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Aussie property market correction looms, big bank predicts

One of Australia's biggest banks predicts property prices will fall around 10 per cent in 2023 as looming interest rate hikes threaten to take the steam out of the market.

Updating its forecast in a Quarterly Property Survey, the National Australian Bank (NAB) said it now expects the housing market to turn a corner soon after rates are hiked by the Reserve Bank.

"With our view on rate hikes coming forward, we now expect the turning point in property prices to occur in the second half of 2022," writes NAB economists.

EXPLAINED: What will happen to property prices when interest rates rise

"That sees a flatter outcome in 2022 and a slightly larger fall in 2023.

"Overall, we see dwelling prices rising around 3 per cent in 2022 before a decline of around 10 per cent in 2023."

While it may sound like property bargains on the horizon, NAB economists were careful to point out that any decline comes after what has been the most rapid increase in prices since the 1980s.

"We see this as a relatively orderly decline, and it is important to remember this correction comes after a very sharp run-up in prices over the last year," NAB said.

"More broadly we expect the economy to continue seeing healthy outcomes. With above-trend growth this year, we see unemployment drifting lower, boosting wage growth and driving more sustainable inflation.

"This would see the RBA begin normalising rates from November 2022 with a steady series of hikes to come through 2023 and 2024."

READ MORE: RBA boss leaves 2022 rate hike in play

When broken down by capital cities, NAB expects Sydney and Melbourne to drop the most in its 2023 forecast (both down 11.4 per cent), followed by Perth (down 8.1 per cent) and Brisbane (down 6.4 per cent).

When taken as a capital city average, the bank now forecasts Australian dwelling prices – which include both freestanding houses and apartments – to decline by around 9.3 per cent in 2023.

"We expect this pattern to be evident across the capital cities, though for larger declines to occur in Sydney and Melbourne, while Brisbane and Adelaide see less significant declines," the economists write.

"In terms of forecasts, we have brought forward the timing of the correction we expect in house prices to late 2022 as affordability constraints begin to bite and rising mortgage rates place downward pressure on prices.

"This would offset gains seen in early 2022, so that overall, prices end the year roughly flat.

"We see this trend continuing through 2023, ending the year around 10 per cent lower."

READ MORE: How interest rate hikes will slash your borrowing power

Much of the bank's revised forecast rests on the assumption that the RBA will increase the official cash rate in 2022 – a scenario that Governor Philip Lowe has said is "plausible" but not certain.

Currently, NAB forecasts the RBA to begin lifting interest rates from November 2022 with the cash rate rising by 65 basis points to 0.75 per cent by February 2023.

Australia's official interest rate remains at 0.1 per cent, the lowest rate ever set on record.

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.

Unwelcome stowaway peeks out of car lover's bonnet

A Sydney car lover spotted a sneaky stowaway peeking out of their bonnet over the weekend, sparking a frantic call for help.

A juvenile red-bellied black snake was seen popping its head out of a Nissan 180SX in Mulgrave, in Sydney's north-west, before disappearing.

Australian Snake Catchers received the call, but when owner Sean Cade attended the home he had trouble locating the young hitchhiker.

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A juvenile red-bellied black snake was photographed popping its head out from the bonnet of a Nissan 180SX in Mulgrave, in Sydney's north west.

Mr Cade said he eventually found the snake lurking in the car's ribbing supports.

"It gave us a bit of run around," he told 9news.com.au.

"It took a while to extract, but we succeeded with no harm to the snake."

The reptile was released into nearby bushland.

READ MORE: Venomous snake found in boy's bedroom wardrobe

A juvenile red-bellied black snake was photographed popping its head out from the bonnet of a Nissan 180SX in Mulgrave, in Sydney's north west.

Australia is currently in the midst of snake season, which normally runs from around mid-September to March.

Red-bellied black snakes are one of the most commonly encountered snakes on Australia's east coast.

Its bite is venomous but there are no recorded deaths attributed to the species.

Symptoms of envenomation include: bleeding and/or swelling at the bite site, nausea, vomiting, headache, abdominal pain, diarrhoea, sweating, local or general muscle pain and weakness and red-brown urine, the Australia Museum said.

Peter Dutton rejects leaked text claim from Bob Carr

Peter Dutton has angrily denied he is the mystery minister behind leaked messages which savaged the character of Prime Minister Scott Morrison.

In a stunning twist to the Canberra text message saga, former Labor NSW premier Bob Carr alleged Mr Dutton was the unnamed minister who was part of a supposed text message exchange with Gladys Berejiklian.

According to the reported exchange, which Ms Berejiklian has since denied any recollection, an unnamed cabinet minister called Mr Morrison "a complete psycho".

READ MORE: Scott Morrison facing electoral defeat, Newspoll shows

Peter Dutton has angrily denied claims by former foreign minister Bob Carr that he was the cabinet minister who leaked a series of text messages about Prime Minister Scott Morrison.

READ MORE: How Cleo's parents endured 18 horrific days after their daughter was kidnapped

Ms Berejiklian called Mr Morrison a "horrible, horrible person", according to the report, in alleged texts sent during the 2019-20 bushfire crisis, when Mr Morrison was also being criticised for taking a family holiday in Hawaii.

"The minister who shared the text with van Onselen and gave permission to use it was Peter Dutton," Mr Carr posted on Twitter about 9pm yesterday.

"If PM Morrison has one more week in free fall the prospect of a leadership change pre-election is real. Party rules don't count if most MPs think you will lead them to defeat."

That allegation prompted an immediate response from Mr Dutton, who made his own post on Twitter declaring Mr Carr's tweet "is baseless, untrue and should be deleted".

Then, during a blistering attack on Today, Treasurer Josh Frydenberg also hit out at the credibility of Mr Carr's claim.

"Bob Carr was a waste of space as Foreign Minister," Mr Frydenberg said.

"He now suffers from a bad bout of relevance deprivation," going on to claim that "when (Mr Carr) was in government he was described by his own colleagues as a narcissist and self-indulgent."

https://twitter.com/PeterDutton_MP/status/1490287721105207299?ref_src=twsrc%5Etfw

Mr Frydenberg also demanded Mr Carr delete his Twitter post.

According to Sky News reporter Laura Jayes, Mr Carr told her a "rock solid media source" had revealed Mr Dutton's alleged involvement.

Jayes tweeted that Mr Carr said "there is only one person that stands to benefit in damaging an already damaged PM", with the former NSW premier also claiming Mr Dutton has the numbers in "an increasingly right wing party room".

Network Ten political editor Peter van Onselen, the journalist who stunned Mr Morrison with the text leak at last week's National Press Club, has refused to reveal the source of the leak.

https://twitter.com/bobjcarr/status/1490265532204945408?ref_src=twsrc%5Etfw

He has claimed the leaked messages came directly from a federal frontbencher, but he has not identified that person.

Mr Morrison said he does not know who leaked the text messages.

In 2018, Mr Dutton failed in his bid for the Liberal leadership, a contest which saw Mr Morrison take over from Malcolm Turnbull.

In 2018 Peter Dutton made a failed tilt for the Liberals leadership, a battle which was won by Scott Morrison.

Nationals leader Barnaby Joyce has also been dragged into the drama after it was revealed he called Mr Morrison a liar in a 2021 text message to former Liberal staffer Brittany Higgins via a third party.

Mr Joyce issued a public apology to Mr Morrison over the weekend and also offered to resign.

Speaking on Today, deputy Nationals leader David Littleproud said "no-one really cares" about the "titillations of Canberra and text messages".

"It's no revelation to think that people down here – some people – don't like one another.

"We come from diverse backgrounds, come to Parliament House (and) you bring it together in a competitive nature."

A federal election is expected to take place in May.

Father hospitalised while defending home from 'hellish' WA bushfire

A father has been hospitalised after trying to defend his home from fierce bushfires raging through Western Australia's south-west.

Multiple fires are currently burning in Western Australia, with two at an emergency level.

At least four homes have been lost and dozens other damaged, with nearly 5000 hectares of land destroyed so far.

READ MORE: How Cleo's parents endured horrific wait after kidnapping

The DFES said there are unconfirmed reports of property damage through the fires in Western Australia. An assessment will be carried out today.

The Department of Fire and Emergency Services (DFES) said as soon as it's safe they will "assess the affected areas".

It comes after a local man was flown to hospital in Perth via emergency helicopter after he sustained burns while defending his home.

He remains in a serious but stable condition.

New South Wales has sent a team of fire and rescue specialists to help authorities battle the blaze.

Writing on Facebook, the DFES described current conditions as "hellish".

A total fire ban is in place for the Goldfields Midlands Region as bushfires continue to rage.

A total fire ban has been declared for Coolgardie, Dundas, Kalgoorlie Boulder, Laverton, Leonora- Menzies as catastrophic fire ratings, high winds, and temperatures of 40C have helped fuel the fires.

However, it's hoped a cold front that hit the state yesterday afternoon will aid fire fighting efforts.

Bushfire burns in South Australia

A bushfire warning has also been issued across the border in South Australia.

There a blaze is threatening homes in the Mount Lofty Ranges.

South Australia Police has urged residents to take care as smoke drifts across Hahndorf and Echunga.

The Warning Area as a bushfire burns in the Mount Lofty Ranges.

"You are advised to close all doors and windows and stay indoors if the smoke is causing you concern," it wrote.

"Be careful when driving as smoke may reduce visibilty."

Wet weather continues across northern Australia

The Bureau of Meteorology (BoM) has warned showers and storms will continue across northern Australia due to monsoon troughs.

A number of flood warnings are in effect across Far North Queensland and Western Australia.

https://twitter.com/BOM_au/status/1489822599051894785

A major flood warning is currently in place for Georgina River in north-western Queensland.

"The Georgina River at Marion Downs is currently at 4.44 metres and rising, with moderate flooding," the BoM wrote.

"The Georgina River at Marion Downs is likely to reach the major flood level (5.00 m) during Tuesday or Wednesday and is likely to continue rising for much of the coming week."

Read on to find out what the weather is doing across the nation's capitals.

Brisbane

Residents in Brisbane will wake to a partly cloudy day with temperatures forecast to climb to 28C.

There's a slight chance of showers.

Sydney

A "shower of two" is forecast in the Harbour City, with the mercury set to climb to a maximum of 25C.

Residents are being warned to take care in the surf.

"Large and powerful surf conditions are expected to be hazardous for coastal activities such as rock fishing, swimming and surfing," BoM said.

Canberra

Temperatures will range between 11C and 22C in the nation's capital. Partly cloudy conditions are forecast.

Melbourne

A cool morning will give way to a hot day in Melbourne, with temperatures forecast to climb to 29C.

Winds will tend east to northeasterly at 15 to 20 km/h, then become light in the morning, before becoming east to southeasterly at 20 to 30 km/h in the middle of the day.

Hobart

It will be mostly sunny in Hobart today with temperatures ranging from 12C to 23C.

Light winds will become east to northeasterly at 20 to 30 km/h in the middle of the day then tending north to northeasterly 15 to 20 km/h in the late evening.

Adelaide

The mercury will hit 33C in Adelaide, which will partly cloudy today.

Winds will tend northeasterly at 25 to 35 km/h.

Darwin

It will reach 31C in Darwin today.

The city is in store for a partly cloudy day, with a high chance of showers and the chance of a thunderstorm.

Perth

After a series of hot days, Perth will reach a relatively cool maximum of 24C today.

It will be partly cloudy with a medium chance of showers. These will become less likely later this evening.

Winds will tend southwesterly at 25 to 40 km/h, then decrease to 20 to 30 km/h in the evening.

Neighbours searching for new backers after UK channel cans soap

After 37 years on the air, the United Kingdom's love affair with TV drama Neighbours is over and that could spell the end for the Melbourne-based program.

British broadcaster Channel 5 has confirmed it is not renewing its contract in June.

When Scott married Charlene in 1987, 20 million poms tuned in but now, barely 100,000 watch Monday to Thursdays.

READ MORE: Treasurer's $20 million promise could deliver "around 90" car parks in own seat

Ramsay Street sign (Ten)

Channel 10 says it is committed to Neighbours but it must find new backers.

Filming has been cancelled on Monday.