Construction 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.
A man who has also been identified as a registered sex offender has been arrested after officials say he kidnapped and raped a woman he lured to a restaurant with a job offer.Police say the victim who was working at a convenience store when she complained to a coworker that she needed to get another job with more pay, that’s when 43-year-old Jason Minton approached her and said that his tree service company was looking for a secretary and that they pay $35 an hour.The victim then met Minton at the River Grille in Ormond Beach on February 18th for an interview.During the interview, Minton ordered wine for both himself and the victim and then offered the victim shots.At some point during the interview, the victim says she blacked out and woke up hours later in pain at her mother’s house.The victim became concerned with the incident and she and her family contacted the police.During the investigation, authorities found surveillance video from the restaurant showing Minton dragging the unconscious victim to his truck. He then drove off with her in the passenger seat and returned with her more than an hour later. Minton then put the unconscious woman in her vehicle and left.The victim’s mother and father say they began to worry after their daughter stopped returning their text messages. They then went to the restaurant to find her unconscious in her vehicle and took her home.Minton has since turned himself into police on Friday and is expected to be charged with sexual battery and kidnapping.