Should Bunnings be subject to the same scrutiny as supermarkets?
Assistant Minister Andrew Leigh says the government's provided $30 million to competition watchdog to give it more resources to look at misconduct across a host of sectors, including hardware.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News.com.au
11 minutes ago
- News.com.au
Jockey legend sells hit horse house for record suburb price
Renowned jockey Jimmy Orman and his wife Heidi Whalley have sold their horse-friendly home for a record price across the whole of their suburb. The four-bedroom, four-bathroom home at 129 Spoonbill St, Nudgee, was personally reviewed by the celebrity pair as it was made, becoming the closest home to Brisbane with a private area for horses in the backyard. 'It's a beautiful place to live,' Orman said. 'A lot of young families in the area, [and] to have an acre this close to the CBD is unheard of.' The 6909 sqm property features five stables and three paddocks with shelters, giving the family a chance to spend time with horses as their kids grew up. 'We both grew up with horses,' Ms Whalley said of her and her husband. But the couple felt it was time to move on as their living circumstances changed. 'We're selling so we can have a small loan, or don't have a loan [at all],' Orman said, when the home went on the market. 'We're only going to sell it if it meets what we think it's worth.' At a private treaty sale, the couple found that price: $3.7 million, beating the previous suburb record by $1.75 million. Place Ascot agent Drew Davies said the home was purchased by a local buyer: a family who also lived up on the north side of Brisbane. 'We were fortunate to attract serious interest and create strong competition, ultimately securing a local buyer who saw the exceptional value on offer,' he said. 'This sale sets a new benchmark for Nudgee and highlights the increasing appetite for high-quality lifestyle properties, even in Brisbane's emerging middle-ring suburbs.' Place Nundah agent Chris May said selling the home involved finding both a price Orman and Ms Whalley were happy with, along with a family who appreciated the lifestyle on offer. 'It was a real privilege to represent such a special property and to help Jimmy Orman and Heidi Whalley with their next chapter,' he said. 'The response from buyers was incredible, and we're grateful to have been part of the journey.'
News.com.au
11 minutes ago
- News.com.au
Melbourne: Home ownership dreams fading as prices outpace incomes by $100,000
Aussies chasing the dream of home ownership now need to earn tens, if not hundreds of thousands more than they did five years ago. Exclusive Canstar data reveals some Melbourne buyers would need nearly $100,000 extra a year to afford the same home they could have bought in 2020. In the city's most exclusive postcodes, such as Toorak and Balwyn, that figure more than doubles. Covid-era interest-rate cuts gave buyers a brief advantage, but a harsh mix of climbing interest rates, escalating home prices and tighter borrowing conditions is now shutting the door on many would-be homebuyers. The figures show a typical household in greater Melbourne must now earn almost $160,000 to afford a median-priced house – a $61,000 increase since 2020. In blue-chip areas like Toorak, Brighton and Malvern, the income jump is even more dramatic. Even assuming a 20 per cent deposit, buyers now need to earn hundreds of thousands more. In Toorak, where the median house price is $3.85m, households must earn over $900,000 a year, $290,000 more than in 2020. In Brighton East, that figure is $490,000, up by more than $200,000. Malvern buyers now need over $700,000, compared to just over $500,000 in 2020. Even once-accessible areas like Ferntree Gully have seen a $66,000 jump in required income, pushing the new threshold above $162,000. In Melbourne's middle ring, affordability is also slipping. Households now need nearly $280,000 in Bentleigh East, close to $260,000 in Box Hill South, and more than $312,000 in Glen Waverley. Canstar research director Sally Tindall said the data laid bare a growing wealth divide. 'It's astonishing to see just what kind of income is now needed to get a foot on the property ladder,' Ms Tindall said. 'For most, the only way they've kept up is by already owning property.' Ms Tindall said intergenerational wealth was increasingly critical. 'Families with equity are passing that on – the Bank of Mum and Dad is more essential than ever,' she said. 'Without it, many first-home buyers are stuck.' Melbourne buyers' advocate Cate Bakos agreed. 'We're seeing more guarantee-backed loans, gifted deposits, and early inheritances,' Ms Bakos said. 'It's not just financial – it's emotional. 'Without that lifeline, many would be locked out.' Ms Bakos said clients were now being forced to compromise on suburb, size or property type. 'The hardest pill to swallow is usually the location,' she said. 'People realise the dream suburb they grew up in is now out of reach.' 'Units, offer a way in, even if it's not the dream home.' Independent economist Cameron Kusher said rising prices – not wages – were driving the surge in income requirements. 'Prices in Melbourne are up nearly 13 per cent since 2020,' Mr Kusher said. 'Borrowing power has dropped while prices have gone up. It's a painful combination.' Mr Kusher said prestige areas like Malvern and Armadale had always been tough for average wage earners, but they're now even more exclusive. 'These buyers aren't typical salaried workers – they've got portfolios, businesses, family support, this isn't a market most households can break into.' Even in outer areas, affordability is slipping. Required incomes in growth corridors have surged, up to $162,000 in parts of the east, and rising steadily across the north and west. More attainable options include Melton at just under $110,000, Wyndham Vale at $120,000, Craigieburn at $125,000, and Pakenham at $130,000. Zippy Financial principal broker Louisa Sanghera said more buyers were accepting smaller deposits and paying lenders mortgage insurance to get in sooner. 'Waiting for a 20 per cent deposit isn't realistic anymore,' she said. 'If they wait, the market moves on without them.' Ms Sanghera said even strong earners were hitting serviceability roadblocks. 'Banks are stress-testing at nine per cent,' she said. 'Add rising living costs, and many buyers can't borrow what they'd hoped.' While prices have softened slightly in some pockets, Mr Kusher warned the crisis isn't easing. 'Rate cuts might help – but they can also drive prices higher,' he said. 'Until we significantly boost housing supply, this problem won't go away.' Top 10 Melbourne suburbs – Highest 2025 incomes needed Suburb 2025 Required Income Increase from 2020 Malvern $1,737,294 $706,059 Portsea $705,192 $397,560 Deepdene $720,862 $335,653 Brighton East $780,848 $316,724 Toorak $906,008 $290,745 Canterbury $639,810 $275,601 Balwyn $538,001 $223,681 Mont Albert $448,334 $217,610 Brighton $579,098 $215,290 Black Rock $448,334 $212,260 Source: Canstar Top 10 Melbourne suburbs – Lowest 2025 incomes needed Suburb 2025 Required Income Decrease from 2020 Melton West $100,876 $42,158 Beveridge $122,638 $41,717 Donnybrook $121,424 $41,172 Brookfield $102,744 $40,883 Laverton $110,216 $38,658 Werribee South $121,891 $37,827 Broadmeadows $109,282 $37,055 Melton $88,733 $36,569 Thornhill Park $108,441 $36,214 Cranbourne South $153,461 $13,020
News.com.au
11 minutes ago
- News.com.au
Revealed: Pay packet needed to buy a home in Darwin
Territory homebuyers need to earn almost $47,000 more a year to buy a typical Darwin house than they did five years ago, however that figure is less than half of what Sydneysiders need to bring home to lock down a house. Analysis by Canstar determined increases in property prices and interest rates meant a household needed to now earn $106,480 a year to afford an average-priced house in Darwin, compared to $59,520 in 2020. In the past five years, the median house price in Darwin increased from $445,000 to $570,000, while the average interest rate on a home loan went from 2.93 per cent in 2020 to 5.75 per cent in 2025. In the unit Darwin market, the average cost of a property was $300,000 in 2020 compared to $365,000 in 2025. Darwin unit buyers now need to earn $68,185 for a typical unit, while pre-pandemic that figure was $40,126. Darwin property agent Kerri-Ann Laurence, of Laurence Real Estate, said considering everything from eggs to electricity had gone up in the past half-decade, it was no surprise property prices had, too. 'Everything cost more than it did in 2020,' she said. 'But compared to other capital cities, Darwin is still terrific buying. 'If you're looking to move in, you'll avoid high rents by buying (a Darwin home), and if you're looking for investment, you're getting among the highest yields in the country.' Ms Laurence said Darwin property priced below $500,000 was currently attracting strong interest. 'I've got a unit for sale at the moment for $349,000 and there has been massive demand for that,' she said. 'Market conditions are better now than they've been in the past 10 years.' At a suburb level in the NT, Nightcliff saw the greatest jump in income needed to service the home loan on a typical house, up $95,673 in the past five years to $178,400, based on a median price of $955,000. Next was Stuart Park, where a household needed to earn $82,799 more a year to afford an average house, followed by Girraween, where the annual income needed jump $77,334. The Canstar analysis, based on median home prices, loan amounts and monthly loan repayments, found the Darwin house market required the lowest annual income of any capital city. Sydney had the highest income requirement at $272,737, followed by Brisbane ($171,862), Melbourne ($159,719), Adelaide ($154,489), Perth ($148,604), Hobart ($131,698) and Darwin ($106,480). When it came to units, Sydney was once again at the top with a household needing to earn $149,071 a year to buy a standard property. Brisbane was second ($120,490), then Melbourne ($112,084), Adelaide ($106,480), Hobart ($100,782), Perth ($99,007) and Darwin ($68,185). The latest PropTrack Home Price Index revealed the median dwelling price in Darwin increased 3.78 per cent year-on-year in March to sit at a fresh peak of $519,000. REA Group senior economist, Eleanor Creagh said this was the greatest annual price growth the Darwin market had experienced since mid-2022. 'Darwin had previously underperformed compared to other capital with subdued growth and even decline,' she said. 'The recent upswing reflects a bit of a catch up after a period of softer growth.' Canstar director of research Sally Tindall said the 'astonishing' spike in income required to enter the market across most Australian capitals risked 'shutting people out'. 'It creates this divide between those already in the market and those who are struggling to land a foot on the property ladder,' she said. 'Fundamentally, the issue facing first-home buyers across the country is that prices are too high and their wages can't keep up.' Ms Tindall said insufficient housing supply and the equity available to upgraders were key factors behind rising prices. 'It's not an even playing field,' she said. 'Very few people have had the kind of pay rises needed to keep pace with the market. 'For most people, the only way they've kept up is because they already own property.' CHANGE IN INCOME NEEDED TO BUY A DARWIN HOME Suburb Property Type 2020 Median Value Income Needed 2025 Median Value Income Needed Difference In Income Nightcliff House $618,500 $82,727 $955,000 $178,400 $95,673 Stuart Park House $610,000 $81,590 $880,000 $164,389 $82,799 Girraween House $595,000 $79,583 $840,000 $156,917 $77,334 Virginia House $505,000 $67,546 $750,000 $140,105 $72,559 Rapid Creek House $577,500 $77,243 $770,000 $143,841 $66,598 Parap House $720,000 $96,303 $865,000 $161,587 $65,284 Lyons House $635,000 $84,934 $768,000 $143,467 $58,533 Humpty Doo House $475,000 $63,533 $645,000 $120,490 $56,957 Durack House $390,000 $52,164 $575,000 $107,414 $55,250 Johnston House $552,000 $73,832 $675,000 $126,094 $52,262 Suburb Property Type 2020 Median Value Income Needed 2025 Median Value Income Needed Difference In Income Bayview Unit $340,000 $45,476 $627,500 $117,221 $71,745 Parap Unit $222,500 $29,760 $440,000 $82,195 $52,435 Coconut Grove Unit $228,250 $30,530 $370,000 $69,119 $38,589 Fannie Bay Unit $365,000 $48,820 $460,000 $85,931 $37,111 Stuart Park Unit $332,500 $44,473 $435,000 $81,261 $36,788 Millner Unit $195,000 $26,082 $322,000 $60,152 $34,070 Rosebery Unit $260,000 $34,776 $366,000 $68,371 $33,595 Bakewell Unit $215,000 $28,757 $298,500 $55,762 $27,005 Nightcliff Unit $272,500 $36,448 $333,000 $62,207 $25,759 Leanyer Unit $275,000 $36,783 $325,000 $60,712 $23,929
