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News.com.au
3 days ago
- Business
- News.com.au
$400,000 salary job proves the AI revolution is well and truly underway
A new artificial intelligence-focused job has caught the eye of one of Australia's most successful entrepreneurs, who believes it is the 'perfect example' of how AI is actually creating new opportunities for those willing to adapt. Simon Beard, founder of streetwear juggernaut Culture Kings – a business he sold in 2021 for a staggering $600 million – has highlighted a new job being advertised by Meta. The job is for a Content Engineer in California and comes with a salary range of $189,000 (A$293,000) to $258,000 (A$400,000). According to the ad, the role has a focus on generative AI, with the team supporting 'products through quality control, prompt engineering, fine tuning and creative execution'. According to Mr Beard, this is an example of an AI-related job that anyone can teach themselves how to do. He said being able to come up with an idea and structure for an AI prompt that actually produces the content they want and one that services a purpose is an 'incredibly valuable' skill. 'You don't need a course. You don't need someone to hold your hand. All the tools are there. Just like you taught yourself how to use Instagram, you just have to play with it and figure it out,' he said in a recent TikTok video. 'AI is going to create so many jobs for people that are willing to go put in the work and learn and teach themselves.' Mr Beard pointed out that jobs such as this one being offered by Meta 'didn't even exist three years ago'. 'Meta's new role of content engineer isn't about complicated coding or skill sets – it's about understanding how to prompt AI tools to generate content that connects, converts, and cuts through the noise,' he said. Mr Beard isn't alone in his assessment that AI will ultimately introduce a slew of new jobs to the market. However, this doesn't mean that fears around job losses as a result of the technology are unfounded. In January, a World Economic Forum (WEF) survey found that 41 per cent of employers intend to reduce their workforce because of AI automation by 2030. 'Advances in AI and renewable energy are reshaping the (labour) market – driving an increase in demand for many technology or specialist roles while driving a decline for others, such as graphic designers,' the WEF said in a statement at the time. 'The presence of both graphic designers and legal secretaries just outside the top 10 fastest-declining job roles, a first-time prediction not seen in previous editions of the Future of Jobs Report, may illustrate GenAI's increasing capacity to perform knowledge work.' At the same time, the report also found that close to 70 per cent of companies plan to hire new workers with skills to design AI tools and enhancements, and 62 per cent plan to hire more employees with skills to work alongside the technology. Kylie Walker, chief executive of the Australian Academy of Technological Sciences and Engineering, previously told there are plenty of potential benefits of AI, but not without guardrails. 'Greater adoption of AI could see Australia's economy increase by $200 billion annually, but it is critical that robust measures are rapidly implemented to safeguard these areas and position Australia at the forefront of AI development,' Ms Walker said. 'Investing further in local AI innovations will simultaneously create new AI industries and jobs here in Australia and reduce our reliance on internationally developed and maintained systems.'
News.com.au
28-05-2025
- Business
- News.com.au
Secret tactics of dodgy agents exposed
Secret tactics used by unscrupulous agents to drive up home prices have been exposed by Aussie homebuyers who are now warning others how to spot it. As housing affordability falls to record lows across the country, home buyers and former agents have begun sharing tips for how to tackle agents who resort to deceptive tactics to force more money out of buyers – a major issue given surging prices now have many already bidding at their borrowing peak at auctions. The Australian property community exploded with advice and shared experiences after a Redditor asked 'post auction, am I being played' over a real estate agent continually coming back for more, claiming there was a second party gunning for a house. 'Went to an auction, there was just me and a buyers' agent bidding. Buyers agent's last bid was $1.4m, mine $1.45m. Property passed in. Went to negotiations, vendor wanted $1.56m. Bid against myself and offered $1.48m. No deal, walked away. Buyers' agent had left.' 'Phone call 3 hours later, buyers' agent had offered $1.50m. Asked if we would submit a better offer. Submitted $1.51m. Agent sent through contract for signature. Signed offer. Received a call the next day, buyers' agent has submitted a higher offer. Said they won't reveal offer, and want my best and final offer. I think I am being played.' Culture Kings founders' bold $30m push The feedback was fast and furious, with many urging the buyer to walk away or even drop their offer back to the original auction top market price. One user said 'the seller wanted the highest price the market would pay. That's why it went to auction and that was demonstrated – market price: $1.45m. After that the b*llshit started because they don't agree with the market price.' Several former real estate agents chimed in, one confirming the tactic, saying 'when I worked in real estate we would do this quite often and it was all legitimate, reason being to stop the back and forward especially post auction and to get a deal done (mostly at vendors request)'. Another said 'having been on the selling side, this is exactly what a 'good' selling agent does to squeeze every dollar out of you.' The ex-agent's suggestion was 'go back with a LOWER offer, as the owner is often desperate to sell. You have power with your offer'. Zac Efron's Aussie long lunch haunt is on the market Among the experiences shared was one saying 'house was up for $399k, my offer was in at 375k before the open home, they apparently got another offer and the agent kept giving me the FOMO treatment to get me to offer more, and said they had another offer. I said I will only go up to 380k, that's it. Still tried pressing me for more and I got annoyed and said 'if I lose it, I lose it'. Call came in next day and my offer was accepted by the owners'. Another said 'agent called for 2 days straight talking about another buyer and hubby said a number 40k over what we had offered and agent says yep $1000 more than that amount and it's yours. We said no, house sat for another 6 weeks and ended up going for 25k under our offer'. 'Same thing happened to us,' said another, 'property range around 1-1.25 mil, we offered 1.25 because we wanted a quick sale and ready to move in. Agent played around and said owner wanted more than 1.25 mil … We walked away … That property ended up selling for 1.105 mil. Sometimes agent and seller just have to learn to say yes to a good deal and not trying to push for an extra 5k or 10k'. Artist builds Aus first aircrete dome home Another said 'I told the agent that my final bid was x amount (the amount I'd already offered), and they could accept it by the end of the day, or I would pull out. By the end of the day I was signing contracts. So it turns out that there likely was no other party'. A last minute tactic was also exposed by another Redditor: 'we were all good to proceed with signing the contract, confirmed this with the agent … Then 10 minutes later the agent called, sounding all sad, saying that there had been another offer that had come in late that was substantially higher than ours and that he was legally obligated to present that offer to the seller etc etc. Pushed for us to offer more in response.' 'We told him to do what he had to do and left it at that. Another 15 minutes later the agent called again, sounding rather sheepish saying that the other buyer was not serious and that the house was ours … It really soured us on the agent who otherwise had seemed like a genuine (for an agent) straightshooter. He just carried on like that whole event never happened.' After the flood of advice, the original poster told the community 'this morning I sent off an email and have withdrawn our offer. So if they don't have the other offer, they have nothing. We are happy to walk. It's not our perfect place and if it does go, we are happy to let it go above our offer'. This was followed by an update: 'Got an email just then. Apparently the other buyer has pulled out. Hahahahahahahaha.' Among the tips from those suggesting buyers walk away was one Redditor saying 'make sure you rescind your offer in writing' while another said 'if passes in at an auction, give an offer, but say it is withdrawn in 3-4 hours if I don't see a signed contract. I have done it and been successful thrice. Agent typically wants to sell and move on'. Another said 'as a rule of thumb, don't make an offer before an auction, that's when they play you against an imaginary buyers' agent'. 'Typically if there are no other real buyers, they will advertise a firm price on the Monday (after the auction). If they put up a range, walk away. Ideally you want to close it before 6pm Sunday or walk away otherwise they Dutch auction your offer'.
Courier-Mail
25-05-2025
- Business
- Courier-Mail
Inside slumlord's shocking empire: derelict, unliveable, worth millions
A stubborn 'slumlord' hit by overdue rates for eight properties is selling off two of them, the worst of which is shockingly derelict, unliveable yet worth a fortune. Edward 'Ted' Amos has been in and out of council and tenancy legal action for decades – which saw a decision against him in 2016 finding he owed a shocking $807,148.28 for unpaid rates and interest levied on eight properties. He won an appeal against the decision in 2019, but that still saw him owe about half that amount – hundreds of thousands that authorities have renewed pressure to chase down.. MORE: Aus cities break into global top 10 Shock as 65k Airbnb rentals banned How Gen Z accountant tackled record housing market Mr Amos – who did not comment when returning a call made to him – has been in trouble with authorities previously including claims he made tenants responsible for repairs to rented property with several homes left to crumble. With the revenue office now hot on his heels, he has put two of his eight homes up for sale via an expressions of interest campaign he is running himself – both of which are worth a fortune. The first is a lucrative crumbling house in a stunning location in bluechip Ascot where the median house price is $2.525m; and the second is a massive 1,000sq m plus block in nearby Albion – where the house price median is $1.27m. MORE: Inside new Liberal leader's property portfolio Crunch time for Airbnb, short-term rentals Both suburbs saw high demand even before the pandemic given their location within 6km of the Brisbane CBD, but since then Ascot has seen prices rise a whopping 83 per cent in the past five years and Albion houses are up 48.8 per cent in that time. Regardless of how derelict the homes are, Mr Amos – now in his mid-80s – could fetch a fortune for those two alone – let along his empire of eight properties all of which were mentioned in the overdue rates action by authorities. Valuation estimates put the properties as high as $10m plus in today's market. MORE: Buyer of $12m mansion plans to give it away Culture Kings founders' bold $30m push Mr Amos described the Ascot property as being a 'renovator's dream' in his listing – with the block directly across the road from the historic Eagle Farm Racecourse, in fact just 50m away from its entrance as well as Racecourse Road where shops like Maggi T and a multitude of restaurants, supermarkets and professional offices are located. 'Positioned in one of Brisbane's most prestigious suburbs, this charming timber character home on a level 405sq m block presents an outstanding opportunity for renovators, builders, or anyone looking to create their dream home in a premium lifestyle location,' he said in the listing. RELATED: Million-dollar fixer-upper set for mortgagee sale in blue-chip zone 'With council approval already granted to demolish or remove the existing dwelling, buyers are free to either restore the original residence or start fresh with a custom new build (STCA).' The level site has no development application currently lodged, and is zoned for low density medium development, which translates to one to two townhouses or mixed use developments of up to three storeys. Even as far back as 2011, the property was being marketed as 'reno or demo' with 'the essentials for you to turn it into a money maker'. In the time since he won the appeal against council, a four bedroom house has been built in the backyard of his immediate neighbour which was then sold for $1.13m in 2020 and is currently valued as high as $2.03m. MORE: Homebuyers gunning for Olympic price growth victory Top Qld suburbs where it's cheaper to buy than rent The second property Mr Amos is seeking expressions of interest on is in Albion and potentially worth a millions, given it is a massive 1,067sq m block with potential to sub-divide in a highly desireable area – and what he described as 'amazing river and city views'. Mr Amos bought the property for a mere $20,000 in January 1973, according to property records, and ran five units out of a federation-era house with four car spots in the back of the property. He listed the property for sale for the first time in 60 years via an expressions of interest campaign, describing it as having 'incredible potential'. 'Currently configured as five self-contained apartments returning a combined $2,150 per week (low rent), the property provides solid rental income from day one. Alternatively, it could be transformed back into a magnificent five-bedroom family home with three bathrooms and ample living space,' is how he described it. It 'currently has enclosed verandahs but could easily be restored to original period style', and also has what he called a 'versatile zoning and development upside (subject to council approval).' 'Whether youre looking to invest, landbank, develop, or restore this beauty into a grand residence, opportunities like this don't come often.' MORE REAL ESTATE NEWS
Courier-Mail
19-05-2025
- Business
- Courier-Mail
Auction drama marks jaw-dropping $14 million sale
A canalfront home named best build in Australia has sold under the hammer for $14.005m – smashing the previous suburb record by close to double. The 2023-built property at 24 Winch Court, Mermaid Waters sold under the hammer at a tense auction where eight prospective buyers engaged in a bidding war. Auctioneer Justin Nickerson fielded a whopping 48 bids, taking the price from an opening play of $6.5m to sold over a 45-minute marathon. Gold Coast buyers agent Matt Srama made the winning bid on behalf of a 'property entrepreneur' who had been renting on the Gold Coast since relocating from NSW. Mr Srama said the buyer was drawn to the luxury home's quality and waterfront position offering breathtaking views and access to an enviable boating lifestyle. Bids started in $1m increments, then in $500,000 hikes to $11m. The auction was paused at $12.25m for negotiations behind closed doors before the highest bidder increased their offer to $13m. Mr Nickerson advised the crowd of 100-plus the reserve price had been reached, sparking a renewed flurry of bids with Mr Srama landing a final blow of just $5,000 to claim the keys for his client. The stunning sale set a new benchmark for the rising suburb by a margin of 80 per cent, adding a whopping $6.3m to the previous record of $7.7m set in February 2024. MORE NEWS Culture Kings founders chase $30m for penthouse $31.5m: Castle, beachfront mansion sold in twin mega deals Andrew Winter: Looming rate cuts to push up home prices Kollosche agents Jamie Harrison and Michael Kollosche marketed the property, which had won a slew of awards including National Residential Master Builder of the Year. Owner-builders Rob and Tui McKinnon, directors of Havendeen, paid $2.125m in 2018 to acquire the 1,113 sqm parcel with 46 metres of frontage to Lake Wonderland and uninterrupted skyline views stretching to the Hinterland. The four-level home, designed by Joe Snell, featured a five-car basement garage, golf simulator, steam room, wine cellar and rooftop bar. Unfolding behind a curved facade, the floorplan was anchored by a dark stone kitchen bench beneath a 12m void, while matte black finishes combined with raw textures of concrete, steel and glass to create a sophisticated ambience. The al fresco offering came complete with heated 12m pool, swim-up cocktail bar, day beds and a fire pit zone, along with a private pontoon and jet ski dock. Mr Srama said the Gold Coast lacked sufficient high-quality new builds to satisfy the appetites of cashed-up buyers looking to splurge on statement homes. 'My advice to builders is that if the product is good enough, the buyer pool is certainly there,' he said. 'These buyers have moved from interstate and had a taste of the Gold Coast and they can't fault the lifestyle. They have money to spend but the product isn't there. 'Homes like this rarely come up on the Gold Coast, and we came in with a very specific strategy on where we felt the value lay.' Mr Harrison said the heart-stopping auction affirmed the depth of the local prestige market. 'To have eight registered bidders in this current environment is testament to this,' he said. 'We knew the buyers wanted it and saw value in such a highly built home in an irreplaceable position. 'The bidding pool was mostly local buyers who understood the value of Mermaid Waters, and knew there were very few point position properties like this, so for them this was more about the rare opportunity to acquire it, rather than the price they would pay.' House prices in Mermaid Waters were up 11.1 per cent over the past 12 months, to a median of $1,947,500.
Fashion Network
19-05-2025
- Business
- Fashion Network
A.K.A Brands sales up 10% on surging US revenues
A.K.A Brands announced first-quarter sales increased 10.1% to $128.7 million, on the back of surging growth across the U.S.-based apparel firm's local market. The San Francisco-based company said U.S. sales for the three months ending March 31 rose 14.2%, which helped helped global orders at the firm increase 9.2%. During the quarter, the owner of Culture Kings, Princess Polly, and Mnml brands said net losses remained flat at $8.4 million. "We delivered a strong start to the year, with outstanding first-quarter performance driven by our team's disciplined execution across our brands. This marks our fourth consecutive quarter of growth, underscoring the effectiveness of our strategic initiatives," said Ciaran Long, chief executive officer, A.K.A Brands. "We grew net sales approximately 10% to $129 million, with continued strength in the U.S. which grew 14%. Importantly, the Australia and New Zealand region registered 6% net sales growth in the quarter, reflecting the progress we've made over the past two years, particularly at the Culture Kings brand, to strengthen the business. And rounding out the quarter, benefiting from the strong top-line growth and healthy gross margin, we exceeded our expectations and delivered $2.7 million of adjusted EBITDA." Looking ahead, the company said it expects full-year sales to fall between $600 million and $610 million, with plans to open six Princess Polly stores this year, bringing the total to 13 by year-end. "As we approach the evolving trade environment impacting our U.S. business, we are confident that our strategic actions, swift execution and flexible business model will enable us to navigate this period and emerge even stronger. Importantly, we continue to see solid demand trends in the first six weeks of the second quarter, in-line with our outlook for the year," added Long.
