Unattainable ‘Great Australian Dream’ to blame for stuck-at-home generation, Corelogic survey finds

first_imgZachary Jamieson has just bought his first house at the age of 21. Pic Darren England.MORE than 60 per cent of Queenslanders living with their parents say they can’t afford to fly the family nest, according to a new survey on housing affordability.Home ownership is increasingly out of reach, but nine out of 10 Queenslanders are still holding on to the great Australian dream, the Galaxy Research survey commissioned by property data firm, Corelogic, reveals.The survey of 2000 Australians aged between 18 and 64 found a growing proportion of younger generations are finding themselves trapped in the family home — increasingly into their 30s — as they try to scrape together a deposit.Nationally, 1 in 5 millenials expect to be locked out of the property market until at least their 30th birthday.But Queenslanders still living at home are the most motivated to move out and buy, with nearly half saving money towards a deposit.The survey found getting the deposit was one of the biggest impediments to buying a home, with a third of Australians admitting they could not manage 10 per cent.It comes as the nation’s biggest mortgage insurer this week raised concerns about industry pressure on borrowers to have larger deposits.Genworth Mortgage Insurance said home buyers were scraping together deposits with forms of “unsecured debt”, such as parental guarantees — something Zachary Jamieson has taken advantage of.HOW MUCH OF A DEPOSIT CAN FIRST HOME BUYERS AFFORD?13% no deposit35% could put down 1-9%27% could put down 10-19%18% could put down over 20%(Source: Corelogic)The 21-year-old saved for a year for a deposit for his first home while living with his father, but ended up asking him to act as a guarantor for a loan.“I only had to pay a small amount of rent while I was living there, so it did make all the difference,” he said.“I definitely wanted to get into the market early because I could see myself getting comfortable and just staying there forever.”He bought a two-bedroom home in Waterford West for $255,000 a month ago and now spends half his weekly wage on mortgage repayments.“It’s just a matter of staying on top of it and making sure you’re budgeting in a smart fashion,” he said.GETTING A DEPOSIT AN IMPEDIMENT TO AFFORDING A HOME48% = Qld47% = WA46% = Tas44% = Vic42% = NSW42% = SA/NT38% = ACT(Source: Corelogic)Ray White Waterford principal Kate Handley said about 30 per cent of her agency’s clients were first home buyers and it was becoming more common for them to seek financial assistance or guarantees from parents to get on the property ladder.She said it was still common for first home buyers to be priced out of the market by investors competing for the same property.“It’s really disappointing for them and we see it happen a lot,” she said.When it comes to housing affordability, the Corelogic survey found 60 per cent of Queenslanders believe it is worse than it was last year and just as many expect it to worsen further next year.CONCERN ABOUT HOUSING AFFORDABILITY71% = ACT68% = NSW66% = Vic63% = Tas60% = Qld56% = SA/NT44% = WA(Source: Corelogic)Corelogic’s director of research Tim Lawless said that was significant given home values had increased substantially more in NSW and Victoria than in Queensland.“Income growth is lower in Queensland, which is probably one of the reasons behind the more pessimistic outlook,” he said.But it’s not just would-be first home buyers who are struggling.The research also reveals 12 per cent of Queensland homeowners are having difficulty paying their mortgage — the second highest number in the country after Tasmania.WHICH STATES ARE STRUGGLING MOST WITH MORTGAGE STRESS?Tas = 13%Qld = 12%WA = 12%SA/NT = 8%Vic = 6%More from newsMould, age, not enough to stop 17 bidders fighting for this home5 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor5 hours agoNSW = 5%ACT = 4%(Source: Corelogic)And this figure would jump to 28 per cent if interest rates increased by up to 1 per cent.The younger generation is the most vulnerable when it comes to mortgage stress.If interest rates rose by up to 1 per cent, 35 per cent of millennials claim they would struggle to keep up with mortgage repayments.“A lot of affordability challenges are embedded with the millennial generation,” Mr Lawless said.He was surprised the survey found 96 per cent of Australian millenials thought owning a home was important.“I thought attitudes among younger generations had changed a little bit and the desire for home ownership had dissipated,” he said.Ahead of the federal budget being handed down on Tuesday, respondents revealed what they believe could be done to improve housing affordability.Three quarters of Queenslanders think removing or reducing stamp duty would help, while a majority also think more jobs should be created in areas that have lower priced housing.STRATEGIES FOR IMPROVING AFFORDABILITY73% — Reduce or remove stamp duty72% — Reduce or remove stamp duty for first home buyers71% — Create government grants or concessions for first home buyers65% — Create more jobs in areas with lower priced housing63% — Appoint a federal housing minister to improve affordability61% — Improve transport options and commuting60% — Release more vacant land57% — Limits on investment buying via regulation57% — Reduce costs paid by developers to build new homes53% — Build apartments close to major work centres51% — Reduce overseas migrants arriving in Australia(Source: Corelogic)“In reality it’s a federal, state and local government issue and involves each of those layers of government working together to manage housing demand and deliver appropriate housing supply, and ensure supply is connected with efficient transport infrastructure,” Lawless said.And he said there were conflicting interests in each layer of government.“When you look at the level of dwelling supply in southeast Queensland, there has been quite a bias towards dense stock which has outnumbered detached dwellings,” he said.“High rise apartments are more skewed towards investor demand, yet you’ll find the vast majority of first home buyers are young families.”The full Corelogic report can be found at www.corelogic.com.au/housingaffordability.last_img read more

Update on the latest sports

first_img September 5, 2020 Update on the latest sports — Keenan Allen has signed a four-year extension with the Los Angeles Chargers that will make him the league’s second-highest paid receiver in average money. That’s according to a person familiar with the deal, who says it is worth $80.1 million with $50 million guaranteed. Allen is going into his eighth season and has made the Pro Bowl each of the past three seasons. He had 104 receptions last season, breaking his own franchise record for single-season catches. — NFL cutdown day has forced the Miami Dolphins to acknowledge the failure of their Josh Rosen experiment. Miami has released Rosen, who was acquired from Arizona in April 2019 for second- and fifth-round draft picks. He started three games last year, throwing five interceptions and one touchdown pass, and was the No. 3 quarterback behind Ryan Fitzpatrick and rookie Tua Tagovailoa (TOO’-ah tuhng-ah-vy-LOH’-ah) in training camp this summer. The 37-year-old Fitzpatrick has been named the starter for the Dolphins’ season opener Sept. 13 at New England.— Browns rookie coach Kevin Stefanski has his first 53-man roster. Cleveland made 24 cuts Saturday to get to the league’s mandated 53-man limit. Some notable names are among them, including defensive end Chad Thomas, a third-round pick in 2018, and running back Dontrell Hilliard, who handled return duties last season. Stefanski is going with just two quarterbacks out of the gate, Baker Mayfield and Case Keenum. Third-stringer Garrett Gilbert, a close friend of Mayfield, was cut but could be added to the practice squad if he clears waivers.— The Carolina Panthers have waived running back Reggie Bonnafon in one of their moves to get down to 53 players. Bonnafon ran for 116 yards with a touchdown in 16 games last year and played a major role on special teams. Mike Davis won the No. 2 running back job behind All-Pro Christian McCaffrey, and Trent Cannon made the roster over Bonnafon as the third back. Carolina kept three quarterbacks: starter Teddy Bridgewater, Will Grier and P.J. Walker. The No. 2 QB spot is still open for competition.— The Jacksonville Jaguars are going with a college journeyman and sixth-round draft pick as their backup quarterback. General manager Dave Caldwell and coach Doug Marrone kept rookie Jake Luton to play behind Gardner Minshew as they finalized their 53-man roster. They cut veteran Mike Glennon and waived Josh Dobbs. Luton was one of the biggest surprises of Jacksonville’s training camp, along with undrafted rookie running back James Robinson, sixth-round receiver Collin Johnson and undrafted rookie cornerback Luq Barcoo. That became official when the Vancouver Canucks lost 3-0 to the Vegas Golden Knights on Friday in Game 7 of their Western Conference semifinal.A Canadian team hasn’t won the Stanley Cup since the Montreal Canadiens in 1993. The Stanley Cup, however, will be awarded in Canada for the first time since 2011 when the Boston Bruins beat the Canucks in Vancouver in Game 7.Edmonton will host the Stanley Cup final this year. The Alberta capital and Toronto have served as hubs for the NHL postseason during the pandemic. Six of Canada’s seven teams — Ottawa the exception — were part of the NHL’s 24-team restart after the season was halted because of COVID-19 in March. Only Vancouver, Montreal and Calgary survived the qualifying round. Eliminated in that round were Toronto, Winnipeg and Edmonton.Montreal and Calgary were ousted in the first round. Vancouver beat the defending champion St. Louis Blues before having its hopes dashed by Vegas. TORONTO (AP) — The Tampa Bay Lightning will finally learn who their opponent will be in the Eastern Conference finals. That will be determined Saturday night when the Philadelphia Flyers meet the New York Islanders in Game 7 of their semifinal series. Philadelphia forced the deciding game with a 5-4 overtime win on Thursday night. The Flyers have won three games in overtime in the same series for the first time in franchise history. NHL-STANLEY CUP-NO CANADANo Canada: Country’s Stanley Cup drought hits 27 yearsUNDATED (AP) — Canada’s Stanley Cup drought is now at 27 years. Share This StoryFacebookTwitteremailPrintLinkedinRedditKENTUCKY DERBYTiz the Law is a big favoriteLOUISVILLE, Ky. (AP) — In a Kentucky Derby postponed four months because of the coronavirus, Tiz the Law is the biggest favorite at 3-5 odds since 1989. He was a dominating winner of the Belmont Stakes, the kickoff to this year’s reconfigured Triple Crown. Tiz the Law faces 15 rivals Saturday in the 1 1/4-mile Derby, the smallest field since 2003. Trainer Bob Baffert saddles 8-1 shot Authentic and 15-1 shot Thousand Words in his bid to win a record-tying sixth Derby. There won’t be any fans in the stands and the infield because of the pandemic. Says Baffert: “It’s going to be weird.”Multiple groups, including armed militias, are planning protests and counterprotests in the streets outside over police killings of unarmed Black Americans. The Derby is unfolding in the hometown of Breonna Taylor, an emergency medical technician shot dead in her home in March when police burst in to serve a search warrant. Demonstrators have been protesting downtown for more than 100 days, calling for the officers involved to be prosecuted. Post time is 7:01 p.m. EDT.NHL-STANLEY CUP PLAYOFFSFlyers and Islanders meet in Game 7 NBA PLAYOFFSGame 4 for Raptors-Celtics, Game 2 for Nuggets-ClippersLAKE BUENA VISTA, Fla. (AP) — Saturday brings another NBA playoff doubleheader. Game 4 awaits in the Eastern Conference semifinal series between the Toronto Raptors and Boston Celtics. After that, it’s Game 2 in the Western Conference semifinal series between the Denver Nuggets and the Los Angeles Clippers. The Celtics lead their matchup 2-1, while the Clippers have a 1-0 lead in their series. The Clippers have won three consecutive playoff games, which might not sound all that impressive — but it matches the longest such streak in franchise history. They also won three straight in 2015.center_img Williams will face Maria Sakkari of Greece in the fourth round.F1-ITALIAN GPHamilton takes Italian GP pole, Ferrari struggles againMONZA, Italy (AP) — Formula One champion Lewis Hamilton set a track record at the Italian Grand Prix as he clinched a record-extending 94th pole position Saturday.Hamilton nudged Mercedes teammate Valtteri Bottas into second place by just 0.069 seconds. NFL-NEWSWatson agrees to 4-year, $160 million extension with TexansUNDATED (AP) — Deshaun Watson has agreed to a four-year, $160 million contract extension with the Houston Texans. Watson announced the signing on Twitter on Saturday. The deal makes Watson the second-highest paid quarterback in the league, behind Kansas City’s Patrick Mahomes, who signed a 10-year deal worth up to $503 million in July. The 24-year-old Watson has appeared in 38 games with 37 starts in his first three seasons with the Texans. He threw for 3,852 yards and 26 touchdowns last season when he led the Texans to the divisional round of the playoffs.In other NFL news: Associated Press — The Cleveland Browns and Cincinnati Bengals will be allowed to have 6,000 fans at two home games this season. Ohio Gov. Mike DeWine announced Saturday that the teams have been granted a variance for a “two-game trial” on a state requirement limiting 1,500 people at outdoor gatherings. The variance allows for no more than 1,500 fans in each side of the stadium. Fans will be required to wear masks throughout the games.TENNIS-US OPENWilliams beats Stephens in 3 sets at US OpenNEW YORK (AP) — Serena Williams has come back from a slow start to beat Sloane Stephens 2-6, 6-2, 6-2 in the third round of the U.S. Open.Williams’ victory in Arthur Ashe Stadium on Saturday allowed her to avoid what would have been her earliest exit at Flushing Meadows since she lost in the third round in her tournament debut all the way back in 1998. Williams was 16 then and had yet to win a Grand Slam title. She turns 39 in three weeks and is pursuing her 24th major championship in singles. Ferrari’s troubles went from bad to worse as both cars failed to qualify inside the top 10 at the team’s home circuit for the first time since 1984.NASCAR-PLAYOFFS-FANSSome fans will be able to attend playoff openerCHARLOTTE, N.C. (AP) — When NASCAR’s playoffs begin Sunday at Darlington Raceway in South Carolina, up to 8,000 spectators will be allowed to attend. Darlington joins Bristol in Tennessee, Talladega Superspeedway in Alabama, Texas Motor Speedway and the championship finale at Phoenix as venues allowing limited spectators during the next 10 weeks, the most important stretch of NASCAR’s season. Las Vegas, Charlotte, Kansas and Martinsville, Virginia are awaiting state approval. Next week’s race in Richmond, Virginia, will be without fans. NASCAR completed four events before the coronavirus pandemic shut it down for 10 weeks. When competition resumed in May, NASCAR cut every bit of its pageantry from race weekends.last_img read more

‘Modern Warfare’ Season 4 maps: Scrapyard expected to join MW2 reboots in next release

first_imgMW2 nostalgia is expected to be intensified next week when Activision drops Season 4 for “Call of Duty: Modern Warfare” multiplayer.Scrapyard, which debuted in 2009 as part of “Modern Warfare 2,” is rumored to be one of at least five non-gunfight maps available for download in the coming season. The fan favorite map would be a strong headliner for new content at the start of June. Will MW2’s Scrapyard be in season 4?It looks like it will be! A leak posted on Reddit indicates the beloved map, which has been rumored for months, is officially set to come to “Modern Warfare” next week. Considering it’s basically already a part of “Warzone,” it shouldn’t be too difficult for developers to manage.Scrapyard joins Rust in the rebooted MW2 map department. Many series fans are hoping Terminal, Favela and Highrise are up next, though the trio seems unlikely to be part of season 4.What other new maps are expected to be available?For regular multiplayer, leaks indicate maps called Garden, Broadcast, Oilrig and Harbor will be offered in season 4. Broadcast could be a multiplayer version of the TV Station area of “Warzone.” The others don’t have much detail attached to them quite yet. Below are all of the details and rumors that are out about season 4 maps. We’ll update this post as more information is revealed:MORE: “Valorant” full release details’Call of Duty: Modern Warfare’ Season 4 release dateThe release will take place on Tuesday, June 2, and will be available for download on all platforms. Updates are usually pushed in the middle of the night so as to avoid interfering with peak hours.’Modern Warfare’ Season 4 trailerHere’s the season 4 trailer released by Activision on Wednesday afternoon, featuring new operators and weapons:This story is far from over.Season 4 kicks off June 3. #ModernWarfare #Warzone pic.twitter.com/M5ggx2EXhB— Call of Duty (@CallofDuty) May 27, 2020How to download ‘Modern Warfare’ Season 4As soon as the update is pushed out, it will pop up when first loading into the game. You will not be able to play multiplayer post-update until downloading the necessary files.Updates for “Modern Warfare” have been comically large in recent months, so brace yourself for further storage cuts elsewhere on your system.last_img read more