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El Salvador Made Bitcoin an Official Currency. Now It’s Backtracking for IMF Loan.

The government of El Salvador’s President Nayib Bukele agreed to scale back his ambitious plan to adopt bitcoin as a national currency in exchange for a much-needed $1.4 billion loan by the International Monetary Fund.

The IMF said in a statement Wednesday that in exchange for the financial-aid program to support the Bukele administration economic overhaul agenda, the government agreed to implement measures to mitigate bitcoin-related risks.

The deal signals an important shift by the IMF, showing greater flexibility over government use and regulation of bitcoin in anticipation of friendlier crypto policies by the incoming administration of President-elect Donald Trump , said Alejandro Werner , a former director of the IMF’s Western Hemisphere Department.

Bukele’s surprise decision to make bitcoin legal tender was cheered by crypto enthusiasts but stalled financial support from the IMF in the midst of concern that the volatile crypto asset could rock the finances of the impoverished and indebted Central American nation.

“In a situation where the international financial community didn’t want to set a precedent on the adoption of bitcoin as legal tender, it became an obstacle to close an agreement with the IMF,” said Werner, who also served as adviser to El Salvador’s government and currently heads the Georgetown Americas Institute in Washington, D.C.

The use of bitcoin as a national currency in this country of around 6.5 million didn’t take off, surveys show. After the government spent more than $200 million in 2021 rolling out bitcoin ATMs and an e-wallet with $30 of free bitcoin for anyone who signed up, most users took the virtual currency to buy goods or exchange it for dollars.

The government began purchasing bitcoin when it was trading at about $30,000, booking losses at first and then posting significant gains as its volatile price surpassed $100,000 recently.

Among the concessions made by the Bukele administration, acceptance of bitcoin by the country’s businesses will no longer be mandatory, while the public sector’s participation in bitcoin-related activities will be restricted, the IMF said.

“The potential risks of the bitcoin project will be diminished significantly” in line with fund policies, the IMF said.

Under the agreement, El Salvador’s government agreed to reduce bitcoin purchases, and it will no longer accept tax payments with the crypto asset. The government’s participation in Chivo, the crypto e-wallet launched in 2021, will be gradually unwound, the IMF said.

“Transparency, regulation, and supervision of digital assets will be enhanced to safeguard financial stability, consumer and investor protection, and financial integrity,” it added.

Bukele highlighted on X the IMF’s remarks about the steady expansion of the country’s economy since the pandemic, bolstered by “robust remittances and a remarkable pickup in tourism,” in the midst of improvements in public security.

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Top 5 ways to stay safe online — and avoid the holiday horror stories

We’re all aware of the dangers of cyber hacking and identity theft and most of us will take care when connecting online not to give away too much information. But at this time of year, when online shopping hits its peak and families head off on holiday, it’s easy to let your guard down. Here, the experts share their top tips for staying safe online when you’re out of the office and going on holiday.

Keep your OOO simple

Senior Information Security Consultant in Westpac Group’s Cyber Culture team Sally Youden says online security starts before you leave your desk.

“While switching on your out of office message is an easy task, you might want to reduce the amount of information you provide,” she says. “It could be used for malicious purposes by cybercriminals looking for opportunities to find a ‘way in’ to an organisation.”

While it’s important to communicate clearly, she said you should avoid adding too much detail like mobile numbers and job titles for external OOO messages.

Secure your spend

Shopping online over the Christmas and January sales periods is a convenient method for purchasing from the comfort of your living room, but it can expose you to data breaches and identity theft. Experts at the University of Queensland advise sticking with a service like PayPal for payment, or even setting up a separate credit card with a low limit specifically for online purchases. Saving details like passwords  to online accounts will also expose your bank accounts to theft. Instead, set up multi-factor identification to minimise risk.

Parcel scams

Most of us are aware of the parcel scams where hackers send a SMS advising a parcel is being delivered to your address. However, at this time of year when there are so many deliveries happening, it can be hard to discern the real from the fake, especially when they are impersonating services such as Australia Post. Ms Youden’s best advice is to pause and think before you click on a link. If you’re not sure whether it’s your parcel, reach out to the delivery service independently to confirm the details.

Pop-up precautions

Pop-up ads and social media offers can be tempting but cyber security experts at NAB suggest it’s better to avoid clicking on them. If you find the temptation too much, consider installing a pop-up blocker.

“Those bright and shiny ads that pop up on your screen when shopping online or using social media are clever and persistent marketing tactics looking to promote products or services,” NAB advises. “They can also be used to deliver malicious software, direct you to dodgy webpages, or fake sales.”

Instead, if you see an attractive offer, go to their website independently and check reviews before handing over your details.

Frequent flyers

It’s the easiest thing to do when you’re waiting for your flight, but recharging at the airport can be a risky business. Known as ‘juice jacking’, public charging stations such as those at airports and hotels can be hacked by cybercriminals, Ms Youden says. NAB experts advise that the same goes for public wifi services.

“If you have to use public Wi-Fi, consider using a Virtual Private Network (VPN) to create a secure connection. Avoid using free Wi-Fi to do any online banking or shopping, as this information may be exposed and misused.”

 

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Earned good money this year? Your house might have earned you more

How much did you earn this year? Was it more than $295,000?

That’s the median profit Australian home sellers made in the past three months according to data from CoreLogic released today. The property data provider released its Pain & Gain Report for the September quarter analysing 95,000 dwelling resales. The gains revealed the highest results since records began in the 90s. Total nominal gains were also higher, at $33.98 billion up from $33.3 billion in the previous quarter.

Source: CoreLogic

Australians are also holding onto their homes for longer, with the median period of home ownership now 9 years. For those who sold this year, that means they bought in 2015. The report noted that national home values have increased 57.7 percent in that time

Houses continued to represent the best option for capital growth, with just 2.9 percent selling at a loss compared with 9.4 percent of units. Homeowners who held their properties for two years or less were most susceptible to losses. 

CoreLogic head of research Eliza Owen said units were historically more likely to sell at a loss but the likelihood had grown across all properties held for shorter periods in recent years.

The impact on mortgage holders would vary, however, depending on whether they were owner occupiers or investors.

“Investors are potentially in a better position to sell at a loss, because they may be able to offset that loss on future capital gains from property,” she said. “Three years on from mortgage rate lows, the incidence of loss is rising for those who have held between two and four years.”

Indeed, not every home seller walked away with a tidy profit this quarter. The report noted Melbourne was the only capital city to experience a further downturn in values, with 9.9 percent of properties selling at a loss.

The median nominal loss was -$40,000 and the total nominal loss was $270 million over the quarter.

 

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Trump and SoftBank Promise to Create 100,000 AI Jobs. It Won’t Be Easy.

SoftBank Group CEO Masayoshi Son stood besides President-elect Donald Trump at Mar-a-Lago on Monday, and announced a commitment to invest $100 billion in the U.S. over the next four years—and create 100,000 jobs. The investments will be concentrated in AI.

“My confidence level to the economy of the United States has tremendously increased with his victory,” Son said at the news conference.

SoftBank is an investment holding company with a range of technology investments all over the world, but especially in the U.S. At the end of September, the total value of its investments was $136 billion, so the new commitment would represent a substantial expansion of SoftBank’s balance sheet.

Raising that sort of money may prove difficult, but the bigger obstacle could be the commitment on jobs—the focus on AI companies, in particular, complicates the goal. AI companies spend a lot on salaries, but these are some of the most expensive employees in the world right now. And they don’t tend to employ a lot of people overall

OpenAI, which has raised $18 billion and has a private market value of $157 billion, has 1,372 employees. To fulfill Trump and Son’s commitment, in other words, the investments would have to create 73 AI companies on the scale of OpenAI.

“A lot of advanced tech these days, including AI, is capital intensive and also highly dependent on high-paid skilled workers,” labor economist Guy Berger of the Burning Glass Institute told Barron’s . “I’m not sure how much head count $100 billion spread out over four years gets you.”

A selection of a dozen AI start-ups with valuations over a billion dollars reveals the uphill climb to the 100,000 jobs goal. These companies have raised a combined $42 billion and have an aggregate private market value of $309 billion, according to FactSet. Anthropic, which has raised almost $12 billion, has only 425 employees. All told, these companies employ less than 10,000 workers, an average of 785 workers per start-up.

Databricks, a data analytics start-up with a valuation of $43 billion, accounts for almost half of those employees. Excluding Databricks, the per start-up employee count falls to 399.

Other barriers in the labor market exist, as well. The overall unemployment rate is 4.2%, but narrow that down to workers with masters and doctoral degrees who are most likely to be AI employees, and the rate drops to 2.0% and 1.0%, respectively. In all, there are only 483,000 workers with advanced degrees looking for work, and most of them aren’t AI engineers.

“The labor market is not super loose right now,” Berger said. “A lot of gross jobs created here might simply involve reallocating people who already have jobs.”

Monday’s press conference recalled a similar one from 2016, when Trump and Son stood in the lobby of Trump Tower and promised $50 billion in U.S. investment and 50,000 jobs. SoftBank didn’t reply to a request for comment about the progress of that 2016 commitment.

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How Australian spending patterns are changing

October was the month for going out and partying, November saw spending on fashion spike while December shoppers will be turning to credit to have a happy Christmas.

That’s the pattern of spending by Australian consumers for the past three months according to recently released data.

Research from the Commonwealth Bank showed spending on ticketing services rose by 27 percent over October, with tickets to concerts by Oasis, Luke Combs, Metallica and even the F1 in Melbourne proving irresistible for many Australians looking to enjoy themselves.

In November, Black Friday sales — a retail event borrowed from the United States to bridge the day between Thanksgiving and the following Monday — have become a strong feature in Australia in recent years. While the sales events can begin at the start of the month and last for weeks rather than days, the Commonwealth Bank noted 8 of the 12 Household Spending Insights experienced an uptick over the month. This was led by women’s and men’s fashion, with shoppers hoping to take advantage of sales ahead of Christmas.

CBA Chief Economist Stephen Halmarick said in a year where cost of living pressures have been felt across Australian households, the possibility of securing a bargain moved Christmas spending forward.

“We’re seeing Black Friday and holiday spending shift earlier as retailers entice shoppers with early discounts on discretionary items,” Mr Halmarick said. “Collectively, sales for October and November 2024 were up 2 per cent compared to the same period last year.” 

With Christmas Day a little over a week away, research by Roy Morgan, commissioned by the Australian Retailers Association showed more than half of Australian shoppers had begun their Christmas spend as early as October. The research also found that Australians are expected to spend $11.8 billion on presents this year, an increase of $1.6 billion on 2023.

Financial comparison service Finder research indicated more Australians will be leaning on credit to cover the shortfall in their budgets this year. The survey of 1009 respondents showed 26 percent regretted not saving more for Christmas, while a further 14 percent felt they had not saved enough.

In contrast, 34 percent revealed they had no need to set aside money for the holidays while another 26 percent had implemented a savings plan over the year to cover costs.

Sarah Megginson, personal finance expert Finder, said Australians struggling with Christmas expenses should avoid racking up debt on credit and instead focus on ways of trimming down costs.

“Many families have very little wiggle room in their budgets this festive season after a surge in living costs,” she said. “When you’re in this situation, planning and comparing to get the best deals and discounts is crucial.

“Avoid extending yourself and ending up with a credit card balance you’re struggling to pay off once the tree has been packed away.”

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Property of the Week: 26-27 Olola Rd, Vaucluse

A Sydney trophy home which has been no stranger to the property market in recent years has reappeared this week, listed with new agents and an amended price guide of $45 million.
The grand Vaucluse estate on coveted Olola Avenue is currently owned by shipping container king Arthur Tzaneros and his wife Maude who paid $32 million for the expansive 2266sq m estate just three years ago. Tzaneros is currently the CEO of Australian Container Freight Services Port Logistics.
Despite purchasing in 2021, but reportedly only settling on the prestige property in 2022, the
palatial residence was back on the market mid last year with $50 million to $55 million price
expectations. That 2023 listing of Olola Rd was likely prompted by Tzaneros spending $61.5
million for another luxury home in nearby Bellevue Hill last year.
Prior to the Tzaneros’ acquisition, the high profile house was on the market in 2018, when it
exchanged for $17 million, and 2012 when it fetched $8.5 million.
Now the extravagant five-bedroom home, complete with resort-style grounds including a pool and tennis court, is being marketed with co-agents Michael Pallier of Sydney Sotheby’s International and David Malouf of Highland Double Bay.
The vast compound sits opposite historic Vaucluse House and Vaucluse Park, featuring northerly harbour views out to The Heads and a long wish list of designer finishes.
A stately home with grand proportions, the elevated three-storey property has a winding private driveway to a large forecourt fit for multiple cars in addition to the six-car showroom garage.
An imposing foyer and gallery with herringbone floorboards and a statement staircase make a
great first impression, while formal rooms open up to a pergola and water views. This spacious ground floor footprint has multiple zones for entertaining and the sleek state-of-the-art kitchen features a huge marble island bench, big butler’s pantry, Miele ovens and an induction stovetop.
There is also a separate home office with external access on the same level.
Upstairs, five bedrooms all have their own ensuites with Calacatta marble surfaces and heated floors. The hotel-style primary suite is a home to a Hollywood-inspired dressing room, and a fireplace, and features balcony access with a harbour outlook, a deluxe bathroom with double showers and vanities plus an oval freelancing bathtub.
The converted attic is the ultimate retreat or guest bedroom with a wide terrace, kitchenette and bath ensuite.
For outdoor entertaining, the property also has a combined tennis and basketball court, a
swimming pool, an alfresco pavilion with integrated barbecue and bar fridge, a level lawn, as well as landscaped private grounds.
The long list of luxury features at the residence includes a five-person lift to three levels, a wine cellar, cloak room, two powder rooms and a self-contained street-level studio ideal for live-in staff.
Surrounded by VIP homes, the Olola Ave house is close to harbour beaches and sought after
schools.
26-27 Olola Rd, Vaucluse is listed with a $45 million price guide with co-agents Micheal
Pallier of Sydney Sotheby’s International Realty and David Malouf of Highland Property
Double Bay.

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Swarovski: The Christmas tradition to last a lifetime

There’s a famous scene in Love Actually where actor Rowan Atkinson goes through a convoluted exercise to gift wrap a piece of jewellery for fellow actor Alan Rickman. Quite the performance, Atkinson’s embellishments have become the benchmark of experiential Christmas shopping by which all others are judged.

And for good reason.

Jewellery is a deeply personal gift meant to last a lifetime, whether the someone special you’re buying for is a significant other, or even yourself. And the experience of purchasing is all part of the enjoyment. The Swarovski range is designed to elevate the everyday to the extraordinary with an enviable array of earrings, necklaces, rings and wrist wear perfect for a day with friends, the office or even an extravagant night out. Whether in store or online, skilled sales consultants are on hand, ready to assist every step of the way, from selecting the perfect pieces for you through to the final flourishes of gifting. It’s all part of a commitment to quality and service that brings lovers of beautiful jewellery back year after year.

While others have tried to emulate them, Swarovski crystals are unmatched. Since founder Daniel Swarovski opened for business in Austria in 1895, they have become known for their exceptional cut and brilliance, literally outshining the competition. Known as the masters of light, Swarovski crystals are still crafted in Wattens, Austria, although the range has expanded to Christmas ornaments, decorations and figurines, spreading the sparkle at this festive time of year.

Here are our favourites from the latest Swarovski releases:

The Una Angelic Set

What can we say about this classic necklace, bracelet and earring set? This timeless trio moves effortlessly from office and client meetings to after work celebrations. Finished in classic white crystals and Rhodium plated it’s the set you’ll return to again and again. If you’re looking for the failsafe gift, this is it.

 

Swarovski Advent Calendar

Don’t want to wait to embrace the Christmas season? Treat yourself, a loved one or even the whole family to something special leading up to the big day. The Swarovski Advent Calendar features a sparkling crystal Christmas decoration behind each of its 25 doors, ensuring your tree becomes a glittering centrepiece. Count down the days with style.

 

2024 Christmas Ornament

Swarovski aficionados will already be on the hunt for this year’s official ornament but it’s never too late to start your own tradition. The beautiful snowflake creation has been designed with 133 facets and is available in clear or gold tone finish. It is complete with a gold tone metal tag engraved with the year. Ideal for hanging on the tree, it also looks stunning hanging on a door or in the window.

 

The Angelic range

When too much sparkle is never enough, this beautiful range of earrings, bracelets, necklaces and more offers a glittering array of choice. The delicate collection is an easy wear range, perfect for casual Christmas lunches, work outfits or any event where the desired look is sophisticated, stylish and completely put together. With a range of colours and finishes available, the greatest challenge with the Angelic range is deciding on your favourite — and knowing when to stop.

Receive a pouch when you spend $280 and treasure all your new favourites. Shop Now.

Offer ends 16th December 2024.

While stocks last.
Terms and conditions apply.

 

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A variable Australian property market holds firm in 2024 as west coast investors cash in

If there is one word to describe the Australian property market this year, it’s resilience.

That’s according to data released by CoreLogic today as part of its Best of the Best report.

Despite the cash rate remaining unmoved at 4.35 percent in 2024, home sales went up by 8 percent compared with last year and increased 6 percent on the previous five-year average. In signs that property continues to be a sound choice for investors, home values have risen 5.5 percent over the past 12 months, with the overall value of Australian homes now in excess of $11 trillion.

Head of research at CoreLogic, Eliza Owen, noted that there was significant ‘variability’ across markets, with Melbourne recording a fall of -2.3 percent in annual values while Perth saw home values rise by 21 percent over the same period. It was a similar story in regional areas, with regional Victoria experiencing falls of -2.7 percent and regional Western Australia witnessing a 15.5 percent increase.

Indeed, the Geraldton suburb of Beachlands in WA took out the top spot for the greatest increase in house values nationally, with a rise of 38.4 percent. In the unit market, Dolphins Heads in the Mackay region of Queensland experienced the most growth this year, with an increase in values of 52.8 percent. In capital city markets, Perth took out all 10 spots for strongest growth in house values.

While the greatest gains in terms of percentages were in the bottom quarter of the market, the greatest results were at the luxury end, with Sydney’s Mosman holding its position with the highest total value of house sales over the past 12 months at $1.652 billion.

Source: CoreLogic

While it has been a good year for those already in the market, there are indicators that conditions in 2025 could soften, with the final quarter of 2024 recording less robust results.

“The market’s initial strength in 2024 gradually waned due to declining demand, rising levels of advertised supply, and a shifting outlook for inflation and interest rates,” Ms Owen said.

However, she said an anticipated interest rate cut in the first half of 2025 and the possibility of wages growth next year made further increases in property values hard to predict. 

“While market conditions are broadly expected to improve off the back of a cash rate

reduction in 2025, there will still be considerable diversity in housing market performance,” she said.

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Rates on hold again as the RBA continues to exercise caution

The Reserve Bank of Australia has decided to keep interest rates on hold at its meeting today, dashing hopes of an early Christmas present for mortgage holders.

In a widely anticipated decision, the RBA has once again cited persistently high inflation as the reason for the pause. While acknowledging inflation has fallen substantially since it peaked at 7.8 percent in December 2022, the board said in a statement that there was still work to be done.

“Inflation has fallen substantially since the peak in 2022, as higher interest rates have been working to bring aggregate demand and supply closer towards balance,” the RBA board said in a statement. “Measures of underlying inflation are around 3.5 percent, which is still some way from the 2.5 percent midpoint of the inflation target.

“The most recent forecasts published in the November Statement on Monetary Policy (SMP) do not see inflation returning sustainably to the midpoint of the target until 2026.”

In further signals that a rate cut is still some way off, the board noted that the economic outlook remained ‘uncertain’ both in Australia and overseas, where some central banks have made cuts to their cash rates in recent months.

“There remains a high level of uncertainty about the outlook abroad. Most central banks have eased monetary policy as they become more confident that inflation is moving sustainably back towards their respective targets,” the board said. 

“They note, however, that they are removing only some restrictiveness and remain alert to risks in both directions, namely weaker labour markets and stronger inflation. “Geopolitical uncertainties remain pronounced.”

CoreLogic research director Tim Lawless said the RBA board’s decision to stick to its ‘steady as she goes’ approach was finely balanced.

“Tight labour market conditions, juxtaposed with a combination of low productivity growth, weak economic conditions and high inflation demonstrates the ‘narrow path’ the RBA is traversing, keeping rates high while avoiding a recession or blow out in the unemployment rate,” Mr Lawless said. 

“So far, the RBA has held to this path; the economy has staved off a recession, albeit largely due to population growth and government spending.  

“Similarly, households are battling through a seven-quarter ‘per capita’ recession that has been compounded by a period of negative real income growth and a depletion of savings, yet we haven’t seen mortgage arrears rise beyond 2 percent.”

He noted that, despite the lack of movement in the cash rate, home values were up 5.5 percent over the past year, although there was now evidence the heat was coming out of the market.

“Home purchasing is winding down, total listing numbers rising, the clearance rate is falling and homes are taking longer to sell,” he said. “Affordability may increasingly see buyers drop out of the market amid high interest rate settings.”

Based on the data, he said it was still likely mortgage holders could see a rate drop in the first half of 2025. The RBA board will meet again in February.

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The Australian regions outperforming the capitals for energy efficient housing

CANBERRA

New Australian homes are far more energy efficient than those built previously, a new report from CoreLogic has shown. The report, Amped Up: How energy efficient are Australian

Homes?’ has taken data from CoreLogic and checked it against metrics generated by the  CSIRO’s RapidRate™ product to reveal that houses built after 2010 achieved a media star rating of 5.9 out of a possible 10. This compares with a median rating of 2.8 stars for homes built prior to 2010.

The most energy efficient region overall was the ACT, with a median star rating of 6.1. Within the ACT, the region of Molonglo had the highest rating. Positioned halfway between Yarralumla and Stromlo Observatory, Molonglo is the newest district in the ACT and is still under development. It is the only region nationally with a star rating of 6 or above for all dwellings.

The ACT dominated the top 30 list of most energy efficient suburbs. In contrast, Sydney and Hobart were notably absent from the top 30 list, although the report noted that there was a high level of variation across both cities. Sydney and Hobart are also the oldest cities in the country, with some housing stock dating back to the early 19th century. The report noted that demand for heating was also strongest in Hobart, which also had the lowest dwelling completion to population ratio. Heritage restrictions were also identified as a factor.

At a micro level, the Sydney suburbs of Blacktown-North and Bringelly-Green Valley recorded the highest ratings for NSW, with a median of 5.2 stars. In Victoria, the Surf Coast-Bellarine peninsula performed well, with the suburbs of Armstrong Creek, Curlewis and Mount Duneed all showing a median rating of 6 stars or higher.

Given Australian housing accounts for 24 percent of electricity use and 10 percent of carbon emissions, CoreLogic’s Head of Banking & Finance Solutions Tom Coad said it was vital that standards set in the National Construction Code were adhered to.

“The significant difference in energy efficiency between relatively modern homes and older homes can largely be attributed to changes in the National Construction Code

which has progressively placed more emphasis on energy efficiency requirements for newly built homes,” Mr Coad said.

“The Coalition’s recent push to pause the National Construction Code for 10 years flies in the face of Australia’s commitments to reduce carbon emissions.”

“Policymakers should be incentivising the construction of energy efficient buildings, not slamming the breaks.”

The report was compiled using the Nationwide House Energy Rating Scheme (NatHERS) star rating system. Research director at CoreLogic, Tim Lawless, said it was important to continue to monitor the energy efficiency of housing construction.

“What gets measured gets done,” he said. “As standards for energy efficient design and construction rise, it’s also becoming more important to measure energy resilience in

our housing stock.

“Minimum energy efficiency standards for new builds will continue to be important in supporting Australia’s greenhouse gas reduction targets, but there is likely to be

increasing focus and incentives on established housing where most of Australia’s housing stock was built prior to recent minimum standards.”

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The Key to Affordable Living Is Moving In With Your Sibling

Grant Gechtman had a dilemma.

He was preparing to meet a date at his place when he realized he hadn’t mentioned something important: He has an identical twin brother, Dylan, who lives with him.

Grant and Dylan Gechtman , 25, share a rented three-bedroom home in Fremont, Calif. They do almost everything else together too. They work as senior associate scientists at the same pharmaceutical company, share a Mazda CX-5, and even joined the same Jewish fraternity in college.

They have another roommate, college friend Vedant Vaidya —whom their co-workers sometimes call the “third twin”—but they don’t view it as a permanent situation.

“We definitely don’t want to live in a big house with both of our wives and stuff like that,” said Dylan.

More adults have moved in with their siblings in recent years, a reflection of how it is becoming harder and more expensive to buy a home or make the rent. With Americans living longer and having fewer children —and divorcing late in life —siblings can be the closest people left for support.

There are about 1.1 million adults ages 50 and older living with a sibling, according to an analysis of Census Bureau data by Bowling Green State University’s National Center for Family & Marriage Research. That represents about 1.6% of that age group in 2022, up from about 1.3% in 2012.

There are also about 1.9 million adults ages 18 to 29 living with a sibling. That works out to about 3.6% of that cohort.

“Often when young adults talk about moving back in with their parents, there’s a sense of defeat,” said Krista Westrick-Payne, the center’s assistant director. “Moving in with a sibling…may feel less like a failure.”

Bowling Green’s analysis didn’t include those in their 30s or 40s.

Sherry Campbell , a certified financial planner, has noticed a small yet significant rise in clients seeking guidance on managing finances while owning a home with siblings. Most of her clients are women over 50, looking for emotional and financial support to get through a divorce.

“Men will a lot of times remarry, and women will not remarry,” Campbell said. “So that causes them to search for other ways to have that second income.”

Rooming with a brother or sister can come with challenges. Just because two people were raised the same way doesn’t mean they have the same views about cleaning, privacy or dating. And it is a lot harder to kick a roomie off the lease when you are blood relatives.

But there are perks too. The person in the other room already knows your life story; no need to explain it. And lots of sibmates said it was easier to get over a fight with a sibling than with a friend—perhaps because of the years of experience.

“Obviously you know what you’re getting into,” said Ben Karlin , who recently moved into the rented two-bedroom apartment of his triplet sister, Allison Karlin . “We kind of had a test run for 18 years.”

Ben and Allison have been living together in New York City since September. Their fridge is small, so Ben is careful about what he buys, picking up apples one trip and grapes the next. They don’t share groceries—only condiments.

“Our mom said before we moved in we have to operate like we’re not siblings,” said Ben, a 26-year-old publicist. “I feel like we make an effort.”

They enjoy having their grandparents just a few minutes away. Other family is close by as well. Their other brother, Jason, lives in a two-bedroom apartment in Boston with his girlfriend. He’s jealous of how much time Allison and Ben get to spend with the extended family.

“It’s harder sometimes to feel closer to family members when they’re not down the hall,” Jason said.

‘The modern-day Golden Girls’

The pandemic sparked a big run-up in home prices, and mortgage rates remain high even though the Federal Reserve has started cutting its benchmark interest rate. That has made the idea of buying a home with friends or family members a lot more enticing for many Americans.

Sisters Cheryl Sutton and Sandra Sutton recently bought a five-bedroom home in Portland, Ore., with their best friend. They were ready to leave California and wanted more space for their three dogs.

They knew it would work because they all have been living together for the past 25 years, leveraging each move into an upgrade. Each year, they travel somewhere new together. Next year, they’re going to Scotland. They call themselves the modern-day Golden Girls.

“At this point, anybody that gets married, they’re gonna have to just take the other two as well,” said Sandra, a 52-year-old talent coordinator for a tech company. “There’s no plans to not live together.”

Lauren Rogers , a real-estate agent in Southern California, recently sold a two-bedroom condo in Upland, Calif., for $603,000 to two brothers. The older brother, in his mid-30s, couldn’t afford to buy on his own. So his mother proposed the idea of buying with his younger brother, who is in his late 20s.

Rogers thought it was a great idea to invest together at an early age but says things might change as they get older. “I just told them, ‘This is not your forever home, but it’s your stepping point to get to the next,’” she said.

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Why Disney Is Plowing Cash Into a Cruise Line Expansion

Chief Executive Bob Iger had christened the 1,119-foot-long Disney Treasure the previous evening while 1,000 drones hovered overhead in the shape of a Champagne bottle. The fleet of drones transformed into shapes of images from “Aladdin,” “Coco,” “Moana” and other movies as pop star Jordin Sparks belted out a song written specially for the new ship.

The spectacle was a coming-out party of sorts for a business that for years has played a bit part in Disney’s overall entertainment empire, but is now increasing in prominence. Growth is slowing in the entertainment company’s parks businesses, and its legacy TV business is suffering from cord-cutting , but Disney fans worldwide can’t seem to get enough of cruises.

When Disney announced plans last year to “turbocharge” investment in its Experiences division, which includes theme parks, resorts and consumer products, the company said 20% of the $60 billion over the next decade would go toward its cruise business and other projects that haven’t been announced yet. Disney plans to more than double its fleet from six to 13 ships by 2031 and further expand its service internationally. undefined undefined “Given the fact that we are still a relatively small player and we see this strong demand, it’s only natural and actually the best time to invest in this business,” said Thomas Mazloum , who leads the part of Disney’s Experiences division that includes cruises.

Cruise travel overall surpassed prepandemic levels last year, attracting 31.7 million passengers, up from 29.7 million in 2019, according to the Cruise Lines International Association, a trade group.

More affluent millennials are choosing cruises over land-based vacations in part because a host of new, larger ships with premium amenities make them feel they get good value for the money, JPMorgan Chase said in a June research note. Rising international airfares have also made cruises that leave from ports in their home country more attractive to some overseas families.

Most cruise lines offer chaperoned children’s activities. On the Disney Treasure, parents can sunbathe with cocktails by the pool while children are entertained until as late as midnight with activities such as playing in a “Star Wars”-themed workshop, completing hero’s missions set in the Marvel Comics universe or designing a virtual theme-park ride to their specifications.

The Disney Treasure offers “Moana” and “Beauty and the Beast” themed stage shows, a piano bar themed after the movie “The Aristocats,” and a Mexican eatery where you can watch mariachi musicians sing songs from “Coco” while you sip a margarita and eat enchiladas. On a typical Disney cruise, costumed characters such as Pluto, Goofy and Donald Duck roam the decks and movie theaters show Disney films that are playing on land in cinemas.

Disney is betting that interest in cruises will prompt travelers to pay more for its cruises, which tend to cost more than mass-market cruise lines such as Royal Caribbean or Carnival. A four-day cruise to the Bahamas for a family of four on the Disney Wish ship, leaving from Florida’s Port Canaveral during a popular spring-break week next April, starts at $7,692. On Royal Caribbean, a much larger cruise line, a comparable trip starts at $3,368.

“You’re paying up to cruise with Mickey,” said Matt Hochberg, editor of Royal Caribbean Blog, which focuses on the cruise industry and isn’t affiliated with the cruise line.

Disney says that some of the cost of cruise tickets comes from docking fees charged at ports, which are largely passed on to the customer. Entertainment and dining options and even free unlimited soda—a perk harder to come by on competitors’ cruises—are part of the value proposition that passengers find attractive, the company said.

“You want it to feel like part of the mythology,” said Danny Handke, one of Disney’s parks and attractions designers who helped create the Haunted Mansion-themed bar aboard the Treasure.

The company discloses certain financial metrics for its cruise business but doesn’t share its full financials. In the year ended in September, Disney said a 5% increase in revenue for the Experiences division that includes cruises was driven in part by higher average cruise line ticket prices.

“Passenger cruise days,” the number of passengers aboard Disney ships multiplied by the days they spend on voyages, rose 14% in the company’s 2023 fiscal year (the most recent time period for which such figures are available) and 32% the previous year.

Mazloum, the head of the division that includes cruises, said that with only 5% of the Caribbean market and 2.5% of the global market, Disney is still a small player in cruising. But among Disney’s menu of entertainment options, it is one of the experiences that rates the highest among guests.

Consumer satisfaction surveys show that 82% of Disney’s cruise passengers intend to take another and that sea journeys are the highest-rated experience in Disney’s Entertainment division portfolio, Mazloum said.

At Disney’s busiest cruise port, Port Canaveral, two of the line’s ships launched 157 voyages that were on average 92.4% full in the year ended in September, publicly available port information shows. That metric, the average number of passengers per vessel as a proportion of each vessel’s maximum capacity, has returned to prepandemic levels for Disney.

Disney is now increasingly focused on the Asian market, where hundreds of millions of potential Disney Experiences customers live without a nearby theme park.

Launching next year, the Disney Adventure, which can hold up to 6,700 passengers and will initially operate in Southeast Asia, is Disney’s biggest ship yet. It will sail out of Singapore—the company’s first-ever service there—and aims to attract affluent Indian, Indonesian and Malaysian travelers.

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Trump Plans to Appoint Musk Confidant David Sacks as AI, Crypto Czar

President-elect Donald Trump named a Silicon Valley investor close to Elon Musk as the White House’s artificial intelligence and cryptocurrency policy chief, signaling the growing influence of tech leaders and loyalists in the new administration .

David Sacks , a former PayPal executive, will serve as the “White House A.I. & Crypto Czar,” Trump said on his social-media platform Truth Social.

“In this important role, David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness,” he posted.

Musk and Vice President-elect JD Vance chimed in with congratulatory messages on X.

Sacks was one of the first vocal supporters of Trump in Silicon Valley, a region that typically leans Democratic. He hosted a fundraiser for Trump in San Francisco in June that raised more than $12 million for Trump’s campaign. Sacks often used his “All-In” podcast to broadcast his support for the Republican’s cause.

The fundraiser drew several cryptocurrency executives and tech investors. Some attendees were concerned that America could lose its competitiveness in emerging areas such as artificial intelligence because of overregulation.

Many tech leaders had hoped the next president would have a friendlier stance on cryptocurrencies, which had come under scrutiny during the Biden administration.

“What the crypto industry has been asking for more than anything else is a clear legal framework to operate under. If Trump wins, the industry will get this, and more innovation will happen in the U.S.,” Sacks posted on X in July.

The tech industry has also pressed for friendlier federal policies around AI and successfully lobbied to quash a California AI bill industry leaders said would kill innovation.

Sacks’ venture-capital firm, Craft Ventures, has invested in crypto and AI startups. Sacks himself has led investment rounds in many. He has previously invested in companies such as Slack, SpaceX, Uber and Facebook.

Sacks was the former chief operating officer of PayPal, whose founders included Musk and Peter Thiel . The group, called the “PayPal mafia,” has been front and center this election because of its financial muscle and influence in drumming up support for Trump.

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Property of the week: 205 Wahring Murchison East Rd, Wahring

Legend has it that opera icon Dame Nellie Melba performed in the minstrels’ gallery and current-day hitmaker Tones and I filmed a music video at Noorilim estate. The high profile property has even been the breeding ground for multiple Melbourne Cup winners including 1910 champion, Comedy King, who was laid to rest within the grounds.

In 1998, prominent art dealer and entrepreneur behind Menzies International, the late Rod Menzies and his wife Carolyn, bought Noorilim for $3.325 million and set about restoring the Italianate mansion to its former glory.

Today, the 65ha property in the heart of the Goulburn Valley is on the market for only the third time in the past 50 years via Sean Cussell of Christie’s International Real Estate with a price guide of $15m.

During the Menzies’ ownership, the glamorous country estate was a venue for weddings, concerts, and private events, welcoming a long list of international guests. Chart-topping artist Tones and I filmed the video for her song Bad Child at the estate, and the period property has played its part in numerous films and television series. Singer and actor Ted Hamilton, known for roles in Division 4, Homicide, The Love Boat, M*A*S*H and Hawaii Five-O, was also a regular performer at the address.

Given its stately grandeur, Noorilim was even a successful auction centre for fine art with works by Brett Whiteley, Sidney Nolan and Jeffrey Smart sold under the hammer at the property.

Built in 1879 by celebrated architect James Gall for parliamentarian William Winter-Irving, Noorilim is a prime example of post-Gold Rush prosperity in Victoria. At the time of its construction in the mid to late-1800s, Australia had been labelled one of the richest nations on earth and Melbourne’s monied elite were spilling out of the city looking to build country estates to rival those in Great Britain. The nouveau riche began commissioning lavish ornamental houses shadowing the Gothic, Italianate and Queen Anne designs of Europe.

Noorilim’s facade is a striking example of this “boom style” architecture featuring an asymmetrical tower, ornate balustrades and grand arched loggias that frame sweeping views of the estate’s manicured grounds.

Inside, the vast 1022sq m residence has 5m ceilings and lavish period features, including 15 fireplaces, seven staircases, and intricate Corinthian columns.

At the heart of the mansion its grand hall has Minton tiles imported from England and laid by Italian artisans who were shipped out specifically for the job. There is a turret lookout, a billiard room, 10 bedrooms, four bathrooms, an office and grand formal rooms such as a lounge, library and dining room all with expansive windows showcasing views of the gardens and vineyard.

Noorilim’s name is derived from the Indigenous Yorta Yorta language and means “place of many reeds” reflecting the estate’s connection to its natural surroundings. Complementing Gall’s vision, renowned landscape designer William Guilfoyle — who worked on Melbourne’s Royal Botanic Gardens — crafted Noorilim’s standout gardens.

The grounds are home to echidnas, kangaroos and koalas, more than 300 mature trees including ancient Moreton Bay figs, a rose garden with a central fountain, an ornamental lake, a boathouse, and even a private beach on the banks of Goulburn River. There is also an extensive wine cellar, numerous outbuildings and barns, as well as a heritage-listed water tower. The working vineyard produces Chardonnay, Shiraz, Cabernet, and Merlot grape varieties.

 

 

Noorilim, near Nagambie, is 150kms north east of Melbourne at 205 Wahring Murchison East Rd, Wahring. The property is listed with Sean Cussell from Christie’s International Real

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Australian property buyers the winners in a spring market

Australian property buyers have been the big winners this spring, according to new data released this week, with more stock available and a drop in sales volumes.

CoreLogic’s Housing Chart Pack for December showed sales were down 4 percent on the historic average while total listings volumes nationally increased 10.6 percent during spring.

Homes also took longer to sell through spring. The national median number of days on market in the three months to November was 32 days, up from 27 days for the same period last year.

CoreLogic economist Kaytin Ezzy said the trends combined to create a more favourable market for buyers rather than sellers.

“Between higher stock levels and lower-than-usual sales volumes, the data for the end of November shows that buyers were the winners this spring (just), and sellers generally saw softer market conditions over the past few months,” she said. “The increase in selling times has coincided with higher stock levels, and softer sales volumes year-on-year. 

“The median time on market increased by four days year-on-year across both the combined capital cities and regional market.” 

The best performing areas for home value growth continued to be in the 25 percent most affordable markets of Adelaide, up 4.7 percent, Perth (4.5 percent) and Brisbane. At the other end, the top quarter of homes in Darwin (-2.7 percent), Melbourne (-1.4 percent) and Sydney (-1.6 percent) saw the greatest falls over the same period.

In good news for renters — and less welcome for existing investors — the report found rental growth also slowed this year. Rents increased by 5.3 percent over the year to November, the slowest increase since April 2021. At the same time, the RBA reported the average household size has risen across Australia’s capital cities, suggesting more renters are moving into shared housing to offset cost of living concerns.

“The gradual slowdown in net overseas migration could also be contributing to the stabilising in rent values, and as the backlog of Homebuilder work moves into completion, this could also take some demand out of the rental market,” Ms Ezzy said. 

“Rental growth may rebound a little through the seasonally strong first quarter of 2025, but beyond any seasonality, it looks increasingly like the rental boom is over.”