RBA warns of dwelling risk if conditions deteriorate

first_imgConstruction and cranes have been a familiar sight over the inner city for the last three years. Picture: Richard WalkerTHE Reserve Bank has warned Australia risked an above average rise in dwellings being cancelled if market conditions deteriorate.The latest RBA board minutes, released Tuesday, expected to see a high level of dwelling investment over “the next year or so” but warned of “some risk” of above average cancellations.It said private dwelling investment had already “declined unexpectedly” in the September quarter, when “poor weather had disrupted construction”.“The large amount of work in the pipeline was expected to support dwelling investment at high levels over the next year or so, although there was some risk of more cancellations than usual if conditions in apartment markets deteriorated.”More from newsMould, age, not enough to stop 17 bidders fighting for this home2 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor8 hours agoRBA governor Philip Lowe arriving at a function in Sydney. Picture: James CroucherThe board, which is presided over by RBA governor Philip Lowe, has tread carefully in recent years in its attempts to prevent the housing boom from turning to bust. It found low interest rates and increased housing prices had driven a surge in dwelling investment nationally over the previous year, with Sydney and Melbourne pulling away from the rest of the market.RBA warned that increased supply and lower population growth had already depressed rents and apartment prices in Perth “and, increasingly, Brisbane”, while established housing markets in Sydney and Melbourne had picked up over the second half of 2016.The board noted “a small increase” in variable housing lending rates for investors but “little change in overall lending rates for owner-occupiers and in business lending rates”.The latest ASX RBA rate indicator was showing a 95 per cent market expectation of no change to the official 1.5 per cent cash rate at the next RBA board meeting on March 7.last_img read more

PROMISING SPORTS MAN TURNED TO LIFE AS A DRUGS DEALER, COURT HEARS

first_imgA PROMISING young sports man swapped soccer for dope-dealing and ended up being caught by detectives, a court has heard.Sean McLaughlin, whose address was given as 41 Ard na Glaise, Kilmacrennan, got hooked on drugs at school, solicitor Kieran Dillon told Letterkenny District Court.The 23-year-old was caught running a cannabis dealing business from premises at 2 Ardglass, Long Lane, Letterkenny after a Garda raid on April 13 last year. Drugs unit officers found €300 worth of cannabis, cash, weighing scales and a ‘tick list’ indicating that he’d recently had €3,000 worth of sales.He was charged with possession of and the dealing of drugs.“He is relieved it has all come out because his life was being wasted in the mire of this activity,” said Mr Dillon.“He started using drugs at school where he was a great sportsman, a very good soccer player, and he lost it all through using cannabis. He entered a nocturnal world.“He used this stuff, passed it on to friends and whilst he had a tick list it wasn’t a very successful business,” said the solicitor.Mr Dillon said however that McLaughlin’s arrest was the catalyst to a change in his life.He was an excellent cook who had applied to join the tourism college.He was also back playing football, raising funds for charity and now leading a normal life again.“He has become himself again,” said Mr Dillon.Judge Paul Kelly agreed that a probation report was needed and adjourned sentence until September 18.PROMISING SPORTS MAN TURNED TO LIFE AS A DRUGS DEALER, COURT HEARS was last modified: July 18th, 2014 by John2Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:drug dealerkilmacrennanletterkennyLong LaneSean McLaughlinlast_img read more