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Biggest quarterly jump for property prices in more than 10 years
By Shane Wright and Jennifer Duke
House prices across the country had their biggest quarterly increase in more than a decade through the first three months of 2021.
Data from the Australian Bureau of Statistics out this morning showed residential property prices jumped by 5.4 per cent, the biggest quarterly lift since the December quarter of 2009.
Sydney prices have climbed by 8 per cent over the past 12 months.Credit:Bloomberg
All cities reported an increase, led by Sydney (up by 6.1 per cent). Canberra prices jumped by 5.6 per cent, they were up by 5.2 per cent in Perth while in Melbourne they increased by 5.1 per cent. Adelaide and Brisbane prices rose by 4 per cent while they lifted by 4.7 per cent in Darwin.
The total value of the nation’s 10.6 million residential dwellings increased by $449.9 billion to $8.3 trillion. It is the single largest quarterly rise on record, and lifting the average price of a residential dwelling across the country to an all-time high of $779,000.
Some areas, though, are much more expensive.
The head of price statistics at the ABS, Michelle Marquardt, said NSW accounted for 40 per cent of the value of residential dwellings.
“The average price of residential dwellings in NSW rose to $1.01 million. This was the first time any state or territory had seen the average price of dwellings rise above $1 million,” she said.
The data came out as special research led by UNSW found the national economy was less stable and suffering from a drop in productivity due to runaway house prices. It found the lift in prices was diverting money away from more productive pursuits and affecting the lending policies of the nation’s major banks.
On an annual basis, national property prices lifted by 7.5 per cent. The biggest increase was in Canberra (by 10.9 per cent), followed by Hobart (10.2 per cent) and Perth (9 per cent).
Sydney prices have climbed by 8 per cent over the past 12 months while in Melbourne they are up by 5.9 per cent.
No new cases in NSW, slight drop in weekly vaccinations
By Mary Ward
NSW has recorded its 40th day without a local coronavirus case, as communities along the Newell Highway wait for the all clear after a couple infectious with COVID-19 passed through their towns.
It has now been two weeks since the couple started their drive from Melbourne to the Sunshine Coast before testing positive to the virus.
Locals identified as close contacts will be presenting for their second tests this week. All tests have so far been negative.
The state recorded its first drop in weekly vaccinations since the start of May this week, after about 10,000 fewer shots were delivered in GP and Commonwealth respiratory clinics in the seven days to Sunday compared to the previous week.
Vaccinations delivered in NSW Health clinics increased by about 5000 doses, resulting in only a slight decline overall.
The total number of vaccines administered in NSW is now 1,718,964, with 598,248 doses administered by NSW Health and 1,120,716 administered by the GP network and other providers.
There were four overseas acquired cases recorded during the reporting period.
No second dose supply issues in NSW, says Premier
By Mary Ward
Premier Gladys Berejiklian has denied there are any supply issues with second doses of the COVID-19 vaccine in her state, after Victorian health providers restricted bookings as people who were vaccinated at walk-in clinics became eligible for their second shot.
“That’s why we took a couple of extra weeks to get our booking system,” Ms Berejiklian told reporters earlier this morning.
NSW Premier Gladys Berejiklian receives her second COVID-19 vaccination earlier this month.Credit:Jeremy Piper
The Premier said her state is looking to allow pharmacies to administer the COVID-19 vaccine in rural and regional communities, after federal Health Minister Greg Hunt announced yesterday a plan for pharmacies to administer the Moderna vaccine later this year.
“We will have something to say about that in the near future,” she said, noting discussions between the Pharmacy Guild and state government had focused on the challenges of having refrigeration available for mRNA vaccines as well as “consent issues”.
“NSW has a sense of urgency when it comes to the vaccine rollout,” she added.
However, the Premier said that urgency did not include allowing younger people receive their vaccine, as has been allowed in other states.
“I’m keen to make sure the large cohort of 40-year-olds get their vaccine before we move on to the next cohort,” she said.
Controversial changes to renewable energy agency a test for Labor
By Michael Foley
A controversial change to the remit of Australia’s Renewable Energy Agency (ARENA), made by Emissions Reduction Minister Angus Taylor, is expected to be put to a vote in Parliament’s lower house later today.
Mr Taylor wants to expand ARENA’s remit to allow it to fund fossil fuel technology, including carbon capture and storage and “blue” hydrogen produced with gas, alongside existing investments in renewable technology. He has argued energy agencies must now look beyond clean energy to the “next challenges” in emissions reduction.
Shadow minister for climate change Chris Bowen.Credit:Dominic Lorrimer
The move is a test for Labor, as it could inflame internal tensions between its left and right factions over support for fossil fuels.
Labor’s climate and energy spokesman Chris Bowen will move a motion to disallow the changes, and Greens leader Adam Bandt is expected to move his own disallowance motion as well.
Mr Bowen called on moderate Liberal MPs, who have argued for greater climate action, to to back his disallowance motion.
“This is an opportunity for those Liberals who pretend to be environmentalists, who pretend to care about climate change, who pretend to back renewables like Katie Allen, like Trent Zimmerman, like Tim Wilson like Dave Sharma, to put their vote where their words are,” he said.
Nuix CEO and CFO step down after disastrous IPO
By Colin Kruger
Nuix has announced its top two executives will exit the business following a disastrous float of the Macquarie-backed data forensics group.
Nuix announced on Tuesday morning that its chief financial officer, Stephen Doyle, will leave his role – by mutual agreement – after successive downgrades sent its share price plunging.
Nuix CEO Rod Vawdrey will leave the business.Credit:Ben Rushton
The company later announced that its chief executive, Rod Vawdrey, will also step down from his role once a replacement is found.
Nuix’s stock is trading at half what investors paid in December last year.
Read the full story here.
Watch: NSW Premier’s press conference
By Broede Carmody
NSW Premier Gladys Berejiklian, Treasurer Dominic Perrottet and Minister for Jobs Stuart Ayres are due to make a major announcement at 10am. We expect it’s about the proposed Bradfield City Centre.
Watch below.
‘This family’s home is in Biloela’: Community lobby group
By Nick Bonyhady
A lobby group supporting the Murugappan family is pleased they will be reunited in Australia but demanded they be returned to the Queensland town of Biloela, where they formerly lived.
A spokeswoman for the Home to Bilo group said community detention was no guarantee of safety and peace for the Murugappans (father Nades, mother Priya and daughters Kopika and Tharni).
Angela Fredericks, one of the founders of the Home to Bilo movement.Credit:Zach Hope
“Nades is keen to get back to work in Biloela to support his young family, which he cannot do while the family is forced into community detention,” spokeswoman Angela Fredericks said.
“Priya wants to enrol Kopika at Biloela State School to continue her education. And we promised little Tharni a big birthday party when she got home. Australia knows this family’s home is in Biloela.”
Ms Fredericks said Mr Hawke had the power to give the Murugappans a visa and recognise them as refugees without going through the courts.
Work on Sydney’s third city centre will begin this year
By Broede Carmody
In case you missed it, more than $1 billion has been dedicated to what will become Sydney’s third CBD precinct.
The funding, which has been set aside in next week’s state budget, will be used to transform what are currently paddocks and grasslands into a bustling city centre close to Bradfield airport.
An artist’s impression of the future western Sydney city Bradfield.Credit:Suppplied
NSW Premier Gladys Berejiklian is due to address the media around 10am. Stay tuned as we bring you the latest developments.
In the meantime, my colleague Tom Rabe has the full story.
Suncorp processes thousands of claims after Victoria’s damaging winds and floods
By Charlotte Grieve
ASX-listed insurer Suncorp has received 3750 claims after severe winds and flash flooding lashed Victoria over the past week.
The clean-up is under-way in the Dandenong ranges, 35 kilometres east of Melbourne, after fallen debris and uprooted trees caused mass black-outs as well as roads and popular walking tracks to close over the long weekend.
Emergency services work to clear the storm damage near Kalorama, 35kms east of Melbourne’s CBD. Credit:Carole Rushbrook
Suncorp is expecting the claims volumes to continue to increase in the coming days and weeks, and chief executive Steve Johnston said customer support teams were in Traralgon, in Victoria’s Gippsland region, providing support after the area was hit by major flooding.
You can read more on our live markets blog.
Victoria’s active cases of COVID-19 continue to fall
By Broede Carmody
Victoria appears on track to further ease coronavirus restrictions come Friday.
Active cases across the state continue to fall. There are currently 54 active cases of COVID-19 in Victoria, down from 64 yesterday.
You can see the long-term trend in our graph below.
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2021-06-15 01:53:02Z
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