Nerida Conisbee,
Ray White Group
Chief Economist
Inflation continued its painfully slow downward trajectory in October, resulting in rates remaining on hold in December. The most significant increase in the inflation basket continues to be housing, in particular rents. While construction increases have slowed considerably, the lack of rental accommodation is driving up inflation.
Housing costs are now up 6.1 per cent over the year. Food is another major driver of inflation, up 5.3 per cent. Automotive fuel is also causing problems, up 8.6 per cent.
Will we see another rate rise? Perhaps. Inflation is coming down but not quickly. Market expectations of where they will peak continue to fluctuate. While the slow decline is not encouraging, there are some positive signs from overseas. In the US, inflation is now down to 3.2 per cent, while Canada sits at 3.1 per cent. Elsewhere, inflation is still too high but the gap between where Central Banks want it and where it sits is narrowing.
We are excited to announce a new series of features highlighting the incredible businesses located at the commercial hub, 1 Carlo Drive, Cannonvale. Each week, we will put a spotlight on one of our commercial tenants, showcasing their unique offerings, services, and the passionate individuals behind these enterprises. Through these … Read more
Vanessa Rader Ray White Group Head of Research Property prices continue to rise nationwide, with significant growth in both metropolitan and regional areas. Western Australia stands out, surpassing national averages. Perth has become Australia’s fifth most expensive housing market, overtaking Adelaide with a median house price of $821,093, reflecting a … Read more