A price rebound across the nation’s property market thatis delivering an inflation headache to Reserve Bank governor Michele Bullock ahead of her first meeting heading the institution.
Data released on Monday by CoreLogic reveals property values rose for an eighth consecutive month in September, climbing by 0.8 per cent for the first month of spring. Since their trough in January, national values have increased faster than the rate of inflation, up by 6.6 per cent.The median house value in Sydney rose 1 per cent and is now just short of $1.4 million, the peak it reached in February last year.
In Melbourne, house values rose another 0.3 per cent in September to be up 1.2 per cent over the past three months. The median value is at $933,000, almost $100,000 short of the record set during the pandemic period. According to the Bureau of Statistics, the value of residential property and land increased by $336 billion in the June quarter, the largest increase since the end of the COVID-era surge in house prices.Private colleges will be banned from paying commissions to education agents who poach students from rival institutions as part of a sweeping federal government crackdown on the widespread rorting of Australia’s visa system.
The government will, over successive days this week, unveil its response to a review by the former chief commissioner of Victoria Police, Christine Nixon, of the exploitation of Australia’s visa system.
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