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The December quarter consumer price index (CPI) data, released yesterday by the Australian Bureau of Statistics (ABS), revealed that Australian rental growth has collapsed to the lowest level in the series’ 45-year history.
According to the ABS, rents registered zero growth in the December quarter and grew by just 0.2% over the year:
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At the individual capital city level, annual rental growth was positive in Hobart (+5.6%), Canberra (+2.7%), Melbourne (+1.7%), Adelaide (+1.0%), and Brisbane (+0.3%), but fell in Sydney (-0.8%), Perth (-1.1%), and Darwin (-6.6%):
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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