Rate of inflation eases but high building costs persist
The ABS data comes as the RBA Board prepares to meet on interest rates next week
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The rate of inflation has fallen to 5.6 percent, figures from the Australian Bureau of Statistics show.
Housing, food and non alcoholic beverages, as well as furnishings saw the greatest price increases, up 8.4 percent, 7.9 percent and 6 percent respectively. However, they were offset by automotive fuel, which fell by -8 percent, thanks to a stronger Australian dollar reducing the cost of importing oil, as well as increased oil production.
The fall in inflation of 5.6 percent over May continues the steady lowering of the CPI, which was recorded at 6.8 percent in April. The latest figures represent the smallest rise since April 2022.
The timing is potentially good news for mortgage holders, taking pressure off the RBA Board to further increase the cash rate when they meet next Tuesday.
The news was less promising for the construction industry, where sustained high labour and material costs have resulted in dwelling prices increasing 8.3 percent over the 12 months to May. However, the ABS noted the rate of growth had eased compared with July 2022 when the cost of building reached a record high increase of 21.7 percent.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Whitewill has identified nine top luxury projects in Abu Dhabi
5 min
Luxury real estate agency, Whitewill, has highlighted nine leading luxury projects in Abu Dhabi. These projects showcase the pinnacle of opulence and modern living, offering a variety of high-end residences that cater to diverse tastes and preferences. Each project boasts unique features and amenities designed to provide an unparalleled lifestyle experience.
Al Jurf
Al Jurf is a residential development featuring 1,500 villas near the rural area of Ghantoot, along the coast of Sahel Al Emarat.
These villas blend traditional influences with contemporary architectural elements, boasting multiple terraces, an outdoor swimming pool, and a double-car garage. For those looking to escape city life, Al Jurf offers a private beach with stunning Arabian Gulf sunsets and a private marina for easy sea access.
Elie Saab
The Elie Saab Residences is a 33-storey apartment tower located canal-side on Al Reem Island. The project offers a selection of one, two, and three-bedroom apartments with classic interior decoration, including glossy light floors and white walls, allowing residents to customize their living spaces. Apartments can be furnished by renowned Lebanese designer Elie Saab. The rooftop podium features sun loungers, an infinity pool, a padel court, a gym, and a yoga area.
Yas Golf Collection
The YAS Golf Collection on Yas Island offers a residential complex surrounded by lush lawns and the serene waters of Khor Laffan Bay, providing direct access to stunning landscapes.
It provides premium services, including laundry, dry cleaning, dedicated customer service, nanny and pet-sitting services, personal shopping, and interior design assistance. The complex offers fully furnished one, two, and three-bedroom apartments with elegant interiors and panoramic views of Yas Theme Park, Yas Links, and gardens. Apartments include branded furniture and a “smart home” system.
Residents can exercise in the gym with panoramic sea views or enjoy outdoor workouts in the yoga and Pilates areas. The terrace offers a garden with views of the sea and Abu Dhabi skyline.
Saadiyat Lagoons
Saadiyat Lagoons offers four to six-bedroom mangrove villas on Saadiyat Island, Abu Dhabi, surrounded by 900,000 square meters of protected wildlife with direct access to Soul Beach.
The development includes shopping centers, kindergartens, and a multifunctional hall. Villas feature customizable interiors with options for cool grey tones with dark wood or warm beige schemes, and choices between standard or premium finishes.
Each villa includes a garage with electric car charging stations. Residents can enjoy lush greenery, a landscaped farm, playgrounds, a skate park, an outdoor cinema, and an adventure park for children. Private gardens can be upgraded for a home office or gym.
Nouran Living
Nouran Living, a 12-storey apartment project on Saadiyat Island, blends contemporary architecture with the natural landscape, featuring neutral colors and rounded corners. Lattice balconies and vertical elements enhance the facade.
The complex offers studios and one to three-bedroom apartments with cool-toned interiors using porcelain, quartz, and wood. Floor-to-ceiling windows provide stunning panoramic views.
Designed for active individuals, Nouran Living features a spacious two-story lobby with a large lounge area, a multifunctional hall with table tennis, a basketball court, and a music corner. Residents enjoy indoor and outdoor playgrounds, a library, a gym, a cinema, and a landscaped podium rooftop with a swimming pool, paddle court, and walking trail.
Sama Yas
Sama Yas is a prestigious apartment project on Yas Island, featuring three 17-storey buildings with unique cascading architecture resembling mountains amid lush green landscapes.
Apartments, available in one, two, and three-bedroom configurations, boast premium materials such as glossy Italian marble countertops, natural wood, textiles, and porcelain stoneware. The project offers luxurious amenities, including valet service, an elegant lobby, and a dedicated concierge desk. Convenient key cards and smart home system access ensure easy entry to apartments.
The ground floor hosts a fully equipped gym, coworking space, library, event rooms, private cinema, spa center, restaurants, and shops. On the rooftop podium, residents can unwind by the pool surrounded by palm trees. The standout feature is the expansive green lawn in front of the buildings, complemented by walking and jogging paths.
The Icon Tower
The Icon Tower comprises 300 apartments within an 18-story tower near the coastal area of Yas Island. Situated in the southern part of the island, the complex offers breathtaking views of Yas Bay.
The complex provides a diverse selection of formats, from cozy studios to spacious apartments ranging from one to four bedrooms. Residents can enjoy the infinity pool on the podium level or relax on the nearby beach area. A modern playground is available for young residents, and a fully equipped gym allows residents to stay in shape. The complex offers 20 berths on the private pier for watercraft owners.
Renad Tower
Renad Tower is a contemporary complex on Al Reem Island in Abu Dhabi, featuring ample open spaces for strolling and infrastructure for a comfortable lifestyle.
The 37-story tower offers stunning views of the Arabian Gulf waters and provides accommodations to suit every preference, including cozy one, two, and three-bedroom apartments. Residents can relax in the azure pool on the podium roof or bask in the sun on comfortable loungers. For those with an active lifestyle, there’s a modern gym and outdoor jogging trails.
Vista Del Mar
Vista Del Mar is a contemporary residential complex on Yas Island in Abu Dhabi. The eleven-story building comprises comfortable one, two, and three-bedroom apartments, each featuring a balcony. The ground floors offer villas with three or four bedrooms, complete with a private terrace, an outdoor pool, and a spacious patio.
Residents enjoy access to a recreational area with a swimming pool on the podium of the complex. The project also boasts a modern gym suitable for both strength training and yoga or Pilates, while an outdoor playground has been provided for the youngest residents.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
