News live: capital city house prices fall below $1m; Penny Wong has ‘grave concerns’ for missing Australians in Nepal

Most capital city home prices fall below $1m in August

Luca Ittimani

The typical capital city home price has slipped back below $1m as buyers fail to show up in a “buyers’ market”, property data firm Cotality has reported.

The median price in the capitals surpassed $1m for the first time back in October but has steadily fallen this year with demand suppressed by rising interest rates and weak confidence in the economy. By the end of August, it fell to $990,394, Cotality found.

The typical home price in Perth passed $1m in March, but slipped to $999,987 by the end of August.

Sydney and Brisbane are back to being the only capitals with median prices above $1m. Sydney’s is at $1.22m, $93,000 below its peak earlier this year, while Brisbane is at $1.08m, down $30,000 from its peak.

Cotality’s research director, Tim Lawless, said nearly every capital city suburb had now seen prices fall, yet far fewer homes were being sold compared with this time last year, meaning listings on the market were building up. He said:

double quotation markLonger selling times, larger vendor discounting and persistently low auction clearance rates all point to a buyer’s market, yet buyers are lacking the confidence to transact at the moment.

Updated at 17.00 EDT

Nepali and Tibetan communities mourn in Melbourne

Members of Melbourne’s Nepali and Tibetan communities gathered in the city’s Federation Square last night to remember the victims of the Nepal-Tibet flood.

More than 40 Australians are among thousands of people who remain missing after the natural disaster last week. The overall death toll is at least 810 people.

At the vigil, volunteers unfurled a sign on the ground – encircled by candlelight – that read “Vic united for Nepal”.

The event, organised by the Non-Resident Nepali Association’s Victorian branch, was attended by the Victorian premier, Ben Carroll, and Labor and opposition MPs.

Speaking to the crowd of about 400 people, Carroll said:

double quotation markI know so many of your hearts are breaking right now. Look around you, all of Victoria stands behind you and every candle in Federation Square is lit up for you. You are not alone.

Carroll said the Victoria government had pledged to donate $100,000 to Australia’s immediate efforts in Nepal.

Updated at 17.55 EDT

Aid on way to Nepal amid grave concerns for missing Australians, Wong says

An RAAF flight containing hygiene kits, shelter and solar lights will leave for Nepal this morning, as the foreign affairs minister and acting prime minister, Penny Wong, says grave concerns are held over the 43 missing Australians after the Nepal-Tibet flash flood.

More than 4,400 people are still missing on both sides of the border, with more than 930 people confirmed dead. Wong told the ABC’s 7.30 program last night that the federal government is urgently seeking to find the whereabouts of the 43 missing Australians.

She said the Australian government has provided $8m in aid so far and noted that Australian citizens had donated $2m to a public appeal – something that the federal government is matching.

More aid will leave today, she said:

double quotation markWe are deploying an RAAF aircraft to deliver these kits which are designed to support people in circumstances of natural disasters that destroy infrastructure and their shelter.

She added: “Whether it’s shelter kits, lights, hygiene kits, these are the things needed for those people who are facing the devastation of their homes and their communities.”

Updated at 17.26 EDT

Welcome

Good morning and welcome to our live news blog. I’m Martin Farrer with the top overnight stories and then it will be Nick Visser with the main action.

The typical capital city home price has slipped back below $1m as buyers fail to show up in a “buyers’ market”, property data firm Cotality has reported.

The median price in the capitals surpassed $1m for the first time back in October but has steadily fallen this year with demand suppressed by rising interest rates and weak confidence in the economy. By the end of August, it fell to $990,394, Cotality found.

The typical home price in Perth passed $1m in March, but slipped to $999,987 by the end of August.

Sydney and Brisbane are back to being the only capitals with median prices above $1m. Sydney’s is at $1.22m, $93,000 below its peak earlier this year, while Brisbane is at $1.08m, down $30,000 from its peak.

Cotality’s research director, Tim Lawless, said nearly every capital city suburb had now seen prices fall, yet far fewer homes were being sold compared with this time last year, meaning listings on the market were building up. He said:

double quotation markLonger selling times, larger vendor discounting and persistently low auction clearance rates all point to a buyer’s market, yet buyers are lacking the confidence to transact at the moment.

Additional coverage includes reports from Nelson T. |

Most capital city home prices fall below $1m in August

Luca Ittimani

The typical capital city home price has slipped back below $1m as buyers fail to show up in a “buyers’ market”, property data firm Cotality has reported.

The median price in the capitals surpassed $1m for the first time back in October but has steadily fallen this year with demand suppressed by rising interest rates and weak confidence in the economy. By the end of August, it fell to $990,394, Cotality found.

The typical home price in Perth passed $1m in March, but slipped to $999,987 by the end of August.

Sydney and Brisbane are back to being the only capitals with median prices above $1m. Sydney’s is at $1.22m, $93,000 below its peak earlier this year, while Brisbane is at $1.08m, down $30,000 from its peak.

Cotality’s research director, Tim Lawless, said nearly every capital city suburb had now seen prices fall, yet far fewer homes were being sold compared with this time last year, meaning listings on the market were building up. He said:

double quotation markLonger selling times, larger vendor discounting and persistently low auction clearance rates all point to a buyer’s market, yet buyers are lacking the confidence to transact at the moment.

Updated at 17.00 EDT

Nepali and Tibetan communities mourn in Melbourne

Members of Melbourne’s Nepali and Tibetan communities gathered in the city’s Federation Square last night to remember the victims of the Nepal-Tibet flood.

More than 40 Australians are among thousands of people who remain missing after the natural disaster last week. The overall death toll is at least 810 people.

At the vigil, volunteers unfurled a sign on the ground – encircled by candlelight – that read “Vic united for Nepal”.

The event, organised by the Non-Resident Nepali Association’s Victorian branch, was attended by the Victorian premier, Ben Carroll, and Labor and opposition MPs.

Speaking to the crowd of about 400 people, Carroll said:

double quotation markI know so many of your hearts are breaking right now. Look around you, all of Victoria stands behind you and every candle in Federation Square is lit up for you. You are not alone.

Carroll said the Victoria government had pledged to donate $100,000 to Australia’s immediate efforts in Nepal.

Updated at 17.55 EDT

Aid on way to Nepal amid grave concerns for missing Australians, Wong says

An RAAF flight containing hygiene kits, shelter and solar lights will leave for Nepal this morning, as the foreign affairs minister and acting prime minister, Penny Wong, says grave concerns are held over the 43 missing Australians after the Nepal-Tibet flash flood.

More than 4,400 people are still missing on both sides of the border, with more than 930 people confirmed dead. Wong told the ABC’s 7.30 program last night that the federal government is urgently seeking to find the whereabouts of the 43 missing Australians.

She said the Australian government has provided $8m in aid so far and noted that Australian citizens had donated $2m to a public appeal – something that the federal government is matching.

More aid will leave today, she said:

double quotation markWe are deploying an RAAF aircraft to deliver these kits which are designed to support people in circumstances of natural disasters that destroy infrastructure and their shelter.

She added: “Whether it’s shelter kits, lights, hygiene kits, these are the things needed for those people who are facing the devastation of their homes and their communities.”

Updated at 17.26 EDT

Welcome

Good morning and welcome to our live news blog. I’m Martin Farrer with the top overnight stories and then it will be Nick Visser with the main action.

The typical capital city home price has slipped back below $1m as buyers fail to show up in a “buyers’ market”, property data firm Cotality has reported.

The median price in the capitals surpassed $1m for the first time back in October but has steadily fallen this year with demand suppressed by rising interest rates and weak confidence in the economy. By the end of August, it fell to $990,394, Cotality found.

The typical home price in Perth passed $1m in March, but slipped to $999,987 by the end of August.

Sydney and Brisbane are back to being the only capitals with median prices above $1m. Sydney’s is at $1.22m, $93,000 below its peak earlier this year, while Brisbane is at $1.08m, down $30,000 from its peak.

Cotality’s research director, Tim Lawless, said nearly every capital city suburb had now seen prices fall, yet far fewer homes were being sold compared with this time last year, meaning listings on the market were building up. He said:

double quotation markLonger selling times, larger vendor discounting and persistently low auction clearance rates all point to a buyer’s market, yet buyers are lacking the confidence to transact at the moment.

Additional coverage includes reports from Nelson T.

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