Trends in rents
In the twelve months to June 2012, the Metropolitan Rent Index (MRI) increased by 1.6 per cent. This annual rate of increase is well below that of June 2011 (4.4 per cent) and well below the long term average annual increase (over the past ten years) of 5.6 per cent.
The annual change in the Regional Rent Index (RRI) to June 2012 was 2.9 per cent compared with 4.7 per cent to June 2011. The annual rate of increase in the RRI has been higher than the MRI since the June quarter 2009. The long term average annual increase of the RRI (5.5 per cent) has dropped marginally below that of the MRI.