House prices surge but some homeowners face having to sell up
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News.com.au
an hour ago
- News.com.au
China flexing its muscles in ways that ‘differ from Australia's interests'
China is 'asserting its influence' in ways that do not align with Australia's national interest, Foreign Minister Penny Wong says. Senator Wong is in Washington for a Quad summit with her Indian, Japanese and US counterparts. The Quad is a partnership broadly seen as a check on China's economic and increasingly militaristic might. Fronting media on Wednesday (AEST), Senator Wong said the four countries were under no illusions about the threats posed by China. 'China is a great power,' she told reporters in the US capital. 'It is asserting its influence using all aspects of national power. 'The challenge for Australia and for other countries is that … one can see where those interests differ from Australia's interests.' Pacific power grabbing and threatening freedom of navigation are among Canberra's key grievances with Beijing. The Albanese government has spent billions on countering China's efforts to boost its sway in the region, including by debt-trapping Australia's smaller Pacific neighbours. The Chinese government has also stepped up military activity in the South China Sea and around the democratically self-governed island of Taiwan, threatening key shipping lanes that Australia depends upon. 'Certainly … China has interests, which it presses, which are not the same as our interests,' Senator Wong said. 'And we have to navigate that, and we do that and we have not stepped back as a government from those things where we disagree, but we will continue to engage.' She repeated the Albanese government's mantra on China, saying 'we co-operate where we can, disagree where we must'. Despite the tough words, Senator Wong said she and State Secretary Marco Rubio did not discuss Australia's defence spending. The Trump administration last month requested the Albanese government hike the military budget to 3.5 per cent of GDP. The demand ignited a furious debate that has somewhat poured cold water on Anthony Albanese's post-election high amid severe scrutiny over his relationship with Donald Trump. 'The issue of Australia's defence budget was not raised with me, either in the Quad or in my bilateral meeting,' Senator Wong said. 'What we did discuss is a number of areas of co-operation that we want to see more concrete outcomes … critical minerals is one of them, maritime security is another.'
News.com.au
an hour ago
- News.com.au
Auction pushes Wheelers Hill unit to $813k sale
A two-bedroom unit with a backyard big enough for a barbecue, blitzed its price guide at auction, as four bidders fought it out in Wheelers Hill. The single-level home at 1/187 Jells Rd sold under the hammer for $813,000, with bidding quickly climbing above the listing's quoted range of $770,000-$810,000. Auctioneer Robert Cincotta took fast-paced offers from four competing buyers before selling under the hammer to an older couple, whose daughter helped them secure the keys. Tragic side of Aus housing crisis exposed Ray White Ferntree Gully's Cristine Jones said she had a lot of young families and downsizers throughout the campaign. 'It was the buyers' daughter who helped them bid,' Ms Jones said. 'It turned out I'd actually sold a home to her previously, so they knew the area well and wanted to be close.' Set at the front of a boutique complex, the home offered a 268sq m block with an oversized covered deck, grassed yard and ceiling fan, features that made it stand out from most units in the area. The home had last sold in December 2020, and while the capital gain was modest, Saturday's auction drew a strong crowd and signalled continued momentum in Melbourne's southeast. Seller Warren Taylor, who also sold a previous home with the Ms Jones, said the result was 'very, very pleasing'. 'I enjoyed the access to all the facilities, it's opposite the shopping centre and the library. Everything's within walking distance,' Mr Taylor said. 'We're thrilled with how it all went.' Inside, the home included an updated kitchen with stone benchtops and Miele appliances, polished timber floors, ducted heating, refrigerated cooling and a single-car garage with internal access. The result adds to a string of solid winter sales in Melbourne's southeast, as buyers move early ahead of a widely anticipated rate cut next week.
News.com.au
an hour ago
- News.com.au
Major bank slashes interest rates
One of the major banks has made a power move ahead of the next Reserve Bank meeting to decide the cash rate, introducing new offers to entice more mortgage applicants to fix their loans. ANZ this week announced it would be slashing 10-35 basis points off one to five-year fixed home loan rates, a move that has meant it offers the cheapest fixed rates among the 'big four'. It's come as lending data shows few customers are choosing to fix rates amid wide expectations of another cash rate cut in July, followed by subsequent cuts later this year. This means most of the homeowners on variable rates have the power to chase the best deals in the market by refinancing to different lenders. ANZ's cheapest fixed rates are now 5.29 per cent and 5.19 per cent for one-year and two-year fixed terms, respectively. The move has occurred after a range of smaller lenders earlier slashed their fixed rates to just under 5 per cent. This included Pacific Mortgage Group, which is offering 4.99 per cent for one-year fixed terms, while Easy Street is offering 4.95 per cent for two-year fixed loans, according to Mozo analysis. Mozo finance expert Rachel Wastell said ANZ's fixed rate offers were likely a 'strategic first-mover play'. 'ANZ is getting ahead of the curve to lock in borrowers who might be contemplating a fixed rate before the RBA acts,' she said. 'Inflation data has also shifted expectations and the market now sees rate cuts as more imminent, so ANZ could be capitalising on that shift before the RBA confirms direction. 'By slicing just enough to undercut the other majors, ANZ gets to look competitive without actually joining the below 5 per cent pack. So it could also be a positioning move, just as much as a pricing one.' Canstar data insights director Sally Tindall said ANZ was moving on the assumption more cash rate cuts were imminent. 'This move by ANZ consolidates its lead as the lowest-cost fixed rate lender out of the majors,' she said. 'The bank is factoring in the possibility of further cash rate cuts, which could be coming down the line as soon as next week.' Ms Tindall added that customers were rarely choosing fixed rates. 'ANZ could also be looking to shore up its loan book by locking in more customers on fixed rate deals,' she said. 'The bank's most recent half year results show that just 3 per cent of its residential mortgage book is on a fixed rate contract. 'This means the remaining 97 per cent on variable rates are free to move at any time without major penalties.' Ms Tindall said homeowners considering fixing their rates should keep some perspective. 'While ANZ's fixed rates are streaks ahead of the other big banks, particularly on shorter terms, they're still a far cry from the lowest fixed rates in town, with a total of 13 different lenders now offering at least one fixed rate under 5 per cent,' she said. 'If you're looking to lock in your rate, don't go aiming for one that starts with a 5 or a 6. You should be looking in the 4's.'
