Alan Kohler takes you through today’s finance news, with fresh information about Australia’s median house prices.
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00:00 Apart from the fact that Brisbane now has the second most expensive houses in the country
00:06 after Sydney, 8% dearer than Melbourne, the other big news in housing is that Adelaide
00:11 and Perth are surging, while prices in Hobart and Darwin are falling.
00:15 And the other thing worth noting is that Sydney's median price is 37% higher than Brisbane's,
00:21 and that's an incredible difference between the number one and number two markets in a
00:24 country.
00:25 Here's a graph of monthly changes showing that Perth is setting the crackiest pace at
00:29 the moment.
00:31 And here's a chart of the change over five years which shows that Adelaide is in front.
00:34 Now the percentage rise in Adelaide is twice that of Sydney and more than four times that
00:38 of Melbourne.
00:39 And for my last chart on this subject, we hear a lot about housing approvals and completions
00:44 being well down, which is true, but while those numbers do eventually flow through to
00:48 housing values, what really matters is the supply of existing homes right now.
00:54 And listings of those have fallen 30% in five years and are now well below average.
00:59 The share market went up 0.7% with big gains by banks.
01:03 Jewellery retailer LaVisa said it had hired the CEO of Smegle, John Cheston, as its new
01:09 CEO, but he's given Smegle 12 months notice.
01:12 The existing CEO of LaVisa, Victor Herrero, is famously the second highest paid CEO on
01:16 the ASX on $30 million last year.
01:20 Now he's going to stay on for a measly $2 million and his replacement will be paid $2.35
01:26 million or 47 times today's new minimum wage.
01:30 But despite the cost saving, LaVisa's share price fell 10%.
01:35 Global markets all rose, commodities all fell and the Australian dollar didn't move.
01:41 And that's finance.
01:42 [BLANK_AUDIO]