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 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.”
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
Approval rate for apartments continues to rise, boosting the Australian residential building growth beyond expectation.
Latest reports from the Australian Bureau of Statistics show that apartment approvals rose by 30.6 per cent in November, while house approvals dipped 2 per cent. The gain was the largest since November 2016.
Victoria contributed the most to this increase, with an 80 per cent surge since October to 6,359 approvals for private-sector dwelling excluding houses while NSW and Queensland experienced month-on-month declines.
Overall dwelling building approvals rose by 11.7 per cent for the month, beating forecasts of 1 per cent fall by Reuters.
The planned freeway extension linking Sydney and Wollongong has been priced at $18 billion, about three times as much as the rail alternative.
Government documents seen by the ABC and Fairfax reveal that the F6 toll road’s 32-kilometre extension is also estimated to cost $1 billion more than WestConnex.
The toll road would extend from St Peters to Waterfall through the Royal National Park. The construction costs are estimated at $14.5 billion, while operation and maintenance costs are at $3.5 billion.
Roads Minister Melinda Pavey said the cost for the F6 is still tentative. “We’re still in the very early stages, so no decision has been made regarding the final alignment,” Pavey said. “There is no decision on final cost.”
NSW Greens transport spokesperson Mehreen Fahruqi described the $18 billion price as “madness”.
“$18 billion of taxpayer’s money for yet another toll road, potentially through a National Park, is just obscene.”
The New South Wales government has announced its plans to build a new hospital, three new Sydney motorways, double-deckers and additional bus services, just a week before the state budget arrives.
Next week’s budget will allocate a billion-dollar package as planning money for three new motorways. $21 million will be allocated for the M12, whereas the F6 Motorway and the M9 Outer Orbital will receive $15 million and $2.09 million respectively.
“We want every community to be a vibrant community – and a local roads project can make a world of difference,” Perrottet said. “Some of these will be the most important links in greater Western Sydney for getting home and doing business.”
Also in the budget is a $534 million allocation to buy a site in Tweed and build a 350-bed hospital with extra cardiac and cancer services. “We believe that whether you live in the north shore of Sydney or northern New South Wales, every community deserves access to high quality health care,” said Treasurer Dominic Perottet. The hospital is expected to be built after 5 years.
Finally, the budget also aims to purchase 176 new buses. 134 of them are to replace aging fleets, while the rest is to boost the overall bus numbers. Six of these new buses will be double-deckers, set to replace bendy buses. “It’s a far better way in terms of road space to better utilise the roads, the bus commuting,” said Transport Minister Andrew Constance. There will also be over 3,300 new services for metropolitan Sydney, western Sydney, the Hills District and south west Sydney.
Background checks have always been a questionable and ethical procedure. There have been debates on whether or not a person’s criminal record should be an important requirement or a deal breaker for a potential employee. A person’s history can be a difficult quality to overlook but it is important to know your rights when applying for a federal police check.
What is a national police check? A national police check outlines an individual’s record of any criminal activity in Australia. Australian citizens and residents will usually need a check as a requirement. According to Seek, “it is a government service provided to either an individual or organisation for employment, voluntary work and occupation-related licensing or registration purposes.”
Why do employers need a police check? To reduce the risk of theft, fraud or other criminal activity performed by a potential new employee. With community services and industries where employees are working with children, the elderly or other vulnerable communities, police checks are vital for an organisation to rule out employing people who are past offenders.
Know your rights. Nothing happens without your consent regardless of whether you need a check forpolice investigation or prosecution purposes.
During the procedure, you will need to confirm and sign a consensual form in order to release your criminal history for employment purposes.Seek says “In addition, if you’re asked in an interview whether you have a criminal record, according to the Human Rights Commission, you are not required to volunteer any information, unless there’s a requirement under legislation to do so. In this case, you would have to disclose your record.”
This article was sourced from: https://www.seek.com.au/career-advice/why-companies-require-police-checks-what-are-your-rights
An air pollution alert has been issued for Sydney residents as ozone levels continue to rise beyond government standards.
New South Wales Health said the ozone excess, which causes “poor” air quality on Tuesday, could affect people with respiratory conditions.
Ozone is a pungent gas resulting from chemical reactions between atmospheric gases and nitrogen oxides from car-vehicle exhausts, which can cause chest pain, coughing and throat irritation when inhaled. Hot weathers could exacerbate ozone pollution levels, a statement by NSW Health said.
Dr Ben Scalley, Director of Environmental Health Branch at NSW Health said parents are advised to keep watch on their children when ozone levels are high.
“Ozone levels are higher outdoors than indoors, so parents should limit the time their children with asthma play outside as they are more susceptible to the effects of ozone pollution,” said Scalley.
Scalley reminded that people should remain alert to the link between high temperatures and ozone pollution.