According to The Australian Financial Review, asking rents in capital cities jumped a record-breaking 2.4 per cent in the past 30 days, triggering fears that the increase will further stoke inflation, prompting higher-than-expected interest rates.
Louis Christopher, SQM Research managing director, said the sharp rise in rents would feed into the inflation measures used by the Australian Bureau of Statistics, which the Reserve Bank relies on to make decisions about interest rates.
Weekly rents in the biggest capital cities soared to record levels, with Sydney rents rising 2.5 per cent over the month to $744. Melbourne’s rents climbed 2.7 per cent to $549, Brisbane’s gained 1.4 per cent to $594, and in Perth, prices firmed 1.3 per cent to $586.
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