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National News Australia

BuyersBuyers releases 2022-3 Investor Special Report and top suburb picks

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BuyersBuyers releases 2022-3 Investor Special Report and top suburb picks

BUYERSBUYERS

Property market moves into downturn phase 

Australia’s housing market will be digesting the prospect of rising interest rates over the next six months, leading to a downturn which will present some opportunities for counter-cyclical investors, according to Pete Wargent, co-founder of Australia’s national marketplace for property buyer’s agents, BuyersBuyers.

Mr Wargent said, “the Australian economy has rebounded far more quickly than anyone could have dared to hope but combining the rebound in demand with supply chain disruptions means that the second half of 2022 will see some of the highest headline inflation prints in approximately three decades”.

“The prospect of the cash rate target potentially rising from close to zero towards 3 per cent by the end of this year will be a serious handbrake on housing market sentiment and activity, not least because so many younger borrowers have never experienced interest rate hikes before, let alone the fastest tightening cycle since 1994”.

“Our best estimate is that the property market downturn will continue for as long as borrowers fear rising mortgage rates, led by Sydney and Melbourne, and this is likely to mean for at least the remainder of 2022”.

“The flip side to this is that the underlying housing market fundamentals are strengthening, with immigration visas set to be fast-tracked to address Australia’s skills shortage, the lowest unemployment rate in 50 years, and incomes now rising” Mr Wargent said.

 Top suburb picks 

BuyersBuyers CEO Doron Peleg said that the national marketplace for buyer’s agents has now released its Investor Special Report for 2022-3, assessing the outlook for each of Australia’s states and territories.

Mr Peleg said, “using our unique housing market analysis tools, we have not only taken a macro view in our Investor Report, but we have also identified some of our favourite suburb picks and investment hotspots.”

“In New South Wales, we expect there to be a sharp rebound in sentiment and activity in early 2023, especially in the sub $1.5 million price brackets, as the long-discussed stamp duty reform kicks in for first homebuyers from January. All of our suburb picks for houses and units therefore reflect this, as well believe the property market recovery will be driven from then entry level price points upwards” Mr Peleg said.

Buyers co-founder Pete Wargent said that the Melbourne market has been significantly disrupted over the past couple of years, with extended lockdowns and COVID restrictions and decline in the population as residents headed interstate to south-east Queensland.

Mr Wargent said, “the relative underperformance of the Melbourne market means that there are some attractive deals on offer for counter-cyclical investors in suburban houses. Some counter-cyclical investors are also now looking at investment grade units in Melbourne, after a decade of underperformance, particularly where they can find assets with a point of scarcity.”

Mr Wargent said, “in south-east Queensland the rental market remains extraordinarily tight following the fastest net interstate migration to the state in Australia’s history, which is still continuing.”

“SEQ has benefited from remote and flexible working arrangements more than any other state, and there are some excellent opportunities to buy houses in Brisbane, Gold Coast, and Sunshine Coast. Price growth has been strong over the past 18 months in Queensland, so investors need to be discerning, buy carefully, negotiate hard, and take a long-term view, perhaps out to the 2032 Brisbane Olympics”.

Mr Wargent said that after a relatively quiet decade a looming rental crisis and relative affordability is driving a tremendous surge in interest from investors looking to buy in Adelaide.

“Two of the key features of the past couple of years have been a ‘race for space,’ and water as a drawcard for property buyers. Some of Adelaide’s beachside suburbs tick both of these boxes, and from relatively attractive price entry points as compared to the larger capital cities.”

Counter-cyclical opportunities 

BuyersBuyers CEO said that the 2022-3 Investor Report will be made available via the company’s website.

Mr Peleg said, “average household sizes declined through the pandemic, and despite a large volume of dwellings under construction, there is going to be tremendous pressure on Australia’s housing stock over the next few years as immigration ramps up again.”

“As population rises towards 350,000 to 400,000 per annum by the end of next year, and as borrowers realised that mortgage rates are still relatively low in absolute and historic terms, we believe that the second half of 2022 will prove to be an attractive period to buy for investors seeking an inflation hedge as rents soar.”

“There is an excellent opportunity to buy with far less competition and to negotiate hard on quality assets for the long term” Mr Peleg said.

“Of course, borrowers need to factor in that mortgage rates will inevitably rise from here, and to take a long-term view of investment property as an asset class.”

ENDS

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Fit for the Long Haul: NHVR Urges Truck Drivers to Prioritise Well-Being This Men’s Health Week

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Fit for the Long Haul: NHVR Urges Truck Drivers to Prioritise Well-Being This Men’s Health Week

 

The National Heavy Vehicle Regulator (NHVR) is urging truck drivers to prioritise their mental and physical health during Men’s Health Week.

NHVR CEO Sal Petroccitto OAM highlighted the unique challenges truck drivers face, such as long hours on the road and extended periods away from family and friends. “Men’s Health Week is a crucial time for truck drivers to reflect on their well-being and make it a top priority,” Mr. Petroccitto said.

Truck drivers are vital to Australia’s logistics network, but the demands of the industry can take a toll on their health. Long periods of sitting and the isolating nature of the job contribute to higher rates of mental and physical health issues among heavy vehicle drivers.

“It’s imperative for all truck drivers to remember that their mental and physical health comes first,” Mr. Petroccitto emphasised. He advised drivers to manage their health by exercising, eating healthy foods, and getting enough rest and sleep.

The NHVR is calling on industry partners to support a culture that values the mental health of truck drivers and reduces the stigma associated with seeking help. Through the Heavy Vehicle Safety Initiative program, the NHVR is enhancing mental health resources for truck drivers, including funding projects like OzHelp Foundation’s Health in Gear program.

OzHelp CEO Caroline Walsh noted the high risk of suicide among truck drivers, the second-highest industry group at risk in Australia. The Health in Gear program offers on-road presence, online support, information, and counselling services for transport and logistics workers.

“Truck drivers need to know that while the road may be long, they are never alone,” Ms. Walsh said. OzHelp provides free counselling and 24/7 phone support for transport and logistics workers and their families at 1800 464 327.

For more information on the NHVR’s initiatives and resources available for truck drivers, visit the NHVR website.

 

For more New South Whales news, click here.

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KEEP UP THE MOMENTUM FOR ACTION ON DOMESTIC VIOLENCE

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KEEP UP THE MOMENTUM FOR ACTION ON DOMESTIC VIOLENCE

 

By Janelle Saffin MP, Member for Lismore

I have fought for action on domestic violence for more than 40 years.

Recent horrific cases of domestic violence murders have led to a public outcry and media campaigns for action. I welcome the Minns Government announcement of a $230 million emergency package for DV prevention and support.

BUT we must keep up this momentum and not go quiet on this issue.  I want to share with you this excerpt of what I said in the last session of Parliament. (Edited for length)

DOMESTIC AND FAMILY VIOLENCE

Ms JANELLE SAFFIN (Lismore) (20:16): Domestic violence must stop. We all know it. We all say it. Molly should not have died, and her death cannot be in vain. There is a willingness and mobilisation on behalf of the whole community that I have not seen in the more than 40 years I have been involved in advocacy around domestic violence. I thought when I came back to this place that I could do some other things—but I cannot. I absolutely have to re-engage with everyone on trying to stop domestic violence.

Domestic violence is more than the physical act of violence; it is a spectrum of behaviour. In sociological terms, the spectrum extends from circumlocution—the derogatory comments, the bad words, the put‑downs—to extermination, which is murder. Women experience domestic violence right across that whole spectrum. It is not just being a little bit scared; it is living with terror. That absolute terror dominates those women’s lives at the hands of someone who is supposed to be a loving partner—someone they love. It is “What do I wear? What do I think? What do I do? Who do I talk to? Who do I text, because my phone will be monitored?”. Family and friends are moved away, but the perpetrator makes it look like the woman is doing that. Every act is under subjugation.

For women in that situation, it is like living with a sometimes benevolent dictator. Everything they do is circumscribed. It is hard to imagine raising children in that environment. These things have happened for a long time. I set up the Far North Coast Domestic Violence Liaison Committee. I worked in a refuge for years. Earlier, I have been at the forefront of changes, including changes to the laws. There was a Crimes Act, but women were not seen as worthy of protection under that law.

I was looking at the headlines and I thought, I hope they do not disappear quickly like they often do on this issue. I will read some of those headlines: “We’re sick of living in terror”, “This has to stop”, “How many more women have to die?”, “It was murder waiting to happen”, ,,”Time to tackle this crisis in our community”, “‘You get ostracised in a small town if you speak out'”—if you are the domestic violence victim. We know that it can happen anywhere, but it happens to a greater degree in some of those smaller country towns. “Why country women are sitting ducks”, “Misogyny driving violence” “It’s time for men to get uncomfortable”, and “Bush in plea for more DV support”.

The headlines go on and on. (..) I note that in the package the Government has introduced we are looking at perpetrator behaviour. We have to do that. I wish I had 50 minutes, not 5 minutes, to talk about this.

Dr Hugh McDermott: Five hours.

Ms JANELLE SAFFIN: Yes, five hours. We need to open up. On International Women’s Day I said, “We’re so sedate. It’s so polite. We’re having these wonderful lunches. Aren’t we lovely?” I said, “We need to be on the street screaming.” That is what I am doing here.

Link to full speech here.

 

For more National Australia News, visit here.

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US giant Hard Rock flatly denies a takeover for The Star

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US giant Hard Rock flatly denies a takeover for The Star

 

Hard Rock International has unequivocally denied any involvement in a takeover bid for The Star Entertainment Group (ASX: SGR). The US-based casino and hospitality giant released an official statement overnight refuting claims that it is part of a consortium aiming to acquire the Australian casino operator.

The denial came in response to a statement from The Star, which suggested that Hard Rock was part of a group exploring a “potential transaction” with the company.
“Hard Rock International wants to clarify that it is not engaged in, nor has it authorized, any discussions, activities, or negotiations related to a proposed bid for The Star,” the company stated. “Furthermore, Hard Rock International has not permitted the use of its brand in any proposed bid for The Star by any third party.”

This rebuttal has created confusion, as The Star’s previous statement identified Hard Rock Hotels & Resorts (Pacific) as part of the consortium, implying a connection to Hard Rock.

The US company strongly disputed this claim, even suggesting potential misuse of its brand. “Our brand is built on a legacy of integrity, excellence, and a commitment to our guests, partners, and team members worldwide,” Hard Rock stated. “Any unauthorized use of the Hard Rock name in business dealings is taken very seriously. We are currently investigating this matter and will take all necessary legal actions to protect our brand and reputation.”

Hard Rock urged stakeholders and the public to rely solely on official communications from Hard Rock International for accurate information regarding its business activities and partnerships.

The Star responded briefly to Hard Rock’s statement but did not provide further clarification. The company reiterated that it had not received any proposal directly from Hard Rock International.

“The Star confirms that it has not engaged in substantive discussions with the consortium regarding its proposal,” The Star stated. The company acknowledged Hard Rock International’s statement, which clarified its non-involvement in any discussions or negotiations related to a proposal for The Star.

The Star’s initial statement followed media speculation about a potential takeover or recapitalisation plan amid a second Bell inquiry into the company’s suitability to hold a casino license in NSW. The news of a possible transaction led to a 20% increase in The Star’s share price, closing at 54 cents.

 

For more business news, click here.

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