GDP figures show growth slowing
1h ago 1 hours ago Wed 4 Jun 2025 at 8:00am Space to play or pause, M to mute, left and right arrows to seek, up and down arrows for volume. Play
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News.com.au
26 minutes ago
- News.com.au
Staggering pay rise you'd need since Covid to still afford a Sydney house
They're the kind of pay increases that would make doctors, politicians and even some CEOs jealous – but they've become a necessity for those hoping to crack the housing market. Home seekers wanting an average Sydney house will need to have boosted their income by $150,000 a year just to have kept pace with the incredible property price rises since Covid, a new study shows. The Canstar analysis tracked the household income needed to afford a median priced Sydney home in both 2020 and 2025 – taking into account the typical loan rates being offered at the time. The findings have laid bare the once in a generation price rises and interest rate hikes over the tumultuous period, suggesting a market that has run away from even the wealthiest professionals. With Sydney's median price at about $950,000 in 2020, Canstar indicated that buying a typical house was affordable for a couple or individual back then with a pre-tax income of about $145,000 a year. The minimum income required to buy an average Sydney house has since risen to nearly $290,000 a year. It's followed a circa 60 per cent increase in the cost of housing between 2020 and 2025, along with a nearly 4 per cent hike in interest rates – even when accounting for the two rate cuts this year. Canstar director of research Sally Tindall said few workers saw their earnings grow fast enough to keep up with the price changes. She pointed to ABS weekly earnings data that showed wages over the same five-year period increased by just under 16 per cent. This incredible mismatch was leaving more people shut-out of the market and consigned to a life of renting, Ms Tindall said. 'It is astonishing to see just what kind of income is required to get a foot on the property ladder these days,' she said. Part of what was fuelling the incredible rise in property prices was the burgeoning amount of equity upgraders had behind them to channel into their next purchases, Ms Tindall said. '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. Success breeds success.' Increases in the income needed to buy the average houses in some of Sydney's most sought after suburbs were the most extreme, Canstar revealed. Cracking the house market in north shore suburbs Crows Nest and Lane Cove required a yearly income roughly $300,000 higher than in 2020, while in many Harbour-suburbs the difference was $500,000. This was for buyers with a standard loan rate and 20 per cent deposit who wanted to avoid 'mortgage stress' – spending more than a third of their gross income on loan repayments. Luxe areas Bellevue Hill and Dover Heights led the nation for the biggest changes since Covid, with the income needed to afford a median house up $883,000 in the former and $720,000 in the latter. Even apartments in suburbs known as more affordable Sydney enclaves demanded wage rises that few Sydneysiders could match. Buyers needed to earn about $30,000-$50,000 more per year than they did in 2020 to afford units in Penrith, Parramatta, Punchbowl, Seven Hills, Toongabbie and many others. '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. 'There are a range of complex reasons we have this problem, but one of the primary factors is that we don't have enough housing supply and we are not building enough to satisfy demand.' Michael White, an agent with inner west group Adrian William, said first-home buyers were often adapting to the difficulties of keeping up with the market by investing in units. These would often be kept for a few years before being resold and used as a springboard for the purchase of a family home, he said. Natalie Wells bought a Newtown unit in late 2019, just before the pandemic hit, and said the difference between the market then and now was huge. She is selling the Enmore Rd property, one of the few rooftop one-bedders with a wraparound balcony in the area, at auction this weekend. 'It was pretty competitive back in 2019,' she said. 'I had to pay a lot more than it was worth then to secure it, but it's nothing like the market now. Demand has changed so much for any property. 'This whole area, it used to be student bars, now it's a mix of much more up-market places. Prices have just accelerated. 'I feel lucky my generation were able to get into the market when there wasn't this supply and demand imbalance. Because we already own properties, it's easier to trade in and out but worry for my kids. How are they going to do it in future?'
News.com.au
13 hours ago
- News.com.au
Scott Power: ASX health stocks dip but it was a good news week for EMVision
ASX health stocks dipped 0.82% over the past five days while the broader market has risen 1.26% EMVision appoints Ramsay Health Care CEO to board and expands sites of pivotal trial First Japan site opens for Dimerix's phase III clinical trial of DMX-200 in rare kidney disease Healthcare and life sciences expert Scott Power, who has been a senior analyst with Morgans Financial for 27 years, gives his take on the ASX healthcare sector for the week and his 'Powerplay' stock pick. Power said that, while healthcare markets were down this week, broader markets remained elevated with things starting to look more positive at the halfway mark of a thus-far volatile 2025. US President Donald Trump's trade and health policies have been impacting the sector throughout the year. At about lunchtime on Friday the S&P/ASX 200 Health Care index was down 0.82% for the past five days, while the benchmark ASX 200 rose 1.26% for the same period. "The broader market is up this week and May was a reasonably good month," he said. "We are coming up to June 30 and the end of financial year so there will be some tax-loss selling coming through across various portfolios. "June tends to be a weaker month as investors look to clean up their portfolio, while July seasonally tends to be a stronger month and there is potentially some good value out there across the smaller names which really haven't done too much for the last couple of years." Ramsay CEO joins EMVision board, trial expands EMVision Medical Devices (ASX:EMV) has had two major announcements this week including the appointment of Ramsay Health Care (ASX:RHC) CEO Carmel Monaghan as non-executive director and broadening of a pivotal trial for its emu bedside brain scanner, which is designed to rapidly diagnose stroke. Monaghan has worked across hospital, corporate and global positions at Ramsay for almost three decades. "She is highly regarded and will bring a lot of credibility and contacts into the business," Power said. He said EMvision was also making good progress with the activation of its third US site, Mount Sinai Hospital in New York, scheduled for this month. Activation of its second Australian site, Liverpool Hospital in Sydney, has also been in progress this week. Five world-leading hospitals in stroke care are now taking part in EMVision's pivotal trial with a sixth set to be activated shortly. The pivotal (validation) trial is designed to support US Food and Drug Administration (FDA) de novo (new device) clearance of the emu point-of-care brain scanner device. "The expectation is that they will get approval sometime in 2026," Power said. Power's Powerplay: Big year for Dimerix Dimerix (ASX:DXB) is Power's stock of the week after announcing it had opened the first trial site in Japan for its ACTION3 phase III drug candidate DMX-200 to treat focal segmental glomerulosclerosis (FSGS) kidney disease. Opening of Japan's first clinical trial site for ACTION3 triggers the first development milestone payment of ¥400 million (~A$4.3m) to Dimerix from FUSO Pharmaceutical Industries Ltd, its exclusive licensee of DMX-200 for FSGS in Japan. FUSO is one of four regional licensing deals executed for DMX-200, which collectively provide up to ~$1.4bn in total upfront payments and potential milestone payments, plus royalties on net sales. FSGS is a serious kidney disease that causes progressive scarring, leading to permanent damage and, ultimately, end-stage kidney failure – often requiring dialysis or a transplant. It affects adults and children and no treatments are currently approved specifically for the condition anywhere in the world, affecting overall prognosis. As a result, DMX-200 has received orphan drug designation in both the US and Europe, along with the UK's equivalent designation under the Innovative Licensing and Access Pathway (ILAP). Dimerix last year reported positive interim results from the ACTION3 trial, showing DMX-200 was performing better than placebo in reducing proteinuria with no safety concerns to date. Full enrolment in the ACTION3 study is expected by the end of 2025 with a further blinded interim analysis planned. "It's going to be a big year for Dimerix," Power said. Mayne Pharma takeover deal far from over Adelaide-headquartered pharmaceutical company Mayne Pharma (ASX:MYX) is continuing to do battle with its US-based suitor Cosette Pharmaceuticals after announcing on Wednesday it had received a notice "purporting to terminate" the $7.40 per share offer worth more than $600 million. The withdrawal comes after Cossette asserted that a "material adverse change" had occurred, and consequently freeing Cosette from its obligations under the scheme implementation deed (SID). The announcement sent the stock lower and came hours after Mayne put out another one telling the market it had not received a notice of termination, which sent its shares higher. On Thursday Mayne put out another announcement saying the scheme meeting would go ahead on June 18, as scheduled with the stock rising more than 7%. "Mayne Pharma directors continue to unanimously recommend that vote in favour of the scheme resolution at the scheme meeting, in the absence of a superior proposal," said chairman Frank Condella. However, the company needs a court decision to affirm its view that the "material adverse change" were not, in fact, material. "There is a fair bit more water to flow under the bridge with this one and it just looks very messy at the moment," Power said. ReNerve enters partnership to expand product range Biotech company ReNerve (ASX:RNV) this week announced it had entered a strategic partnership with US-based Berkeley Biologics LLC to develop and commercialise two new complementary tissue-based product ranges. The first range addresses the need for human dermal tissued, deeper layers of the skin often sourced from donors. The second product range will provide amniotic tissue products, which are known for their regenerative and healing properties. The products are set to be produced at Berkeley Biologics' California facility and launch before the end of CY25. ReNerve said the new products represent a natural extension of its existing sales activities, leveraging the same sales network and continuing to target the same surgeon and hospital customer base. The company said surgeons could incorporate additional tissue grafts when treating nerve injuries, enabling them to address both the damaged nerve and any associated trauma. "It is a strong indication that they're trying to build their sales momentum by expanding the product offering to the surgeons," Power said. "Sales are expected to grow over subsequent quarters." The views, information, or opinions expressed in the interview in th is article are solely those of the interviewee and do not represent the views of Stockhead. Stockhead has not provided, endorsed or otherwise assumed responsibility for any financial product advice contained in this article.
ABC News
15 hours ago
- ABC News
Could Australia shift US beef ban for tariffs?
3h ago 3 hours ago Fri 6 Jun 2025 at 2:00am Space to play or pause, M to mute, left and right arrows to seek, up and down arrows for volume. Play Duration: 4 minutes 23 seconds 4 m 23 s
