ABS data shows that the Consumer Price Index (CPI) rose 1.4% in the March quarter of 2023 and 7.0% over the twelve months.
“This is down on the annual figure for the December quarter of 7.8% and is the lowest quarterly increase since the December quarter of 2021 and clearly confirms a slowing down in the rate of increase,” said REIA President, Hayden Groves.
“The most significant price rises were medical and hospital services, up 4.2%, tertiary education, up 9.7%, gas and other household fuels, up 14.3%, and domestic holiday travel and accommodation, up 4.7%.
“The rate of price growth for new dwellings has continued to ease this quarter, following a record annual rise in the September 2022 quarter, reflecting improvements in the supply of construction materials and an easing in demand.
“Rents increased by 4.9% annually on a weighted capital city basis, the largest annual rise since 2010, and compares to 4.0% for the twelve months to December. In Sydney and Melbourne the annual increases were 4.8% and 3.1%, respectively. These are the largest annual increases since 2012. Annual growth in rent prices for the remaining capital cities continues to outpace price growth in Sydney and Melbourne.
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