Business
$1.4m median house price in Sydney distancing Aussies and their first home dream
Despite the global pandemic and Australia being largely cut off from the rest of the world, house prices throughout the country are soaring
Boosted by all-time low-interest rates and a lack of available properties, six cities have seen record-high prices for the third quarter in a row.
Over the last 12 months, homes in Sydney, Canberra and Darwin have risen by 20 percent in value, as experts warn the market is quickly becoming “unsustainable”.
The Domain House Price Report says the country is experiencing the perfect mix between low-interest rates, a limited number of available properties, strong demand and large government stimulus in the wake of the Covid pandemic.
This report has certified the views of some economists who say the housing market is unsustainable and out of reach for many young Australians and first-time buyers.
“This is a very unusual rate of growth. Unusual circumstances create extraordinary outcomes,” chief of research and economics Nicola Powell said.
Sydney, Australia’s most populous city, saw median house prices reach a record A$1,410,133
Sydney house prices soared by almost $1,200 a day over the June quarter, a total rise of $107,000, to a new record $1.41 million.
Prices rose more than 8 per cent over the past two quarters, a rare growth only seen three times over the past 30 years.
When compared to this time last year prices have jumped 24 per cent, a record performance that has exceeded the boom time results of 2015 and 2002.
Tesla is driving at full speed, with the EV giant striking a major deal with rental car agent, Hertz
Elon Musk owned, Tesla has officially crossed a $1 trillion stock market valuation for the first time in its operating history…and it follows a major order from global rental car agency, Hertz
Hertz plans to order 100,000 new EVs for its fleet.
It is the biggest-ever order from rental car company Hertz, and a deal that has reinforced the electric car leader’s ambitions to top the entire auto industry in sales over the next decade.
But for Tesla and its investors, Hertz’s decision to order 100,000 Tesla vehicles by the end of 2022 showed electric vehicles are no longer a niche product, but will dominate the mass car market in the near future.
Tesla also appeared on Monday to be making progress resolving regulatory problems that threatened its business in China
The company stated that it had opened a new data and research center in Shanghai to comply with government requirements that data collected from vehicles within China, stay in the country.
Tesla now faces the daunting day-to-day challenge of becoming a high-volume automaker growing at a rate not seen since the early 1900s…when demand exploded for Henry Ford’s Model T.
Tesla is also trying to manage an order backlog for its vehicles as it continues to deal with extended supply chain disruptions.
Investors and analysts, for now, are looking past the near-term challenges, with the latest deal struck between Tesla and Hertz set to only create more hype around its share price.
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