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The median price for a Perth house will pass $600,000 within three years as the city’s property market reclaims its title as the strongest and fastest growing in the country, a new report predicts.

The BIS Shrapnel residential property report forecasts house prices in Perth will climb an average 7 per cent a year for three years, pushing the median price to $610,000 from $500,000 today.

No other capital is expected to enjoy such strong capital growth, with even higher interest rates unlikely to slow the Perth market as much as others.

Senior project manager Angie Zigomanis said even though the Perth market slowed before other cities in 2007, conditions were improving on the back of another resources boom. Money flowing from commodities would soon push up house prices across Perth.

“With prices below peak levels in real terms and income in Perth set to grow substantially as the next round of resource expansion projects get up and running, solid price growth should continue,” he said.

“Nevertheless, further increases in interest rates will prevent the boom in prices that we saw in the last upturn.”

Mr Zigomanis said the median house price would climb 22 per cent by the middle of 2013. This growth would be quicker if the Reserve Bank did not increase interest rates in the next six to 12 months.

Growth at that rate would surpass other capitals such as Sydney (up 20 per cent), Melbourne (11 per cent), Brisbane (12 per cent), Adelaide (20 per cent), Hobart (12 per cent), Canberra (14 per cent) and Darwin (12 per cent).

House prices climbed rapidly through the second half of last year and into the first four months of this year.

Mr Zigomanis said this was directly because of record low interest rates in response to the global financial crisis and a “pull forward” of demand from the first-homeowner’s grant. Not only would house prices outpace inflation, they would affect rents.

“Even though overseas migration inflows are steadily easing, a deficiency of stock is still in place with dwelling construction below underlying trend,” he said.

Recent Australian Bureau of Statistics figures show a fall in loans for people buying homes but an increase in loans for investment properties. Financial market analysts do not expect official interest rates to rise until May next year.

source  :  www.thewest.com.au

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West Australians expect the biggest pay rises of any workers in the country, believing the global recession is over and the mining boom has arrived.

A report by Westpac has found 14 per cent of West Australians expect a pay rise of at least 8 per cent over the coming year, while another 21 per cent think they’ll get a rise of between 4 per cent and 8 per cent.

It is the highest proportion of workers in any State who think they will be rewarded with a wage rise two or three times the rate of inflation.

And in a sign of the confidence of WA workers, just 0.4 per cent of those surveyed say they will have a pay cut – the lowest proportion of any State. By contrast, more than 6 per cent of South Australians fear they will have their pay cut while just 19 per cent expect a pay rise of at least 4 per cent.

More than 35 per cent of those aged between 18 and 24 expect a pay rise of at least 8 per cent compared to less than 10 per cent of people aged 55-64. While 35 per cent of respondents who earn more than $100,000 a year expect at least an 8 per cent rise, less than half of those earning under $40,000 expect any pay rise.

CommSec chief equities economist Craig James said that despite signs of optimism, Australian consumers were increasingly conservative. While household disposable income had grown almost 8 per cent last year, close to the fastest rate in 19 years, consumer spending had lifted just 2.2 per cent or the slowest in 16 years.

“And then there is the news that 70 per cent of Commonwealth Bank home loan customers are ahead in their loan repayments – making higher repayments than they need to,” he said. “How long this new conservatism continues remains anybody’s guess.”

Source  :  www.thewest.com.au

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The City of Perth Australia Day Skyworks is the State’s biggest annual celebration.                                                                                            

The spotlight is on Perth as we celebrate our beautiful country with the biggest and best Australia Day event in the country.

With warm weather expected and activities running from 7am to 8.30pm, here are some tips for enjoying the day:

o Plan your journey: Transperth will be providing additional train and bus services for Skyworks and Skyworks coordinators encourage everyone to plan their journey to the City in advance by visiting www.transperth.wa.gov.au  

Also, due to unusually low tides, Transperth will be unable to operate the ferry services from the first trip in the morning till 12.30, therefore these Australia Day ferry services will be replaced by buses.

o Stay hydrated: While free drinking water tanks and food stands will be conveniently located throughout the Perth foreshore, please remember to keep up your water intake. Dehydration can lead to dizziness, nausea and other symptoms that might spoil your day.

o Bring a radio: Obviously, a radio will allow you to enjoy the simulcast fireworks display at the end of the day, but additionally, you’ll be able to get updates throughout the day on parking, road closures and other important news from City of Perth Skyworks partner MIX 94.5.

 A torch: Why let the pyrotechnicians have all the fun? Be part of the traditional torch ‘call and response’ from each of the main viewing areas and see why Perth is known as the City of Lights!

o Plan your day: Australia Day in the City is far greater than the 30 minute pyrotechnic display at 8pm. Catch the train in early and enjoy the range of free entertainment on offer. The Too Solid Indigenous Music Festival, the Youth Zone on Langley Park, the Criterium, the Family Zone on the Esplanade, the AIR BP Air Show and the Water Show are just some of the many highlights of the day. Visit the Australia Day program of the www.perth.wa.gov.au/skyworks  website for more information.

o Community spirit: The City of Perth Australia Day Skyworks is a major community event, with all of the presenters working closely with some unsung heroes – Fire and Emergency Services, Police, and the St John Ambulance first aid volunteers. Let’s make this a celebration to be proud of and get into the spirit of the day!

What not to bring:

o Alcohol: The City of Perth Skyworks is an alcohol-free event. The City of Perth fully supports the efforts of the Police and the Public Transport Authority to stop anti-social behaviour at the celebration by confiscating alcohol at the event.

o Bad behaviour: Although the vast majority of Skyworks patrons enjoy the celebrations without incident, the organisers believe that everyone should be able to enjoy the Australia Day celebrations in the way they are intended – as a community, and as proud Australians. All of the authorities involved with Skyworks support a “no tolerance” approach to anti-social behaviour during this major Australia Day celebration.

o Glass: Broken glass has been identified as a significant cause of injuries at previous Skyworks. Please do not bring glass bottles or containers – it is very hard to clean up all the pieces if they break, especially in grassy areas or in low-light conditions, and families with children will be sharing the public spaces with you.

 Furniture: Both the City of Perth and the City of South Perth have Special Event Local Laws which limit people from bringing couches, mattresses, fridges or other large objects into event areas. This does not apply to lightweight shade structures or other picnic equipment which can be easily carried by hand. These laws are designed for public safety and prevent illegal ‘dumping’ – please respect the beautiful environment of the areas around Perth Water.

http://perth.wa.gov.au/skyworks/

Source  :  http://www.cityofperth.wa.gov.au/web/Media-Centre/?article=363

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THE average new mortgage in Australia has hit an all-time high of $367,000 according to mortgage broker Australian Finance Group.

But Queenslanders have been more conservative than the rest of the country, with the average new mortgage in Queensland sitting at $325,000.

The average home loan in New South Wales is now $433,000; in Western Australia it is $391,000 and $386,000 in the Northern Territory.

Australians have been increasingly taking on bigger mortgages, with the average new home loan 6.4 per cent larger than it was in May 2009.

Queensland bucked this trend, however, with new mortgages taken out in November $10,000 smaller than the previous month and close to the state’s January low of $323,000.

Home loans in both Victoria and New South Wales grew since May – up 12.1 per cent and 10.7 per cent respectively.

The news comes after the Reserve Bank of Australia announced on Tuesday that it was lifting the official cash rate for the third successive time.

The latest 0.25 per cent rise, when passed on by lenders, will cost home-owners with a $367,000 mortgage on a standard variable rate an extra $56 a month, while those slugged with a 0.45 per cent rate hike face an increase of $102 per month.

First-home buyers accounted for just 13.7 per cent of all new mortgages in November, down from their peak of 28.1 per cent in March.

Investors have been steadily returning to the property market over the past four months and represent a third of all new mortgages in November.

Of those who took out a new mortgage in November, only 2.1 per cent opted for a fixed-rate, down from 3 per cent the previous month.

Total numbers of new mortgages were lower than previous months.

Mark Hewitt of Australian Financial Group said: “October and November are seasonally strong months in the calendar, but we’ve seen two straight months of decline.

“Larger average mortgages and greater activity by investors are usually signs of a confident market but confidence is still fragile.

“We believe the RBA hiked rates too quickly and too soon.”

Source  :  www.thenews.com.au

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George Michael will perform two Australian concerts in February, and the first will be in Perth.                                                          

Rumours had been rife that the Too Funky star was headed down under, and today his Australian trip has been confirmed.

Heading to Australia for the first time since 1988, the Wham! star and solo pop vocalist will perform at Member’s Equity Stadium on February 20.  He will then perform in Sydney at Sydney Football Stadium on February 26.

He will perform tracks from the early days, Wham! and his latest material.

Promoter Paul Dainty said it was thrilling to bring Michael back to the country following his Faith tour in the 80s.

“He is a consummate performer and will deliver a stunning show to his fans who have waited 22 years to see him perform in Australia,” Dainty said.

Michael has performed for more than 2 million fans on this 25 Live arena tour so far. More than 350,000 people flocked to his London performances alone.

Michael has sold more than 100 million pop albums, had six American number one singles and won plenty of awards for tunes including Faith, Wake Me Up Before You Go-Go, Careless Whisper, One More Try, Freedom, Don’t Let the Sun Go Down on Me and Too Funky.

Tickets will go on sale through TicketMaster on December 8.

Source  :  www.watoday.com.au

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A new educational resource kit on citizenship will provide school children across the country with a greater understanding of our civic responsibilities and what it means to be an Australian citizen.

The school resource book – I am Australian: Exploring Australian Citizenship – is designed to assist teachers to deliver more in-depth lessons on Australian citizenship and civics to upper primary and lower secondary school students.

The Minister for Immigration and Citizenship, Senator Chris Evans, said the school resource book will help students better understand the meaning and significance of Australian citizenship.

‘Knowledge of Australian citizenship and civic responsibilities is important for all Australians, no matter how they became citizens,’ Senator Evans said.

‘This will be a valuable learning tool for all students, not only for those who have come here from other countries, but also for those who have lived all their lives in Australia.

‘It will also help students appreciate the contribution made to Australia by people from diverse backgrounds, whose journey to Australia was completed when they became citizens.’

The school resource book contains classroom activities which are linked to the curricula of each state and territory and are specifically designed for upper primary and lower secondary school students. The activities relate to Australia’s democratic beliefs, Australian citizen case studies and what it means to be an Australian citizen.

The Department of Immigration and Citizenship (DIAC) has been producing citizenship resources for schools since 2001. The updated school resource book coincides with the 60th anniversary of Australian citizenship.

Since the first citizenship ceremony in 1949, more than four million people from more than 200 countries have become Australian citizens.

Senator Evans launched the new school resource book with Hindmarsh MP Steve Georganas at the Plympton Primary School in Adelaide, where the Minister conducted a citizenship ceremony for a student and his father.

Zhenguo (Ken) Yang, 43, and his son Pengyu (Kevin), 11, from the People’s Republic of China, became Australian citizens after migrating to Australia in 2005. Mr Yang, a network engineer, came to Australia with his wife Qihong (Linda) Ling, who is studying nursing, to pursue better educational and career opportunities for the family.

‘I congratulate Mr Yang and his son Kevin on their decision to become Australian citizens,’ Mr Georganas said.

‘Citizenship represents a commitment to Australia and its people, the values we share and our common future. It also symbolises our sense of belonging to the country where we have been born or have decided to make our home.’

Source  :  http://www.minister.immi.gov.au/media/media-releases/2009/ce09100.htm

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twitterTWITTER is the new tool being used to fight against high supermarket prices across Australia.

Following the failure of the Federal Government’s Grocery Choice website – set up to help shoppers find the lowest grocery prices in supermarkets around the country – a group of IT experts are using Twitter and Google Groups to develop Price Check, a website they hope will save shoppers money.

Using crowd-sourcing technology, shoppers will eventually be able to log onto the web or via a mobile phone application to find the best-priced supermarket items in their area.

The website will allow shoppers to enter their entire shopping list on the website to find the best prices.                                                                                                     

Users will also be asked to update price items.

“I think I am heavily in favour of an open system and I believe there should be access to the public,’’ idea developer Rob Mason told news.com.au.

“(Users) will be able to enter their postcode … and source products on the site linked to the data base and compare prices and find which supermarket is best-priced.”

Mr Mason said the more the public demand access to cheaper prices, the more likely supermarket giants such as Coles and Woolworths will comply.

He said the response from Twitter users has been “fantastic”.

“If we get people involved and active, we can get all the prices in all the supermarkets,” he said.

“The feedback has been really good; we have gathered as much followers as the big supermarkets.”

Mr Mason said the major supermarkets have a responsibility to be open about their prices.

He admitted if successful, the Price Check idea would be unpopular with the supermarket chains.

“There is absolutely no commercial gain for them to be had by being open and transparent,” he said.

“At the moment it is more of a social thing, supporting an open system rather than saving heaps of money … but there is a potential.”

Follow @price_check for notification of the website launch.

Source www.news.com.au

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