CPI SHOWS INCREASE BUT RENTS STILL DOWN

The latest ABS CPI December quarter survey released today shows that Darwin has recorded an increase of 0.5%.

Property Council NT Director Ruth Palmer said that while there has been an increase of 0.5%, Darwin has still recorded the smallest rise over the last twelve months and the national CPI Growth remains below target.

Darwin’s main contributor to the rise in CPI this quarter are tobacco (+7.7%), sports participation (+15.1%) and accessories (+7.7%).

“The rise is partially offset by a fall in domestic holiday travel and accommodation.

“We have seen a drop in rents by -1.3% and this weakness may continue over the next quarter.

“The fall in rents is due to excess supply of housing stock, with high vacancy rates as seen throughout Darwin.

“The oversupply of residential stock and the drop in rental prices will continue to help Territorians with the cost of living and should in turn help with our population retention and growth.”

Media contact:  Ruth Palmer  |  M 0450 428 314   |   E  rpalmer@propertycouncil.com.au