian capital cities, rents were up 7.2 per cent for the year, which is well above the rate of inflation generally (1.5 per cent). Sydney rents were up 7.1 per cent.
However, for the June quarter, rents moderated: up only 1.4 per cent (up 1.5 per cent in Sydney). This is still above the inflation rate for the quarter – a mere 0.5 per cent – but it still represents a significant moderation.
This is consistent with what we saw in the most recent Rent and Sales Report, which reported that rents for new tenancies in New South Wales had flattened.
Something to keep in mind if your landlord is still hoping for 10 per cent, as 'predicted' by BIS Shrapnel.
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