The September 2019 quarter CPI figure is good news for home buyers and renters, according to the Real Estate Institute of Australia (REIA).
REIA President Adrian Kelly said the All Groups CPI increased by 0.5 per cent in the December 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,” he said.
“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.”
Mr Kelly said 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 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.
