Latest news with #David
The Advertiser
3 hours ago
- Business
- The Advertiser
House prices break records as rent unaffordably high
After years of rent rises and blocks of land priced out of reach, aspiring home owner Matthew David looked to the sky. The 31-year-old sales worker from Melbourne had dreams of buying a house, but adjusted his expectations to focus on buying an apartment instead. "It would have been great to have a house, but look, as a single it was just completely unattainable," he told AAP. "Apartment living was realistically all that was going to be within aspiration for me." It's an increasingly common story across Australian cities, with June-quarter data from real estate portal Domain showing all eight capitals had simultaneous house price growth for the first time in four years. Sydney's median house price soared to a record high $1.7 million, while Brisbane, Adelaide and Melbourne medians are above $1 million, according to Domain, and Perth's median house price grew above $950,000. Unit prices experienced their strongest quarterly growth in two years, jumping to a national median price of $689,588 and record highs in four capital cities in the Domain data for the June quarter. Unaffordably high rent was the catalyst for Mr David knuckling down to save for his apartment, with his previous one-bedroom rental jumping to almost $500 a week. "What I was paying in rent plus what I was saving was actually less than what the mortgage repayments were going to be," he said. Limited housing supply is driving prices higher, Domain research and economics chief Nicola Powell says, with the market continuing to outperform expectations despite cost-of-living pressures and economic uncertainty. "We're still not building fast enough to meet population growth," she said. "Without a substantial boost in new housing, price pressures will remain, regardless of further rate cuts." Rental supply is a major concern, with property analyst Cotality observing the number of listings is about one-quarter less than the five-year average. Rents rose 1.3 per cent nationally over the June quarter and remain unaffordable for many tenants, according to the company's economist Kaytlin Ezzy. "While the moderation in the pace of rental growth is welcome news to many tenants, rents are still increasing," she said. Rents have jumped more than 40 per cent in the past five years to reach a national average of $665 per week according to Cotality. That equates to almost $200 more per week and more than $10,000 a year, and is well below the 15 per cent rise in average wages during the same five-year period. Many home buyers are also under the pump, according to Roy Morgan research showing mortgage stress affecting more than 28 per cent of households in the June quarter. This figure is higher than when the Reserve Bank started cutting rates in February, which Roy Morgan attributes to increased borrowing by purchasers and larger amounts owing on homes overall. After years of rent rises and blocks of land priced out of reach, aspiring home owner Matthew David looked to the sky. The 31-year-old sales worker from Melbourne had dreams of buying a house, but adjusted his expectations to focus on buying an apartment instead. "It would have been great to have a house, but look, as a single it was just completely unattainable," he told AAP. "Apartment living was realistically all that was going to be within aspiration for me." It's an increasingly common story across Australian cities, with June-quarter data from real estate portal Domain showing all eight capitals had simultaneous house price growth for the first time in four years. Sydney's median house price soared to a record high $1.7 million, while Brisbane, Adelaide and Melbourne medians are above $1 million, according to Domain, and Perth's median house price grew above $950,000. Unit prices experienced their strongest quarterly growth in two years, jumping to a national median price of $689,588 and record highs in four capital cities in the Domain data for the June quarter. Unaffordably high rent was the catalyst for Mr David knuckling down to save for his apartment, with his previous one-bedroom rental jumping to almost $500 a week. "What I was paying in rent plus what I was saving was actually less than what the mortgage repayments were going to be," he said. Limited housing supply is driving prices higher, Domain research and economics chief Nicola Powell says, with the market continuing to outperform expectations despite cost-of-living pressures and economic uncertainty. "We're still not building fast enough to meet population growth," she said. "Without a substantial boost in new housing, price pressures will remain, regardless of further rate cuts." Rental supply is a major concern, with property analyst Cotality observing the number of listings is about one-quarter less than the five-year average. Rents rose 1.3 per cent nationally over the June quarter and remain unaffordable for many tenants, according to the company's economist Kaytlin Ezzy. "While the moderation in the pace of rental growth is welcome news to many tenants, rents are still increasing," she said. Rents have jumped more than 40 per cent in the past five years to reach a national average of $665 per week according to Cotality. That equates to almost $200 more per week and more than $10,000 a year, and is well below the 15 per cent rise in average wages during the same five-year period. Many home buyers are also under the pump, according to Roy Morgan research showing mortgage stress affecting more than 28 per cent of households in the June quarter. This figure is higher than when the Reserve Bank started cutting rates in February, which Roy Morgan attributes to increased borrowing by purchasers and larger amounts owing on homes overall. After years of rent rises and blocks of land priced out of reach, aspiring home owner Matthew David looked to the sky. The 31-year-old sales worker from Melbourne had dreams of buying a house, but adjusted his expectations to focus on buying an apartment instead. "It would have been great to have a house, but look, as a single it was just completely unattainable," he told AAP. "Apartment living was realistically all that was going to be within aspiration for me." It's an increasingly common story across Australian cities, with June-quarter data from real estate portal Domain showing all eight capitals had simultaneous house price growth for the first time in four years. Sydney's median house price soared to a record high $1.7 million, while Brisbane, Adelaide and Melbourne medians are above $1 million, according to Domain, and Perth's median house price grew above $950,000. Unit prices experienced their strongest quarterly growth in two years, jumping to a national median price of $689,588 and record highs in four capital cities in the Domain data for the June quarter. Unaffordably high rent was the catalyst for Mr David knuckling down to save for his apartment, with his previous one-bedroom rental jumping to almost $500 a week. "What I was paying in rent plus what I was saving was actually less than what the mortgage repayments were going to be," he said. Limited housing supply is driving prices higher, Domain research and economics chief Nicola Powell says, with the market continuing to outperform expectations despite cost-of-living pressures and economic uncertainty. "We're still not building fast enough to meet population growth," she said. "Without a substantial boost in new housing, price pressures will remain, regardless of further rate cuts." Rental supply is a major concern, with property analyst Cotality observing the number of listings is about one-quarter less than the five-year average. Rents rose 1.3 per cent nationally over the June quarter and remain unaffordable for many tenants, according to the company's economist Kaytlin Ezzy. "While the moderation in the pace of rental growth is welcome news to many tenants, rents are still increasing," she said. Rents have jumped more than 40 per cent in the past five years to reach a national average of $665 per week according to Cotality. That equates to almost $200 more per week and more than $10,000 a year, and is well below the 15 per cent rise in average wages during the same five-year period. Many home buyers are also under the pump, according to Roy Morgan research showing mortgage stress affecting more than 28 per cent of households in the June quarter. This figure is higher than when the Reserve Bank started cutting rates in February, which Roy Morgan attributes to increased borrowing by purchasers and larger amounts owing on homes overall. After years of rent rises and blocks of land priced out of reach, aspiring home owner Matthew David looked to the sky. The 31-year-old sales worker from Melbourne had dreams of buying a house, but adjusted his expectations to focus on buying an apartment instead. "It would have been great to have a house, but look, as a single it was just completely unattainable," he told AAP. "Apartment living was realistically all that was going to be within aspiration for me." It's an increasingly common story across Australian cities, with June-quarter data from real estate portal Domain showing all eight capitals had simultaneous house price growth for the first time in four years. Sydney's median house price soared to a record high $1.7 million, while Brisbane, Adelaide and Melbourne medians are above $1 million, according to Domain, and Perth's median house price grew above $950,000. Unit prices experienced their strongest quarterly growth in two years, jumping to a national median price of $689,588 and record highs in four capital cities in the Domain data for the June quarter. Unaffordably high rent was the catalyst for Mr David knuckling down to save for his apartment, with his previous one-bedroom rental jumping to almost $500 a week. "What I was paying in rent plus what I was saving was actually less than what the mortgage repayments were going to be," he said. Limited housing supply is driving prices higher, Domain research and economics chief Nicola Powell says, with the market continuing to outperform expectations despite cost-of-living pressures and economic uncertainty. "We're still not building fast enough to meet population growth," she said. "Without a substantial boost in new housing, price pressures will remain, regardless of further rate cuts." Rental supply is a major concern, with property analyst Cotality observing the number of listings is about one-quarter less than the five-year average. Rents rose 1.3 per cent nationally over the June quarter and remain unaffordable for many tenants, according to the company's economist Kaytlin Ezzy. "While the moderation in the pace of rental growth is welcome news to many tenants, rents are still increasing," she said. Rents have jumped more than 40 per cent in the past five years to reach a national average of $665 per week according to Cotality. That equates to almost $200 more per week and more than $10,000 a year, and is well below the 15 per cent rise in average wages during the same five-year period. Many home buyers are also under the pump, according to Roy Morgan research showing mortgage stress affecting more than 28 per cent of households in the June quarter. This figure is higher than when the Reserve Bank started cutting rates in February, which Roy Morgan attributes to increased borrowing by purchasers and larger amounts owing on homes overall.
Perth Now
4 hours ago
- Business
- Perth Now
House prices break records as rent unaffordably high
After years of rent rises and blocks of land priced out of reach, aspiring home owner Matthew David looked to the sky. The 31-year-old sales worker from Melbourne had dreams of buying a house, but adjusted his expectations to focus on buying an apartment instead. "It would have been great to have a house, but look, as a single it was just completely unattainable," he told AAP. "Apartment living was realistically all that was going to be within aspiration for me." It's an increasingly common story across Australian cities, with June-quarter data from real estate portal Domain showing all eight capitals had simultaneous house price growth for the first time in four years. Sydney's median house price soared to a record high $1.7 million, while Brisbane, Adelaide and Melbourne medians are above $1 million, according to Domain, and Perth's median house price grew above $950,000. Unit prices experienced their strongest quarterly growth in two years, jumping to a national median price of $689,588 and record highs in four capital cities in the Domain data for the June quarter. Unaffordably high rent was the catalyst for Mr David knuckling down to save for his apartment, with his previous one-bedroom rental jumping to almost $500 a week. "What I was paying in rent plus what I was saving was actually less than what the mortgage repayments were going to be," he said. Limited housing supply is driving prices higher, Domain research and economics chief Nicola Powell says, with the market continuing to outperform expectations despite cost-of-living pressures and economic uncertainty. "We're still not building fast enough to meet population growth," she said. "Without a substantial boost in new housing, price pressures will remain, regardless of further rate cuts." Rental supply is a major concern, with property analyst Cotality observing the number of listings is about one-quarter less than the five-year average. Rents rose 1.3 per cent nationally over the June quarter and remain unaffordable for many tenants, according to the company's economist Kaytlin Ezzy. "While the moderation in the pace of rental growth is welcome news to many tenants, rents are still increasing," she said. Rents have jumped more than 40 per cent in the past five years to reach a national average of $665 per week according to Cotality. That equates to almost $200 more per week and more than $10,000 a year, and is well below the 15 per cent rise in average wages during the same five-year period. Many home buyers are also under the pump, according to Roy Morgan research showing mortgage stress affecting more than 28 per cent of households in the June quarter. This figure is higher than when the Reserve Bank started cutting rates in February, which Roy Morgan attributes to increased borrowing by purchasers and larger amounts owing on homes overall.
South Wales Guardian
9 hours ago
- Business
- South Wales Guardian
Judicial system needs ‘shake-up' after trader convictions, says Sir David Davis
Tom Hayes and Carlo Palombo were found guilty over benchmark interest rate rigging in 2015 and 2019 respectively, but had their convictions quashed at the Supreme Court on Wednesday. The former UBS trader and the ex-vice president of euro rates at Barclays bank were said to have manipulated the London Inter-Bank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor). Speaking at a press conference following the Supreme Court judgment, Sir David described the two men as 'scapegoats for the sins that led to the financial crisis'. He said: 'The implications are far-reaching and of course have been devastating for those caught up in it. 'There were several other people convicted of rate rigging, dozens of others who were either prosecuted, acquitted or not prosecuted. Their lives were upended too. 'This scapegoating exercise happened as a result of collusion between the banks and government agencies, including the SFO (Serious Fraud Office) and FCA (Financial Conduct Authority) and we're not done with that. 'This scandal also highlights the need for urgent reform within our justice system on a range of issues – the handling of expert witnesses right through to the rigidity of the appeals system.' In an 82-page judgment, with which Supreme Court president Lord Reed, Lords Hodge and Lloyd-Jones and Lady Simler agreed, Lord Leggatt said judges' misdirection to the juries had led to the men's wrongful convictions. He said: 'The history of these two cases raises concerns about the effectiveness of the criminal appeal system in England and Wales in confronting legal error.' Sir David said the Supreme Court justices 'did not unpack' why the appeal system fell into error in these cases. He said: 'I think the judicial system needs a shake-up, and this is the latest demonstrator of it, and we will be returning to it in the future.' Mr Hayes said he believes the trials of the two men became caught up in the politics of the financial crisis, adding that there was a 'big desire from institutions and politicians, acting in their own interest largely', for traders to go to prison. Asked about his thoughts on what role juries play in cases like his and Mr Palombo's, he said it was a 'dangerous idea' for complicated fraud and financial cases to be heard only by a judge. The former trader added: 'The jury is the last defensive barrier that every citizen in this country has between them and a wrongful conviction. 'And are juries perfect? No, they're not. Do they make mistakes? Yes, they do. And you know, it's the best of a whole load of options, none of which is perfect.' Ben Rose, part of Mr Palombo's legal team, said Wednesday's Supreme Court judgment is 'likely to offer a route' by which others who have been convicted in similar circumstances 'can right the wrong that has been done to them'. He also said there was a 'fundamental error' in the way the case was prosecuted and that the role of the jury was 'overridden and usurped' by the judges. The lawyer added: 'That should not happen in a country that abides by the rule of law.'
North Wales Chronicle
10 hours ago
- Business
- North Wales Chronicle
Judicial system needs ‘shake-up' after trader convictions, says Sir David Davis
Tom Hayes and Carlo Palombo were found guilty over benchmark interest rate rigging in 2015 and 2019 respectively, but had their convictions quashed at the Supreme Court on Wednesday. The former UBS trader and the ex-vice president of euro rates at Barclays bank were said to have manipulated the London Inter-Bank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor). Speaking at a press conference following the Supreme Court judgment, Sir David described the two men as 'scapegoats for the sins that led to the financial crisis'. He said: 'The implications are far-reaching and of course have been devastating for those caught up in it. 'There were several other people convicted of rate rigging, dozens of others who were either prosecuted, acquitted or not prosecuted. Their lives were upended too. 'This scapegoating exercise happened as a result of collusion between the banks and government agencies, including the SFO (Serious Fraud Office) and FCA (Financial Conduct Authority) and we're not done with that. 'This scandal also highlights the need for urgent reform within our justice system on a range of issues – the handling of expert witnesses right through to the rigidity of the appeals system.' In an 82-page judgment, with which Supreme Court president Lord Reed, Lords Hodge and Lloyd-Jones and Lady Simler agreed, Lord Leggatt said judges' misdirection to the juries had led to the men's wrongful convictions. He said: 'The history of these two cases raises concerns about the effectiveness of the criminal appeal system in England and Wales in confronting legal error.' Sir David said the Supreme Court justices 'did not unpack' why the appeal system fell into error in these cases. He said: 'I think the judicial system needs a shake-up, and this is the latest demonstrator of it, and we will be returning to it in the future.' Mr Hayes said he believes the trials of the two men became caught up in the politics of the financial crisis, adding that there was a 'big desire from institutions and politicians, acting in their own interest largely', for traders to go to prison. Asked about his thoughts on what role juries play in cases like his and Mr Palombo's, he said it was a 'dangerous idea' for complicated fraud and financial cases to be heard only by a judge. The former trader added: 'The jury is the last defensive barrier that every citizen in this country has between them and a wrongful conviction. 'And are juries perfect? No, they're not. Do they make mistakes? Yes, they do. And you know, it's the best of a whole load of options, none of which is perfect.' Ben Rose, part of Mr Palombo's legal team, said Wednesday's Supreme Court judgment is 'likely to offer a route' by which others who have been convicted in similar circumstances 'can right the wrong that has been done to them'. He also said there was a 'fundamental error' in the way the case was prosecuted and that the role of the jury was 'overridden and usurped' by the judges. The lawyer added: 'That should not happen in a country that abides by the rule of law.'
GMA Network
10 hours ago
- Entertainment
- GMA Network
David Licauco to make appearance in ‘Beauty Empire'
David Licauco is set to make a special appearance in 'Beauty Empire,' which stars Barbie Forteza. According to Nelson Canlas' report in '24 Oras,' Wednesday, David's guesting is a gift for the 'abangers' of the BarDa shippers. 'Plot twist ba ito?' Barbie said. 'Actually, matagal na siya dapat pumasok pero 'yun, finally. OK din na ngayon siya pumasok dahil, like, bumibigat na rin 'yung mga eksena namin, so perfect timing din talaga.' David said that it had been seven months since he last acted, so this made him excited. 'Also, obviously, I'm working with Barbie again,' he said. Barbie and David became a love team when they starred together as Fidel and Klay in "Maria Clara at Ibarra." They later starred in several more projects, including "Maging Sino Ka Man," "Pulang Araw," and the film "That Kind of Love." 'Beauty Empire' also stars Kyline Alcantara, Ruffa Gutierrez, Gloria Diaz, South Korean actor Choi Bo Min, and more. It airs Mondays to Thursdays at 9:35 p.m. on GMA Network. It is also available on Viu. —Carby Rose Basina/CDC, GMA Integrated News
