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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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A new report has found Australia’s migration program is more effectively meeting the needs of employers with a 60 per cent increase in the number of employer-sponsored skilled migrants to Australia in 2008-09 compared with the previous year.

The Report on Migration Program 2008-09 shows that the Rudd Government’s targeted approach to overseas workers is helping to fill critical skills gaps in the healthcare, engineering, financial services and IT sectors.

The Minister for Immigration and Citizenship, Senator Chris Evans, said that changes introduced in January including the Critical Skills List (CSL) of high value occupations and prioritising employer-sponsored or state/territory-sponsored skilled migration visa grants were having a significant impact.

Overseas workers who were sponsored by employers comprised 33 per cent of the 2008-09 skill stream compared to 22 per cent in 2007-08 and 17 per cent in 2006-07.
“A properly targeted migration program will ensure we have the right sized and appropriately skilled labour force to meet Australia’s needs now and into the future as our economy recovers and grows.”

The Government cut the 2008-09 permanent skilled migration intake in March 2009 by 14 per cent from 133 500 to 115 000 and reduced planning levels for the permanent skilled migrant intake in the overall 2009-10 migration program to 108 100 places.

“This is in direct response to the economic slowdown and represents an overall drop of almost 20 per cent on previous planning levels,” Senator Evans said.

“The migration intake in the coming year reflects the economic conditions while ensuring employers can gain access to skilled professionals in industries still experiencing skills shortages such as healthcare and engineering. “The reduction is being achieved through a cutback in places in independent skilled migration rather than in the high-demand employer-sponsored category or in areas in which Australia has critical skills shortages.”

Across all permanent skilled visa categories, the top three occupations for successful applicants were accountancy (6238), computing professionals (3879) and registered nurses (3355) while the top three countries of citizenship under the skill stream were the United Kingdom (23 178), India (20 105) and China (13 927).

“Australia’s migration program is better targeting the needs of Australian employers who are still experiencing skill shortages,” Senator Evans said.

Source  :  www.manmonthly.com.au

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Further increases in petrol prices are predicted as Australia’s unleaded benchmark price scaled a 10-month high of almost $100 a barrel in the past week.  

While the continued signs of a recovery in the global economy had been great news for share market investors, the same could not be said for motorists, Commonwealth Securities economist Savanth Sebastian said.

The Australian Institute of Petroleum’s weekly report showed the unleaded petrol prices rose by an average 1.9 cents per litre in the past week to 124.5 cents.

The average metropolitan price rose by 2.6 cents a litre to 124.2 cents, while the regional average price rose by 0.7 cents to 125.1 cents.

“The glut of oil inventory on global markets is not putting downward pressure on prices,” Mr Sebastian said, adding traders and investors were focussed on the recovery story.

Even a strong Australian dollar has not been able to significantly absorb the rally in oil prices.

This resulted in the benchmark for Australian unleaded petrol – the Singapore gasoline price – rising to a 10-month high of $99.70 from $97.33 in the past week.

“If there is any consolation for motorists, it is that the rise in pump prices is likely to be rather sedate,” Mr Sebastian said.

“The petrol price will rise over the next fortnight, but only modestly, up around three to five cents a litre.”

Source  :  www.thewest.com.au

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HOUSE prices could rise by as much as 22 per cent during the next three years, an economic forecaster says.   house price

”The conditions are ripe for a sustained recovery in residential property prices,” according to BIS Shrapnel’s Residential Property Prospects, 2009 to 2012, report.

”Low interest rates, solid growth in rents and housing shortages are evident in most markets.

”However, the current economic malaise will mean confidence will only recover slowly during 2009/10.”

BIS Shrapnel senior project manager and study author Angie Zigomanis said that, at this stage, all of the action was occurring at the lower-priced end of the market.

This is due to a surge in first-home buyer demand as a result of the federal government’s first home owner boost scheme and low interest rates, he said.

BIS Shrapnel forecasts there will be 180,000 first-home buyers in 2009.

Although first-home buyer demand was expected to ease after the expiry of the government’s boost scheme at the end of 2009, upgraders and investors were expected to take the baton, Mr Zigomanis said.

”We expect rising confidence in the prospects for an economic recovery in 2010, so investors are likely to return in greater numbers, attracted by increased rental returns and low interest rates.”

Among the state capitals, Sydney, Melbourne and Adelaide will show the strongest price growth over the next three years, at 19 per cent.

More moderate growth is expected in Brisbane, Hobart, and Canberra, while price growth in Perth and Darwin is expected to be weak as the local economies of these cities are impacted by a decline in investment spending in the resources sector.

BIS Shrapnel estimates Sydney’s median house price at June 2009 to be $530,000, and predicts it will rise by mid-2012 to $630,000. Melbourne’s current median house price is estimated at $425,000, rising to $507,000 by June 2012.

In Adelaide, the median price is estimated at $360,000 and predicted to climb to $430,000 over the three years.

Among other cities around Australia, Newcastle and Wollongong are expected to benefit from the migration of residents from Sydney over the coming years.

The median house price in Newcastle is expected to soar 22 per cent over the three years, while Wollongong is forecast to see growth of 20 per cent in the same period.

In Brisbane, the average house is estimated to cost $391,000 now and is expected to cost $455,000 by mid-2012, an increase of 16 per cent.

Hobart’s median house price is estimated to be $335,000 and will rise by 15 per cent to $385,000 over the three year period.

An average house in Canberra is estimated to cost $440,000, increasing to $515,000 by 2012, a rise of 17 per cent.

In Perth, the estimated median house price is $425,000, expected to reach $475,000 in three years, up 12 per cent.

Darwin’s forecast median house price is $470,000, predicted to show an increase of 11 per cent over the three years.

For the Gold Coast, the Sunshine Coast and Cairns, BIS Shrapnel forecasts prices will increase by 14 per cent, while Townsville prices are expected to grow 13 per cent over the three years.

Source  :  www.news.com.au

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Days after a public rant aimed at Tracy Grimshaw, celebrity chef Gordon Ramsay has fired a second volley branding the TV presenter “sad”ramsay and “bitter” for defending herself.

Ramsay denied calling the Nine Network veteran a lesbian at a weekend appearance at Melbourne’s Good Food and Wine Show during which he also allegedly compared her to a pig, using an offensive photo as a prop.

Ramsay on Tuesday said he was “deeply mortified” that his intended joke had been blown out of proportion – and that was before Prime Minister Kevin Rudd said the chef’s comments reflected a “new form of low life”.

Mr Rudd’s deputy Julia Gillard and Health Minister Nicola Roxon joined the fray, saying Ramsay should confine himself to the kitchen and stop abusing women.

But there was no remorse from the TV chef after Grimshaw used her A Current Affair program on Monday to take him to task over his food show rant.

Ramsay on Tuesday said he’d never used the word “lesbian” to describe Grimshaw, and said she herself was guilty of a “disgusting” attack on his wife Tana, who’s due in Australia in two weeks.

“She’s obviously doing it for the ratings,” he said of Grimshaw, speaking to reporters after a run along Melbourne’s Yarra River.

On Monday, Grimshaw branded Ramsay a bully and an “arrogant narcissist”. She said he’d made “uninformed insinuations” at the food show about her sexuality, and she told her viewers she was not gay.

Grimshaw said that before a recent interview for her program, Ramsay had insisted she refrain from asking about his private life following allegations of a long-running extra-marital affair.

“We all know why,” she said.

She added: “… I’m not surprised by any of this. We’ve all seen how Gordon Ramsay treats his wife – and he supposedly loves her. We’re all just fodder to him.”

Asked if he could understand how Grimshaw felt, Ramsay told reporters: “I never once said the word lesbian, I was having a tongue-in-cheek joke – it was not at her expense.

“For me on a personal front, to see how sad and how bitter for someone to come out like that, for a renowned pro to come out and stoop that low, is disgusting.”

He said tapes of the alleged incident were being scrutinised by his lawyers.

Mr Rudd was firmly in Grimshaw’s corner on Tuesday, congratulating her for giving Ramsay a “left uppercut” in her reply.

“I think I can describe his remarks as reflecting a new form of low life,” he told the Fairfax Radio Network.

“I just drew breath when I saw the sort of stuff which was said about her. I just think that’s off and offensive.”

Earlier, Ms Gillard said the celebrity chef should stay in the kitchen.

“I think perhaps what he should do is confine himself to the kitchen and make nice things for people to eat rather than make public comments about others,” she said.

Health Minister Nicola Roxon said there was no need for “women to be abused in our community at any level”.

Grimshaw said she had been overwhelmed by the avalanche of support she’d received.

The fallout from Ramsay’s rant has gone global, spreading to his homeland Britain and to the US and New Zealand.

Britain’s The Mirror sent up Ramsay in a report headlined: “Good thing Gordon Ramsay is such a sex god.”

“Gordon is such a handsome devil, a veritable sex god come to Earth to live among men, you can understand why he might feel that mere mortals are unworthy of his presence,” the report said.

The Mail Online carried a report about the outburst and the angry reaction it had generated among audience members and women’s groups.

US celebrity watcher Perez Hilton said Ramsay had gone too far with his “sexist, homophobic remarks”.

Source www.ninemsn.com.au

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