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Author: Real Estate Institute of Australia
The September 2019 quarter Consumer Price Index (CPI) figure continues to be good news for home buyers and renters, according to REIA.
REIA President of Adrian Kelly said the All groups CPI, increased by 0.5 per cent in the September quarter giving an annual increase of 1.7 per cent.
“The annual changes for the analytical series of trimmed mean and for the weighted median were 1.6 per cent and 1.2 per cent respectively. The annual change in the trimmed mean has been below two per cent since December 2015 and for the weighted median
since March 2018 ensuring the continuation of historically low official interest rates for some time yet.
“The housing group increased by 0.3% per cent for the quarter and 0.4 per cent for the year to September 2019. Rents increased by just 0.1 per cent for the quarter and increased by 0.4 per cent for the year. The average annual change has been less than
1.0 per cent since December 2015.
“With the Reserve Bank of Australia (RBA) meeting next week home buyers can be comfortable in the knowledge that the latest inflation data would suggest that the RBA will not be increasing official interest rates for some time yet,” Mr Kelly said.
From a Perth perspective, the All groups CPI also increased by 0.5 per cent in the September quarter and an annual increase of 1.6 per cent.
For a break down of each capital city, visit the Australian Bureau of Statistics website.
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