Premier Peter Malinauskas under fire for takeover of Adelaide golf course
The professional golf tournament was created and is funded by the Kingdom of Saudi Arabia.
The South Australian government has secured the rights to host the event in Adelaide until 2031, but it's coming at a cost.
7.30's Angelique Donnellan reports.
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News.com.au
26 minutes ago
- News.com.au
Opportunities grow for Aussie homebuyers
After two years of uneven momentum across Australia's property market, we're now seeing a significant rebalancing that is presenting new opportunities for buyers. The latest data shows that the hottest markets are starting to lose steam as affordability constraints bite, while weaker markets are beginning to strengthen as the value on offer becomes clearer and more enticing, and interest rate cuts enable more buyers to get finance and enter the market. Price growth is moderating in what have been the hottest markets over the past two years – Queensland, South Australia and Western Australia. Buyers in Brisbane, Adelaide and Perth are still active, but competition is not as fierce. Price growth remains positive but it's slowing. Over the past three months, home values in these cities have risen by 1.6 per cent, 1.3 per cent and 1.6 per cent, respectively, compared to 3.9 per cent, 4.3 per cent and 6.1 per cent over the same three-month period last year. Regional parts of Queensland and Western Australia are following suit. Strong markets that have experienced double-digit annual price growth, like Mackay, Gladstone, Townsville and Toowoomba in Queensland, as well as Geraldton and Bunbury in Western Australia, are starting to show signs of moderation as buyers hit their affordability limits. Slower price growth means FOMO (fear of missing out) will fade and buyers will be in a stronger position to negotiate a sale, or secure a property at auction without intense bidding pressure. They will also have a better chance of keeping their savings growing at a similar pace to home values so they have enough for the deposit when they find the right home. At the other end of the spectrum, prices are starting to rise again in the markets that have lagged over the past two years, namely Victoria and Tasmania. Home values in Melbourne and Hobart have risen by 1.2 per cent and 0.9 per cent, respectively, over the past three months compared to a 0.2 per cent fall in Melbourne and a 0.3 per cent gain in Hobart at the same time last year. Regional towns in Victoria are also following the trend. Home values in Geelong, Ballarat and Warrnambool have fallen over the past year but are now flattening or rising slightly – often the first sign of a bottoming market. In Tasmania, regional markets like Launceston and Devonport have recorded very little price growth over the past year and offer great value buying today. The opportunity for buyers in these markets is to purchase a home or investment property early in the new growth cycle to catch as much of the upside as they can. NSW and the ACT have sat in the middle of the national market over the past year. Sydney home values are up by just 1.1 per cent over 12 months, regional NSW is up 3.3 per cent and Canberra is down 0.7 per cent. Whether you're hunting for value in a previously hot market or planning to buy in a stable or recovering one, now is a great time to act – before the expected rate cuts later potentially accelerate property price growth.
News.com.au
27 minutes ago
- News.com.au
Shock price rise as new apartments plunge 40pc
Units are now outperforming houses for the first time ever in three of the nation's strongest markets, driven by a perfect storm of chronic undersupply and a skewed development pipeline, new research reveals. Perth units are leading the country with 13.1 per cent annual growth for units compared to 11.6 per cent for houses, followed by Adelaide and Brisbane. It comes as new construction completion data shows apartment deliveries have plummeted by more than 40 per cent from their peak, and new analysis shows Australia is set to fall 60,000 homes short of meeting its National Housing Accord target in its first year. According to Ray White research, annual apartment completions have collapsed from over 97,000 in 2018 to just 58,913 in 2023, though 2024 showed a modest recovery to 64,869 units. 'The fundamental issue is that hardly any apartments are being built — particularly in the affordable or mid-market segments that once provided accessible housing options,' Ray White Group chief economist Nerida Conisbee said. 'When new apartment projects do proceed, they're predominantly luxury developments targeting premium buyers, pushing median unit prices steadily upward.' Ms Conisbee said that created a vicious cycle where affordable apartment supply dwindled, intensifying competition for existing stock, driving prices higher, and making units outperform houses — not through abundance, but through scarcity. Apartment prices are growing at a faster rate than houses because the sector is particularly constrained by elevated development costs and land prices that have risen over 75 per cent since 2020. MAS Architecture Studio director Nick Symonds said the demand for high-density housing was high, but the delivery pipeline was struggling to keep pace. 'These aren't townhouses or boutique builds,' Mr Symonds said. 'We're talking about substantial residential projects with hundreds of apartments, and developers can't find a builder willing or able to take them on under current conditions. 'Tier-one contractors have stepped away from major residential developments — not because they lack interest, but because these projects take too long, carry too much risk, and no longer stack up commercially compared to government work.' Ms Conisbee said new apartment projects that did proceed focused on premium segments where margins could absorb the inflated costs, leaving the mainstream market undersupplied. She said the construction industry's inability to deliver affordable apartments was creating artificial scarcity that drove price growth. 'Development sites that once supported diverse apartment projects now struggle to make economic sense except for luxury developments,' she said. 'Construction costs that remain 30 to 40 per cent above pre-pandemic levels, combined with development site prices at record highs, mean that new apartment supply is increasingly concentrated in premium segments where higher sale prices can justify elevated development costs.' Colliers Queensland residential director Brendan Hogan said demand for prestige development opportunities in Brisbane in the lead-up to hosting the 2032 Olympic and Paralympic Games was outpacing supply. 'We're seeing exceptional demand in the premium apartment market, with 'off-the-plan' riverfront apartments achieving prices over $35,000 per square metre of net saleable area,' Mr Hogan said. 'The surge in apartment prices is largely driven by the demand from owner-occupiers who are seeking premium and larger apartment stock, which has accounted for the majority of sales in the market over the past two years.'
ABC News
9 hours ago
- ABC News
Golden North Ice Cream set to move from Laura to Murray Bridge
South Australian company Golden North Ice Cream is moving its processing facility after more than 100 years in the mid-north town of Laura. The operation will relocate to Murray Bridge, a little more than three hours away in the state's south-east. Managing director Dimi Kyriazis said there were few dairy farmers left in the mid-north and that the company had chosen to move closer to its milk suppliers. "If you go back long enough in time, there used to be more than 90 dairy farmers In the mid-north, now there are about 13," he said. "Everything that we make has an additional 500 kilometres added to it because we will bring ingredients in — milk, cream, packaging. "It needs the 260-kilometre trip out to Laura and then you turn it into goods, then it needs a 260-kilometre trip back." Mr Kyriazis said the company was partly a victim of its own success because it had maximised the output from the Laura site. "We've grown a hell of a lot and to keep growing … the level of funds that would need to expand that factory — you're just not going to get the return on it," he said. The company will set up its operation at the former site of the Beston Global Food Company. "We're turning the cheese factory into an ice cream factory," Mr Kyriazis said. "Saying that, all the cheese equipment is still there, so it's going to also give us an opportunity to branch the brand out into new categories that we haven't traditionally been in." The company has about 80 employees and independent Member for Stuart Geoff Brock said the move was disappointing but had "been in the wind for a while". "My main concern is for the staff that are there, been there for a long time," he said. "I know that this is an economic decision they have to make, but that doesn't make it any easier for myself or for the the 80 to 90 people that are at the peak of their production. "It's always been an iconic name, Golden North … or Laura, the home of Golden North." Golden North Ice Cream has been producing in Laura since 1923. To help support Laura residents the state government will provide a $1-million community infrastructure program during the 12-month transition. The program will be used to support infrastructure projects to attract new residents and businesses to the town.
