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The 'perfect storm' driving up Aussie house prices

Australia's potential property buyers are facing a "perfect storm" of economic factors that are driving prices up at the fastest rate in almost two decades.

Yesterday property research firm CoreLogic revealed that in just one month home values surged 2.1 per cent – the highest single-month increase since 2003.

Sellers are being swamped with offers, banks are welcoming new customers through the doors and interest rates are at historic lows.

READ MORE: Aussie property prices rise at fastest rate in 17 years

Steve Mickenbecker, Canstar Group's executive of financial services, said demand for properties is reaching fever pitch.

"It is the perfect storm for house prices. On the supply side, new listings through 2020 were well below the four preceding years and total listings now are also down as stock is absorbed before or as soon as properties hit the market," Mr Mickenbecker said.

"Owners are loath to put a house on the market even at high current prices, fearing they will miss the boat getting back in."

READ MORE: Humble beachside cottage almost cracks $2.5 million

If historic low cash rates and restricted supply weren't enough, there's also a human psychological quirk jamming its foot on the price accelerator: FOMO, or the fear of missing out.

"Property demand has run way ahead, with the fear of missing out becoming a powerful psychological driver as government incentives and low interest rates have encouraged first home buyers and home builders into the market in a rush," Mr Mickenbecker explains.

If the growth of Aussie house prices continues at its current meteoric pace, we could see the Reserve Bank's hand forced in lifting interest rates off their current level of 0.1 per cent.

READ MORE: Iconic Mad Max house up for sale in Victoria

"The Reserve Bank doesn't expect to raise the cash rate for three years or more, but unless property prices can be slowed it will have to start looking for some way to apply the brakes," Mr Mickenbecker said.

"First home buyers and new construction are leading the charge for property buying rather than investors, so the Reserve Bank can't enlist APRA to target investors with lending caps as it has done previously."

Graham Cooke, head of consumer research at Finder, predicts the current growth has legs: a panel of 40 experts and economists forecast the average property price to grow by 12 per cent on average over the next two years.

READ MORE: How long it takes to afford a property in Australia

"With more than $120,000 set to be added to the value of the average Sydney home over the next two years, the brief period of 'affordable' prices appears to be ending," Mr Cooke said.

"ABS lists the median Aussie income at $49,805, so homeowners in the Harbour City will be earning 22 per cent more than the average income, just by living in their homes for two years."

Westpac economists Bill Evans and Matthew Hassan are even more bullish.

They believe house prices will spike by a total of 20 per cent over 2021 and 2022.

"We now expect dwelling prices to rise by 10 per cent nationally in 2021 with this pace continuing in 2022," Mr Evans and Mr Hassan advised last week.

"The upturn is being supported by record low interest rates; the confident expectation amongst borrowers that these rates will remain low for years to come; ample credit supply; and an improving economic backdrop, as the roll-out of vaccines promises to bring the pandemic to an end and drives a sustained lift in confidence."

READ MORE: House prices defy pandemic to hit record high

But all good things must come to an end, and Mr Mickenbecker believes "market forces" will eventually apply the brakes as renters moving into their first homes free up supply.

"Market forces must eventually slow the pace of demand, but we are going to have to see an increase in property listings to get us to that point. Supply must come from investors who will be feeling the heat as first home buyers leave a further vacancy behind, but investors can walk away with a tidy capital gain and no pressing housing need," Mr Mickenbecker said.

"Buyers will be feeling a lot of pressure before this all plays out and the Reserve Bank will be looking for a circuit breaker."

Are you trying to buy a home and find yourself competing with more people than ever? We want to hear from you. Email Stuart at sm****@******om.au

The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.

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WHO panel strongly advises against use of hydroxychloroquine to prevent COVID -19

GENEVA, Switzerland — The anti-inflammatory drug hydroxychloroquine should not be used to prevent infection in people who do not have COVID-19, say at the World Health Organisation’s Guideline Development Group panel of international experts in The BMJ today.

Their strong recommendation is based on high certainty evidence from six randomised controlled trials involving over 6,000 participants with and without known exposure to a person with the COVID-19 infection.

High certainty evidence showed that hydroxychloroquine had no meaningful effect on death and admission to hospital, while moderate certainty evidence showed that hydroxychloroquine had no meaningful effect on laboratory confirmed COVID-19 infection and it probably increases the risk of adverse effects.

The panel considers that this drug is no longer a research priority and that resources should be used to evaluate other more promising drugs to prevent COVID-19.
This guideline applies to all individuals who do not have COVID-19, regardless of their exposure to a person with COVID-19 infection.

The panel judged that almost all people would not consider this drug worthwhile, and also decided that factors such as resources, feasibility, acceptability, and equity for countries and healthcare systems were unlikely to alter the recommendation.

Today’s recommendation is the first version of a living guideline for drugs to prevent COVID-19, developed by the World Health Organization with the methodological support of MAGIC Evidence Ecosystem Foundation. Its aim is to provide trustworthy guidance on the management of COVID-19 and help doctors make better decisions with their patients.

Living guidelines are useful in fast moving research areas like COVID-19 because they allow researchers to update previously vetted and peer reviewed evidence summaries.

New recommendations for other preventive drugs for COVID-19 will be added to this guideline as more evidence becomes available.

More information is available at https://www.bmj.com/content/372/bmj.n526

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Could Banksy be behind this prison-escape mural on jail wall?

An artwork depicting a prisoner's daring escape has appeared on the wall of a British jail, prompting excited speculation that it was painted by elusive street artist Banksy.

The mural shows a prison inmate making an escape from Reading Prison, a disused institution in southern England that once held the Irish poet Oscar Wilde.

Its style matches the work of street art's most enigmatic star, but there has been no confirmation yet that Banksy is behind it.

READ MORE: New Banksy artwork on England's steepest street

The mysterious work likely depicts Wilde, dangling over the wall of the jail on sheets from his typewriter.

He was held at the institution, then known as Reading Gaol, for two years from 1895, after being imprisoned under a historical law against "gross indecency" that was used to prosecute gay men.

Wilde's 1898 poem "The Ballad of Reading Gaol" is a reflection on his time there. The prison closed in 2013.

READ MORE: Banksy shares new artwork supporting Black Lives Matter

In December, Banksy confirmed that he was behind a new mural in Bristol, the English city that many believe is his hometown.

The mural, which the artist dubbed "Aachoo!!," depicts an old woman violently sneezing, her dentures shooting through the air.

Banksy confirmed the work was his on his Instagram page, the usual forum on which he verifies artworks.

No other works have been verified there since.

But he has been busy during the past year, dropping a handful of pandemic-inspired works.

In April, he posted a set of images to Instagram showing riotous rats graffitied around his bathroom.

READ MORE: Banksy encourages people to wear a mask through latest coronavirus-inspired work

In a nod to those adjusting their lifestyle due to COVID-19, the artist added the caption: "My wife hates it when I work from home."

The following month, he honored health care workers with an image titled "Game Changer," which featured a child playing with a nurse doll wearing a mask and cape.

And in July, the artist posted an Instagram video showing himself spray-painting an image of a rat onto a London Underground train, as he urged people to wear face masks.

It was later removed by transportation authorities for violating their "strict anti-graffiti policy."

– Reported with CNN

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Health Minister Byron-Nisbett defends Indian company making COVID-19 vaccines

BASSETERRE, St. Kitts — Federal Minister of Health the Hon. Akilah Byron-Nisbett is assuring the nation that the Oxford/AstraZeneca COVID-19 vaccine being rolled out in the country is safe and that the Indian company making it is a world-leader in vaccine production.

“The vaccine is safe,” said Health Minister Byron-Nisbett. “We wouldn’t tell you that it is safe if it wasn’t so. I want to encourage everyone to go out and get vaccinated.”

The tent on the Ottley’s hardcourts where persons were encouraged to book an appointment to take the vaccine. Prime Minister Harris is standing on the right.

The Hon. Byron-Nisbett, who is also the Minister of ICT, Entertainment, Entrepreneurship and Talent Development, made the remarks on February 27, when she addressed participants in the Prime Minister’s Monthly Health Walk assembled at the Ottley’s hardcourts at the end of the walk.

“Serum Institute of India is producing the most AstraZeneca Oxford vaccinations that are being distributed throughout the world,” said Hon. Byron-Nisbett. “The AstraZeneca Oxford brand would not have asked Serum Institute to make the vaccine for them if they did not believe that they were capable of doing so. So there is no need to fear that the vaccines are from India. That has nothing to do with whether or not the vaccine would do what is expected to do.”

According to the Hon. Byron-Nisbett, roughly 90 percent of the vaccines made in the world are from the Serum Institute of India. She advised the audience that many of the vaccines they received as children, and those now being received by their children are made from the Serum Institute of India.

The information session on the vaccine rollout, which was held at the end of the walk, was also addressed by Prime Minister Dr the Hon Timothy Harris; Permanent Secretary in the Ministry of Health, Dr. Delores Stapleton-Harris; National HIV/AIDS Programme Coordinator and Health Educator, Dr. Mathias Afortu-Ofre; medical practitioners Dr. Dail Crawford, and Dr. Leroy Richardson; and District Medical Officer Dr. Bernicia Nisbett, who is also the Deputy Speaker of the National Assembly.

“I had my shot, everybody saw that on Monday. and I am still feeling good,” commented the Hon. Byron-Nisbett. “There is no reason not to take the vaccine – we have more reasons to take it than not to take it.”

Members of the audience at the Ottley’s hardcourts were told they have an option, not to take the vaccine and get COVID-19 and risk having severe COVID-19 and possible death, or to take the vaccine and would not have severe COVID-19, nor would they die from COVID-19. She advised them to register under the tent that had been set up on the hardcourts and make an appointment to take the vaccine.

“The Ministry of Health will never tell anyone to take it if we do not believe it to be safe,” Byron-Nisbett pointed out. “The Prime Minister would not have taken it if he did not think it would be safe. We would not have allowed the Prime Minister take it if we did not believe that it was safe. So the fact that the Prime Minister took the vaccine the Ministry of Health endorsed that it is safe for our Prime Minister, the leader of this country to take the vaccine. That means you too can take the vaccine.”

Two members of the public Eldon ‘Big T’ Harris, and Damien Weekes, who already took the vaccine, said that it did not have any notable effect on them.

Health centres on St. Kitts offering the vaccine, according to Byron-Nisbett, are Basseterre, New Town, Sandy Point, Tabernacle, Cayon, and Molineux, while St. Peter’s Health Centre would be added to the list in the week starting March 1.

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