With rising rents outpacing mortgage increases, purchasing property is becoming a more attractive option for many. According to the latest inflation data from the Australian Bureau of Statistics (ABS), the consumer price index (CPI) increased by 1% in the most recent quarter, culminating in a 3.6% rise over the 12 months to March.
Notably, rental prices have surged by 7.7% over the past year, marking the highest increase since 2009. In contrast, new mortgage costs have only risen by 5.1%. The ABS data reveals that rental inflation has consistently surpassed mortgage inflation since June 2023. Inner city suburbs within a 12.5 km radius of the CBD now experience the highest rental inflation rates in Australia.
Meanwhile, areas further from the CBD have seen a moderation in rental inflation since mid-2023. The CPI data also indicates a general moderation in inflation for other sectors, including food.
Given these market dynamics, Luminur Projects provides a distinct advantage for homebuyers. As a property development project marketing agency, we are well-positioned to assist buyers in navigating the current market, where buying may be more cost-effective than renting. Leveraging our extensive off-market property listings, we help buyers find properties that align with their preferences and investment goals, offering exclusive opportunities not typically available on the open market. This unique access provides buyers with a significant edge in securing the ideal property amidst rising rental costs.
