Kanebridge News
    HOUSE MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $1,643,504 (-0.72%)       Melbourne $992,940 (-0.20%)       Brisbane $992,455 (+0.06%)       Adelaide $876,827 (-1.41%)       Perth $874,933 (+1.55%)       Hobart $727,427 (-0.34%)       Darwin $652,231 (-2.56%)       Canberra $1,005,074 (+0.53%)       National $1,052,241 (-0.35%)                UNIT MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $749,890 (+0.06%)       Melbourne $491,175 (-0.64%)       Brisbane $559,966 (+1.06%)       Adelaide $440,129 (+0.17%)       Perth $452,729 (-0.86%)       Hobart $519,256 (-1.07%)       Darwin $347,711 (-0.50%)       Canberra $487,919 (-1.34%)       National $529,647 (-0.23%)                HOUSES FOR SALE AND WEEKLY CHANGE     Sydney 9,690 (-358)       Melbourne 14,734 (-89)       Brisbane 7,939 (-60)       Adelaide 2,290 (-82)       Perth 6,123 (-115)       Hobart 1,265 (0)       Darwin 242 (+10)       Canberra 1,020 (0)       National 43,303 (-694)                UNITS FOR SALE AND WEEKLY CHANGE     Sydney 8,841 (+122)       Melbourne 8,213 (+180)       Brisbane 1,615 (0)       Adelaide 390 (-1)       Perth 1,560 (-10)       Hobart 205 (+2)       Darwin 401 (+7)       Canberra 1,003 (-7)       National 22,228 (+293)                HOUSE MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $890 (+$70)       Melbourne $600 ($0)       Brisbane $640 ($0)       Adelaide $645 (+$35)       Perth $630 (-$40)       Hobart $550 ($0)       Darwin $700 ($0)       Canberra $670 (-$10)       National $679 (+$12)                UNIT MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $750 ($0)       Melbourne $550 ($0)       Brisbane $640 (+$10)       Adelaide $495 (-$5)       Perth $625 (-$15)       Hobart $450 ($0)       Darwin $530 (+$18)       Canberra $560 (-$10)       National $589 (-$1)                HOUSES FOR RENT AND WEEKLY CHANGE     Sydney 6,565 (+1,068)       Melbourne 5,307 (-511)       Brisbane 4,198 (+57)       Adelaide 1,914 (+515)       Perth 1,812 (-565)       Hobart 405 (+5)       Darwin 106 (-5)       Canberra 606 (+2)       National 20,913 (+566)                UNITS FOR RENT AND WEEKLY CHANGE     Sydney 9,255 (+172)       Melbourne 4,747 (+110)       Brisbane 2,210 (+28)       Adelaide 369 (-24)       Perth 761 (+30)       Hobart 133 (+3)       Darwin 137 (-7)       Canberra 696 (+12)       National 18,308 (+324)                HOUSE ANNUAL GROSS YIELDS AND TREND       Sydney 2.82% (↑)      Melbourne 3.14% (↑)        Brisbane 3.35% (↓)     Adelaide 3.83% (↑)        Perth 3.74% (↓)     Hobart 3.93% (↑)      Darwin 5.58% (↑)        Canberra 3.47% (↓)     National 3.36% (↑)             UNIT ANNUAL GROSS YIELDS AND TREND         Sydney 5.20% (↓)     Melbourne 5.82% (↑)      Brisbane 5.94% (↑)        Adelaide 5.85% (↓)       Perth 7.18% (↓)     Hobart 4.51% (↑)      Darwin 7.93% (↑)        Canberra 5.97% (↓)     National 5.78% (↑)             HOUSE RENTAL VACANCY RATES AND TREND       Sydney 0.8% (↑)      Melbourne 0.7% (↑)      Brisbane 0.7% (↑)      Adelaide 0.4% (↑)      Perth 0.4% (↑)      Hobart 0.9% (↑)      Darwin 0.8% (↑)      Canberra 1.0% (↑)      National 0.7% (↑)             UNIT RENTAL VACANCY RATES AND TREND       Sydney 0.9% (↑)      Melbourne 1.1% (↑)      Brisbane 1.0% (↑)      Adelaide 0.5% (↑)      Perth 0.5% (↑)      Hobart 1.4% (↑)      Darwin 1.7% (↑)      Canberra 1.4% (↑)      National 1.1% (↑)             AVERAGE DAYS TO SELL HOUSES AND TREND         Sydney 29.5 (↓)       Melbourne 30.4 (↓)       Brisbane 31.3 (↓)     Adelaide 25.9 (↑)        Perth 35.4 (↓)       Hobart 33.4 (↓)       Darwin 35.3 (↓)       Canberra 30.9 (↓)       National 31.5 (↓)            AVERAGE DAYS TO SELL UNITS AND TREND         Sydney 30.2 (↓)       Melbourne 30.0 (↓)       Brisbane 29.7 (↓)     Adelaide 26.6 (↑)        Perth 38.7 (↓)       Hobart 33.0 (↓)     Darwin 49.4 (↑)        Canberra 36.3 (↓)       National 34.2 (↓)           
Share Button

Americans Are Still Spending Like There’s No Tomorrow

Concerts, trips and designer handbags are taking priority over saving for a home or rainy day

By RACHEL WOLFE
Tue, Oct 3, 2023 8:54amGrey Clock 4 min

Consumers should be spending less by now.

Interest rates are up. Inflation remains high. Pandemic savings have shrunk. And the labour market is cooling.

Yet household spending, the primary driver of the nation’s economic growth, remains robust. Americans spent 5.8% more in August than a year earlier, well outstripping less than 4% inflation. And the experience economy boomed this summer, with Delta Air Lines reporting record revenue in the second quarter and Ticketmaster selling over 295 million event tickets in the first six months of 2023, up nearly 18% year-over-year.

Economists and financial advisers say consumers putting short-term needs and goals above long-term ones is normal. Still, this moment is different, they say.

A tough housing market has more consumers writing off something they’d historically save for, while the pandemic showed the instability of any long-term plans related to health, work or day-to-day life. So, they are spending on once-in-a-lifetime experiences because they worry they may not be able to do them later.

“It’s not a regret-filled, spur-of-the-moment decision,” says Michael Liersch, who oversees a team of advisers as head of advice at Wells Fargo. “It’s the opposite of that, where I would regret not having done it.”

Liersch cautions that it’s too soon to say whether the spate of spending is a fleeting moment or a new normal. And consumers remain frustrated about inflation as the price of many goods remains significantly higher than a few years ago.

Ibby Hussain, who works in marketing for a financial communications firm, says the Brooklyn, N.Y., apartment he and his fiancée rent for $3,000 a month would cost a million dollars to buy. At current rates, that means around $5,000 a month after a $200,000 down payment, not including property taxes. “And it’s not even that nice of an apartment.”

So, instead of saving for a down payment like he expected to after turning 30 and getting engaged in the past year, he splurged.

First, he bought a $1,600 Taylor Swift Eras Tour ticket and then he spent $3,500 on a bachelor party trip to Ibiza, Spain.

“I might as well just enjoy what I have now,” he says.

A travel boom

Ally Bank, whose online platform started allowing customers to create savings buckets for different goals in 2020, says users create about one-and-a-half times more experience-oriented buckets such as travel and “fun funds” versus those associated with longer-term planning.

Lindsey and Darrell Bradshaw went into credit-card debt to finance a vacation to Maui this past spring. The couple booked the trip only a few weeks after Lindsey, 37, quit her job to be a full-time caregiver to their 8-year-old son, who has special needs.

“We did not have the money and we were like, ‘Let’s just do this anyway,’ ” says Darrell Bradshaw, a 39-year-old general contractor in Seattle.

The trip cost about $10,000, including three, $1,000 last-minute plane tickets, 10 nights at a $385-a-night 4-star resort and several elaborate meals.

Even though the family decided to cancel subscriptions and cut back on dining out to help offset the bill, they say they have no regrets—especially since they got to see Lahaina just a few months before it was decimated by deadly wildfires.

Fears about a changing climate are driving some people to try to see places before they’re gone. In a monthly Deloitte survey of 19,000 global consumers, climate change was the only topic among 19 different concerns that respondents reported feeling significantly more worried about over the past year.

Josh Richner says he greatly lowered his retirement contribution to afford a cross-country trip that included a $7,000 Alaskan cruise so his family could see the ice caps, which have been melting at a rapid clip.

“I’ve never spent that much on a trip before,” says the 35-year-old, who says the splurge was also motivated by the pandemic and a health scare.

About six months ago, Richner and his wife decided to sell their Columbus, Ohio, home to travel the country with their two young children. Working for National Legal Center, a law firm that helps consumers resolve debt, he knows the potential consequences of living in a way that gives priority to the present. But he isn’t worried.

“I just hit a point where the thing that we had been talking about maybe hopefully doing some day, we’re going to do it now,” he says. “I’m not going to worry about money anymore. I don’t have it in me.”

Splurge purchases

Consumers might not be able to keep splurging forever. Labour strikes and student loan repayments could both lead people to pull back. Rising gas prices could also deter travel.

For those who study spending, however, the robustness up to this point has been a surprise.

In the New York Federal Reserve Bank’s August SCE Household Spending Survey, households reported spending 5.5% more than last year. The share of households that said they made at least one large purchase in the previous four months increased to 64% from 57%, its highest reading since August 2015.

“Normally at a time when you have higher inflation, but also higher interest rates, you don’t expect spending to hold up so well,” says Wilbert van der Klaauw, an economic research adviser on household and public policy at the Fed.

Rather than funnel all their spare change into a house or retirement account, Candice and Jasmine Kelly started a bucket-list fund after attending back-to-back funerals a few months ago. The couple adds a few hundred dollars from their paychecks each month into the fund, which they have used to try fancy restaurant tasting menus and buy Jasmine her dream designer handbag.

Instead of waiting to have fun when they retire, Candice, a 26-year-old management analyst in Charlotte, N.C., says the couple is trying to do the opposite. They want to enjoy their money while they’re young—even if it means working longer.

“All the rules that exist around money and lifestyle are just things people made up, so we’re playing a different game, and honestly I think we’re having more fun,” says Candice.



MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

Related Stories
Money
Louis Vuitton Unveils Its Most Extravagant High-Jewellery Collection Ahead of Olympics
By LAURIE KAHLE 09/06/2024
Money
Sylvester Stallone Sells His Knockout Watch Collection, Including the Most Valuable Modern Timepiece Sold in Sotheby’s History
By ERIC GROSSMAN 08/06/2024
Money
Raw Milk and the Rise of ‘Food Freedom’
By SARA ASHLEY O’BRIEN 07/06/2024
Louis Vuitton Unveils Its Most Extravagant High-Jewellery Collection Ahead of Olympics
By LAURIE KAHLE
Sun, Jun 9, 2024 3 min

As the world turns its eyes to Paris for the start of the Summer Olympics next month, Louis Vuitton pulled out all the stops for its largest, most extravagant, and expensive high-jewellery collection with the title Awakened Hands, Awakened Minds.

Making its debut in St. Tropez on Wednesday night, the collection will encompass 13 themes and 220 pieces, some of which have yet to be unveiled. Of the 100 unique pieces that were exhibited as the first chapter, one overarching theme is clear: French pride and the celebration of the remarkably transformative period in 19th-century France, which witnessed an explosion of French influence and inventiveness.

“France in the 19th century was a phenomenal time of incredible change, and when Paris really became the centre of the world,” says Francesca Amfitheatrof, artistic director for watches and jewellery, in a news release. “The design language of Awakened Hands, Awakened Minds reflects that—all its intricacies, complications, and innovations—turned into incredible jewels.”

The masterpiece of the entire collection is the Cœur de Paris.
Courtesy of Louis Vuitton

The collection explores a journey through that century, beginning with the end of royal court rule, which resulted in a surge of creativity and talent as France’s ateliers and master craftsmen explored and experimented without limits. Among those influenced by this vibrant zeitgeist was a 16-year-old Louis Vuitton, who arrived in Paris in 1837. The apprentice developed his own unique trunkmaking métier, devising a flat and stackable trunk specifically designed for travel.

“Craftsmanship becomes the currency of this country,” Amfitheatrof said. “It is the birth of France’s Art de Vivre —and the birth of what we know as luxury today.”

The collection’s Splendeur suite took inspiration from an imperial bed embellished with low-relief woodwork in lace-like floral patterns. But the luxury brand is looking to compete for consumers with more than just aesthetics: The jewels feature more than 110 perfectly matched rubies from Mozambique, all fully traceable through blockchain technology, making Louis Vuitton the first to offer traceability of coloured stones.

Louis Vuitton’s iconic LV Monogram Flower is the chosen theme. The symbol was designed by Louis Vuitton’s son Georges in 1896 in memory of his late father. The flower is portrayed in gold and diamonds with a large centre ruby in earrings that complement a high collar, transformable necklace set with 52 rubies framed with an intricate, woven mesh of carved gold flowers. Among the collection’s most complex creations, the Splendeur necklace required the workmanship of 17 setters and 30 jewellers, who spent a total of 3,217 hours on its creation.

Louis Vuitton’s passion for travel is explored in the Vision necklace, which plays on the rivets of Louis Vuitton trunks. Crafted in platinum, yellow gold, diamonds, and yellow sapphires, the disruptive design interlaces V-shaped structures, highlighted with two octagonal-cut yellow sapphires measuring 13.47 carats and 11.79 carats. The piece occupied five jewellers, who mounted and set the necklace section by section over the course of 2,504 hours.

The collection’s Splendeur suite took inspiration from an imperial bed embellished with low-relief woodwork in lace-like floral pattern
Courtesy of Louis Vuitton

The masterpiece of the entire collection is the Cœur de Paris, the most expensive high-jewellery piece the maison has ever produced.

The necklace pays homage to the Eiffel Tower, which was unveiled to the world at the 1899 Exposition Universelle as a beacon of modernity and ingenuity. The Cœur de Paris offers a new perspective on the structure, as if you are viewing it from underneath looking up. Pink gold rods embrace a grid of baguette settings and diamond-lit arrows, which frame the jewel’s centrepiece: a captivating 56.23-carat diamond christened the Cœur de Paris. The collection’s rarest and most important master stone radiates a unique colour with an intense pink hue complemented with unusual tones of orange and brown. It is set in a medallion that can be detached to wear as a brooch.

The centrepiece dangles from a 5.73-carat LV Monogram Star-cut diamond interlinked with 26 LV Monogram Star-cut diamonds in an opulent rivière creation that is a first for the house. A companion ring features a complementary 12.67-carat, museum-quality diamond that emanates a fancy deep, brownish pink and orange hue.

“Awakened Hands, Awakened Minds tells a story that’s very close to who we are,” Amfitheatrof said. “By showing this mixture of craftsmanship, engineering, invention, and bravery, we are really talking about Louis Vuitton. … we couldn’t celebrate in a better way.”

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

Related Stories
Money
The fast-approaching ‘silver tsunami’ set to hit the Australian economy
By Bronwyn Allen 23/05/2024
Money
Retailers Hate That You Buy Big Things on Your Laptop
By ANN-MARIE ALCÁNTARA 04/06/2024
Property
The suburbs where we’re building the most new homes
By Bronwyn Allen 28/05/2024
0
    Your Cart
    Your cart is emptyReturn to Shop