Watch live: Michele Bullock says she is still analysing Wednesday’s CPI print and won’t be drawn on the implications for interest rates; shares are set to slip; US tech stocks dive after earnings shortfall from Alphabet. Follow here for more.
Michele Bullock says she expects annual rent inflation to peak at a 34-year high of 10 per cent in the next six months. The last time rent inflation hit 10 per cent was in June 1989. Rent inflation hit a 14-year high of 7.
6 per cent in the year to September as nationwide vacancy rates returned to a record low of 0.8 per cent. Rents were 9.5 per cent higher in Brisbane, 5.8 per cent higher in Melbourne, and 8.6 per cent higher in Sydney, and further increases are expected thanks in part to a strong increase in overseas migration.
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