Playing the economic waiting game
Strong demand and increasing rental prices will continue in the Aussie property market throughout 2023, according to real estate data company PropTrack. The national median rent has increased by 2% to $500 a week in the first quarter of the year, taking prices up 11% in the past 12 months. Analysts say that’s happening particularly in capital cities, “where rent increases have not yet eased since accelerating in early 2022”. Feeding some of the price pressure in the rental market are rising interest rates, and Reserve Bank Governor Philip Lowe spoke about them yesterday, warning future rises might be needed to make sure inflation is on the way down. He also dismissed speculation about cutting rates, saying “we’ve got the highest inflation rate in 30 years, the lowest unemployment rate in 50 years, and still 2 years before we get inflation back to the top of the target range”.
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