Good morning and welcome to our live news blog. I’m Martin Farrer, bringing you the best of the overnight stories, and then it will be Emily Wind to take you through the rest of the day. There’s a “massive gap between what people can realistically afford and home values” – that’s the verdict of a CoreLogic report into why the housing market is “buckling” under pressure from the cost-of-living crisis and rising rates.
However, homeowners under pressure shelling out huge amounts on mortgages will be relieved that the data analysts think the downturn will be “short-lived”. Inflation figures out later this morning could have some bearing on whether rates will fall soon or not. Anthony Albanese will travel to the Top End today after getting the ball rolling on the unofficial federal election campaign in Queensland this week.
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Scentre Group looks to enter housing market by building residiential stock on Westfield shopping centresOne of Australia's largest shopping centre operators is exploring whether it can build apartments on 42 of its shopping centres. But while some claim this could help the affordable housing crisis, others have reservations.
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Australia's Housing Market Faces SlowdownAustralia's housing market is experiencing its first downturn in almost two years, with national average property prices dipping slightly in December. While analysts predict stabilization in early 2025, price disparities between cities remain significant, and affordability challenges persist.
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Australia's Housing Market Slows Due to Affordability ConcernsAustralia's property market is experiencing a slowdown driven by a widening gap between income, borrowing capacity, and home values. The dip is expected to be short-lived but highlights affordability challenges for many Australians.
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Australia's Housing Market Slows Down Amidst Affordability ConcernsAustralia's housing market experienced a slowdown in December, with home values dipping 0.1%. CoreLogic attributes this downturn to a widening gap between income, borrowing capacity, and home values, exacerbated by slowing economic growth and persistent high interest rates. The report suggests this dip might be short-lived.
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Big tobacco and Chemist Warehouse battling to gain market share in Australia's pharmacy vape marketPharmacy chain Chemist Warehouse and big tobacco have become unlikely rivals, in a battle to gain market share among Australia's nicotine-addicted smokers and vapers.
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