Where property prices are rebounding around the country
Interest rate rises and cost of living pressures resulted in mixed results on home values around Australia
Interest rate rises and cost of living pressures resulted in mixed results on home values around Australia
Australian home prices rebounded strongly in 2023, new figures released today have shown.
The Home Value Index from property data provider CoreLogic revealed prices surged by 8.1 percent last year after falling -4.9 percent in 2022. However, recorded growth is nothing like the rises in 2021, which saw home prices swell by 24.5 percent.
CoreLogic research director Tim Lawless said while the greatest increases were seen at the start of 2023, consistent interest rate rises announced by the RBA put a dampener on growth as the year progressed, with just a 0.4 percent increase in December.
“This was the smallest gain in our national monthly HVI since values started rising in February,” Mr Lawless said. “After monthly growth in home values peaked in May at 1.3 percent, a rate hike in June and another in November, along with persistent cost of living pressures, worsening affordability challenges, rising advertised stock levels and low consumer sentiment, have progressively taken some heat out of the market through the second half of the year.”
While regional areas saw record price rises during COVID, it is now the Australian capitals leading increases in home values, Mr Lawless said.
“Stronger conditions across capital city markets is a reversal of the early COVID trend which saw regional markets experience higher demand amid strong internal migration,” he said. “Regional migration trends have mostly normalised through 2023, and the significant capital gains recorded through 2020 to 2022 has meant many regional markets have become less affordable.”
However, growth across capital cities is uneven, with Perth recording the highest annual increases at 15.2 percent, followed by Brisbane on 13.1 percent and Sydney on 11.1 percent. The results were followed by Adelaide (8.8 percent), Melbourne (3.5 percent) and Canberra (0.5 percent). Darwin and Hobart values declined over the past 12 months, down -0.1 percent and -0.8 percent respectively.
In Perth, the top performing suburb was Armadale, up 25.2 percent, followed by Gosnells, 22.6 percent.
In Brisbane, home values in the suburb of Nathan are up 22 percent on last year, followed by Mt Gravatt, up 21.1 percent.
For the Sydney market, Blacktown lead the way, with a 15.8 percent increase in home values, followed by the inner west suburbs of Marrickville – Sydenham – Petersham, which increased by 15.3 percent.
|
Rank |
SA3 Name |
SA4 Name |
Median Value |
Annual change |
|
Greater Sydney |
||||
|
1 |
Blacktown |
Sydney -Blacktown |
$969,287 |
15.8% |
|
2 |
Marrickville -Sydenham -Petersham |
Sydney -City and Inner South |
$1,741,931 |
15.3% |
|
3 |
Hornsby |
Sydney -North Sydney and Hornsby |
$1,485,422 |
15.3% |
|
4 |
Strathfield -Burwood -Ashfield |
Sydney -Inner West |
$917,641 |
14.9% |
|
5 |
Eastern Suburbs -North |
Sydney -Eastern Suburbs |
$1,988,175 |
14.6% |
|
6 |
Warringah |
Sydney -Northern Beaches |
$2,068,585 |
14.5% |
|
7 |
Canterbury |
Sydney -Inner South West |
$1,085,111 |
14.3% |
|
8 |
Mount Druitt |
Sydney -Blacktown |
$812,868 |
14.1% |
|
9 |
Merrylands -Guildford |
Sydney -Parramatta |
$1,060,399 |
14.1% |
|
10 |
Leichhardt |
Sydney -Inner West |
$2,007,850 |
14.0% |
|
Greater Melbourne |
||||
|
1 |
Darebin -North |
Melbourne -North East |
$762,619 |
7.9% |
|
2 |
Banyule |
Melbourne -North East |
$935,214 |
7.7% |
|
3 |
Monash |
Melbourne -South East |
$1,223,086 |
7.6% |
|
4 |
Knox |
Melbourne -Outer East |
$910,533 |
7.5% |
|
5 |
Manningham -West |
Melbourne -Inner East |
$1,388,013 |
7.1% |
|
6 |
Manningham -East |
Melbourne -Outer East |
$1,539,018 |
6.9% |
|
7 |
Whitehorse -West |
Melbourne -Inner East |
$1,213,085 |
6.7% |
|
8 |
Whitehorse -East |
Melbourne -Outer East |
$1,185,513 |
6.1% |
|
9 |
Casey -North |
Melbourne -South East |
$808,703 |
5.3% |
|
10 |
Casey -South |
Melbourne -South East |
$758,745 |
5.1% |
|
Greater Brisbane |
||||
|
1 |
Nathan |
Brisbane -South |
$1,079,497 |
22.0% |
|
2 |
Mt Gravatt |
Brisbane -South |
$1,117,075 |
21.2% |
|
3 |
Sunnybank |
Brisbane -South |
$1,026,758 |
19.4% |
|
4 |
Carindale |
Brisbane -South |
$1,212,544 |
19.1% |
|
5 |
Holland Park -Yeronga |
Brisbane -South |
$756,166 |
18.8% |
|
6 |
Springwood -Kingston |
Logan -Beaudesert |
$638,552 |
17.1% |
|
7 |
Chermside |
Brisbane -North |
$945,095 |
16.7% |
|
8 |
Rocklea -Acacia Ridge |
Brisbane -South |
$935,200 |
16.2% |
|
9 |
Nundah |
Brisbane -North |
$794,173 |
15.7% |
|
10 |
Forest Lake -Oxley |
Ipswich |
$665,472 |
15.4% |
|
Greater Adelaide |
||||
|
1 |
Playford |
Adelaide -North |
$474,782 |
14.3% |
|
2 |
Gawler -Two Wells |
Adelaide -North |
$590,250 |
13.7% |
|
3 |
Salisbury |
Adelaide -North |
$582,159 |
13.2% |
|
4 |
Tea Tree Gully |
Adelaide -North |
$700,396 |
11.5% |
|
5 |
Port Adelaide -West |
Adelaide -West |
$691,116 |
11.0% |
|
6 |
Onkaparinga |
Adelaide -South |
$663,042 |
9.9% |
|
7 |
Port Adelaide -East |
Adelaide -North |
$737,926 |
8.5% |
|
8 |
Marion |
Adelaide -South |
$797,606 |
8.3% |
|
9 |
Campbelltown |
Adelaide -Central and Hills |
$859,213 |
8.2% |
|
10 |
Burnside |
Adelaide -Central and Hills |
$1,416,110 |
8.2% |
Top 10 capital cities SA3s with the highest 12-month value growth – Dwellings. Source: CoreLogic
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As AI productivity trackers reshape workplace evaluations, employees are learning how to manage calendars, activity levels and AI usage to ensure their contributions are recognized.
What’s more important than being a good employee right now? Looking like a good employee in the eyes of AI productivity trackers that more managers are using to evaluate their teams.
Employee-monitoring systems are especially popular at tech companies and are also used by other white-collar firms that want to probe how people spend company time. The scary thing: You might not even know you’re being watched because many states don’t require disclosure.
Metrics can include performance data that is undoubtedly relevant, such as sales results. But it also can employ dubious proxies like keyboard strokes and how often your computer screen goes into sleep mode.
We generally accepted, or at least understood, heightened surveillance during the work-from-home era. Back then it seemed reasonable for bosses to keep tabs on employees they couldn’t see.
Yet the oversight has only escalated, and tensions are rising, too.
A group of former Meta Platforms employees alleges in a lawsuit that the company used a “constellation of internal artificial-intelligence systems” when it began laying off about 10% of its workforce in May. Meta says humans make termination calls.
However that case shakes out, a couple of things are clear. Companies eager to gauge which employees are locked in now have sophisticated AI monitoring systems at their disposal. And they believe they have leverage in a tepid labor market.
So while we may chafe at having our worth reduced to numbers on the boss’s productivity dashboard, we have to play the game as it’s being played. Here are some tips, based on conversations with people who make employee monitoring systems—and others who game the systems.
Calendar integration is one way that productivity trackers have gotten more advanced and, ostensibly, fairer.
Let’s say you make an old-fashioned phone call or attend an in-person meeting. Your Outlook or Slack status may switch to “away,” making you appear as inactive as if you were taking an extended coffee break.
Employee monitors like one made by a company called Insightful cross-check your online status with your calendar to see whether there is a valid reason for your apparent inactivity. If that call or meeting is on your schedule, then the system will recognize that you are busy offline. If nothing is on the books, it could look like you’re slacking off.
Let’s not go any further without addressing the underlying question: How much downtime is permissible during the workday? After all, people have been scared to let managers see anything non-work-related on their screens since personal computers first arrived in offices.
No one knows this better than Roger Wagner, who is widely credited with creating the first “boss button” in the early 1980s. He designed a keyboard shortcut to instantly display a spreadsheet if the boss walked by your cubicle while you were playing a computer game. Boss buttons have been features of countless diversions since. (I confess to using one built into a March Madness streaming app.)
Wagner, the founder of computer-education company 1010 Technologies, says his original design was a joke—more of a commentary on overbearing managers than a cover for lazy employees. Good bosses understand workers need mental breaks throughout the day, he says.
This matches what I heard from Insightful Chief Executive Ivan Petrovic. He says customers that use his company’s workforce-management platform don’t expect employees to stay on task 100% of the time.
“On average companies are aiming for 60% to 80% of your time being utilized for work during the day,” he says.
Go ahead and exhale. It’s probably OK to watch an occasional YouTube video at your desk.
And if you’re going to artificially inflate your activity level, be careful. Hitting 90% could look suspicious.
So don’t leave your mouse jiggler on all day. Choose the right one if you must resort to shenanigans.
There are lots of software applications that mimic the movements of a computer mouse, so you can appear to be working while away from your desk. There are also devices that plug into computer ports and do the same thing.
Corporate cybersecurity systems increasingly block these apps and devices, and productivity trackers claim to be able to detect them. But some workers swear by mouse docks, like one made by Tech8 USA, that keep cursors moving. The company originally made mouse-moving software but now focuses on physical jigglers.
“People are drawn to mechanical solutions because they’re so simple and don’t require software,” says Tech8 Marketing Director Sam Matthews. “As monitoring technology becomes more sophisticated, that distinction has become even more relevant.”
Another popular metric for employee-monitoring systems is AI usage. Companies want to know who is embracing new tools, and it can be tempting to think more is better.
“There’s a performative aspect where employees overblow their usage of AI so that they appear relevant in the organization,” says Andrea Derler, principal researcher at Visier, which helps companies track and analyze employee work habits.
In a recent Visier survey of 1,000 U.S. workers, 48% admitted to exaggerating their AI usage.
This is already an outdated strategy. Using AI for everything used to score points for experimentation. Now it can seem wasteful because many companies are watching AI token spending more carefully.
Look, productivity theater has always been part of work. Most of us aren’t trying to cheat the system, but expectations are changing so quickly that we need to be savvy about what the latest employee trackers are looking for.
Sometimes it takes a little gamesmanship to get full credit for our contributions.
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