Sydney property market is cooling down as lending slows and vendor discounting rises.
The difference in asking price and final sale price in the city has increased to 4.4 per cent. Investment bank Morgan Stanley said the market is “unlikely” to “turn around anytime soon” due to limited credit and record household debt.
Over the past year, Sydney’s median house prices have fallen by 4.5 per cent. Auction clearance rates also had a significant dip in June.
According to the bank’s research, the falling prices reflected the national annual growth rate, which reaches its lowest in more than five years.
However, Deutsche Bank’s economist Phil Odonaghoe said the worst of the market downturn has passed for Sydney.
“Recent auction clearance rates, running at a little under 50 per cent once adjusted for withdrawals, actually point to a very modest improvement in dwelling price growth over the coming six months, or more specifically, ‘less negative’ year-ended growth,” Odonaghoe told the Sydney Morning Herald.
The Department of Defence has named 32 firms that will provide managed IT services for the government for the next ten years.
The 32 providers will constitute a replacement panel for the previous arrangement known as the applications managed services partnership agreement (AMSPA). The department had been looking to break up the arrangement to make way for “niche” and “flexible” suppliers.
Among the names revealed are Leidos, Unisys, Fujitsu, Atos, Northrop Grumman, Optus and ABB Enterprise Software, along with the big four consulting firms Deloitte, Ernst & Young and KPMG. A number of suppliers who do not have experience working with the department are also included, such as Adactin, Azara, Exeter, Icemedia, RPSPM, Sofitel Systems and the Gruden Group.
The AMSPA is expected to be retired in September 2018.
The rollout of the National Broadband Network (NBN) in Port Macquarie is reaching its final stage, with 98 per cent of households and businesses now able to use the service.
The NBN, whose rollout in the area began in February 2017, is now available to more than 38,900 homes and businesses in Port Macquarie. The expansion process had received backlash from the community due to the destruction of footpaths and public property in Port Macquarie CBD during the installation.
“With our aim to help bridge the digital divide and see all homes and businesses have access to fast broadband, we are proud today to announce the rollout of the NBN access network in Port Macquarie is on the home stretch,” said Amber Dornbusch, head of NBN for NSW and ACT.
NBN national spokesperson Philippa Perry said the NBN network will soon be available for all homes and businesses in regional Australia. “We have seen a massive improvement in regional internet access, more competition, faster speeds and in some cases giving internet access to some Australians for the first time ever,” Perry said.
The decline in youth crime in New South Wales may be related to the widespread use of social media and video streaming services, a research by the Australian National University (ANU) has found.
The ANU compared the NSW Police data of crime rates for people aged 10 to 21 born in 1984 and those born in 1994. It discovered that the proportion of the population who had come into contact with the criminal justice system had halved. Car theft was down 59 percent, while property theft and drunk-driving dropped by 59 and 49 percent respectively. Drug offending also fell 22 percent.
Criminologist Jason Payne said the decline may be attributed to changes in the way young people spend their time.
“We now have kids who are engaging much more often online, using mobile and other portable devices in the home and spending less time out on the street,” said Payne.
“An increased use of home entertainment and social media is also reducing opportunities for traditional forms of crime.”
However, Payne warned that the changing habits might lead to new forms of crime. “Those native to social media may explore antisocial and criminal behaviours online which at present attract far less scrutiny from parents and authorities.”
House prices slid in many of Australian state capitals in the end of April.
According to property data agency CoreLogic, Melbourne had the steepest weekly decline with 0.2 per cent, followed by Sydney and Brisbane with 0.1 per cent. So far in 2018, the home prices in all five mainland state capital cities have fallen, ranging from Brisbane’s 0.1 per cent to Sydney’s 2.1 per cent.
Many factors could be attributed to these drops, including the higher-than-usual supply of properties. Currently there are 26,879 homes for sale Sydney and 31,195 in Melbourne, indicating a 28.2 per cent and a 11.4 per cent increase from this time last year respectively. Weak household income growth and a decline in the number of foreign buyers also contributed to this weakness.
A proposal has been unveiled to turn a 1905 church in Rose Bay into a “community gathering space” with retail spots and 10 apartments.
The plan, presented by the Uniting Head Church to Woollahra Council, sought to redevelop the church building on Old South Head Road and Dover Road into a mixed-use development with retail, residential, church and community space.
Andrew Gibbons from Endeavour Property Advisory, the development manager on the project, said, “The church came to me and said, ‘Look, the congregation doesn’t use the church anymore, we would like to maximise the use of it so that we can put the money into other missional use’.
“That’s why we’ve gone down this development path as opposed to selling it to a developer who would take all the profit out it and use it for its own use.”
The proposal included underground parking, ground-floor retail, and three-bedroom units to be sold at $3.5 million each. Should it be accepted, the project will commence construction in July next year.
Telecommunications giant Optus has called an investigation into an online job ad that called for “Anglo-Saxon” candidates at one of its Sydney stores.
The advert, which asked for casual retail consultant at Neutral Bay, said “candidates who are Anglo Saxon” are “preferred”. It has been removed since.
Vaughan Paul, Vice-President of Human Resources at Optus said the ad was “unacceptable” and not reflective of the company’s values.
“This error [is] a clear breach of our advertising standards and commitment to equal opportunity employment,” said Paul. “Optus proudly supports diversity and employs staff representing more than 70 nationalities.
“We… will be investigating how this occurred with a view to taking disciplinary action against those involved.”
However, the company still receives criticism from customers for the impropriety of the ad.
Thanks @Optus for coming out. I’ve been a loyal customer for 14 years and so have other thousands of non Anglo-Saxon Australians. I’ll now switch to another network provider. I also hereby call upon other non Anglo-Saxon Australians to boycott @optus immediately. https://t.co/YqWUUnfdII
The Australian Bureau of Meteorology’s latest climate outlook, issued today, suggests the above-average warmth of April is likely to extend into May, and for parts of the south, potentially into winter.
The outlooks for May temperatures show that both days and nights are likely to be warmer than average for much of Australia. Only northeast Queensland is likely to miss out on warmer temperatures, with no strong push there towards warmer or cooler conditions.
The unseasonable warmth, which has broken records in Adelaide and Sydney, appears to be driven by high ocean temperatures, and weaker westerly winds and much lower than average soil moisture across southern Australia.
The rainfall outlook for May is mixed, but generally shows no strong shift towards a wetter or drier month for most of Australia.
By June the tendency for warmer than normal days may start to wane. This easing of the outlook for above average temperatures as we head into winter is reflected in the full May-July outlook, with only some parts of southern Australia likely to be warmer than average. Southern parts of Western Australia and South Australia have a moderate chance of warmer than average daytime temperatures, with stronger odds over southern Victoria.
Odds don’t favour a strong push towards a particularly wet or dry three months for much of Australia, apart from some areas in the far southeast.
What’s behind the warmth?
The El Niño–Southern Oscillation (ENSO) and the Indian Ocean Dipole (IOD) are two of Australia’s major climate drivers. ENSO is currently in a neutral phase, meaning its neither El Niño nor La Niña. Our outlooks suggest it is likely to stay neutral leading into winter.
The IOD is also neutral, and most models suggest it will remain so over the coming months.
But given it is harder to forecast ENSO and the IOD in autumn compared to other times of the year, climatologists will be monitoring Indian and Pacific Ocean temperature patterns closely as we edge towards winter.
With near-average temperature patterns in the tropical oceans to our east and west, there is no strong shift in the outlook towards widespread wetter or drier conditions for Australia.
However, for temperatures it’s a little different. Sure ENSO and the IOD are playing a minor role right now, but other factors are coming into play.
Ocean temperatures in the Tasman Sea and around New Zealand are much warmer than average – in fact at record levels in the past few months – and are expected to remain warm over the coming months. These warm sea temperatures are associated with a large area of lower than usual air pressure to Australia’s east, which is likely to weaken the westerly winds that normally bring cooler air to southern Australia in autumn and winter.
Another factor in the current and forecast warmth is the very much below average soil moisture across southern Australia. With little moisture available to evaporate and cool the air, and the soils themselves not able to store as much heat, the air above the ground heats more rapidly in the daytime.
In addition to our natural climate drivers, Australian climate patterns are being influenced by the long-term trend in global air and ocean temperatures. Winter maximum temperatures have increased by 1℃ over the past century, with three of the top five warmest winters in the past 108 years occurring since 2009. Oceans around Australia have warmed by slightly more, with four of our top five warmest years since 2010.
So while the normal big two drivers of our climate remain benign, it would actually be wrong to assume there will be a quick return to more average temperatures. The outlook released today suggests we may have to wait at least another month until service returns to normal for much of the country.
A team of researchers have developed a 4D printer, a progress that promises to bring changes in aerospace, medicine and other industries.
The 4D printer is able to print 3D objects which can change shape after exposure to heat, humidity and/or light, and then revert back to its original form. Furthermore, whereas most commercial printers can only print 4D structures in one material only, the new printer is able to bring together different varieties.
The team presented its creation at the National Meeting and Exposition of the American Chemical Society (ACS) late March.
“We are on the cusp of creating a new generation of devices that could vastly expand the practical applications for 3-D and 4-D printing,” said team leader H Jerry Qi, who is also a professor in the George W. Woodruff School of Mechanical Engineering at the Georgia Institute of Technology.
“Our prototype printer integrates many features that appear to simplify and expedite the processes used in traditional 3-D printing.
“As a result, we can use a variety of materials to create hard and soft components at the same time, incorporate conductive wiring directly into shape-changing structures, and ultimately set the stage for the development of a host of 4-D products that could reshape our world.”
The team is currently working with Children’s Healthcare of Atlanta to find out the technology’s suitability for printing prosthetic hands in children with malformed arms.
“Only a small group of children have this condition, so there isn’t a lot of commercial interest in it and most insurance does not cover the expense,” Qi said. “But these children have a lot of challenges in their daily lives, and we hope our new 4D printer will help them overcome some of these difficulties.”
The printer, which was funded by HP, the National Science Foundation, the US Air Force Office of Scientific Research, and Northrop Grumman, cost approximately US$350,000 to build, Qi revealed.
The creation received positive response at the meeting. “We just had a conversation where we were dreaming of that kind of machine,” said Geoff Spinks, materials engineering professor at the University of Wollongong. “I’d imagine in the near future we might have 16 different types of printheads, or even more.”
Microsoft has pledged to train 5,000 Australian public workers in cloud services by 2020.
The company announced the project to support the Australian government’s Secure Cloud Strategy initiative, which emphasises the modernisation and digital transformation of the public sector through cloud computing.
Microsoft expected 800 workers to participate in the program in the next three months, with a goal of reaching 2,000 by the year 2020.
The program, which is to be conducted by Microsoft as well as DDLS, New Horizons and Advanced Training, covers workers across the public sector in six cities, namely Sydney, Melbourne, Perth, Canberra, Adelaide and Brisbane. The courses are based on Microsoft’s Azure cloud services.
“This training promises organisational agility, better delivery of services and faster insights from government data, which will help transform the Australian public sector by providing a better experience for citizens,” said Microsoft Australia managing director Steven Worrall.
“Migrating from legacy platforms to the cloud is not trivial, so the specialised program we have put together will equip public sector developers and system engineers with cloud-ready skills to design and build digital solutions and deliver their agency transformation initiatives.”