🦘 Banks Refunding Scam Victims, Unwelcome Housing Statistics, Handy Side Hustle Helping Aussies Save For Homes

G’day everyone!

Here’s what we’ve got in store for you today:

• Banks Refunding Scam Victims

• Unwelcome Housing Statistics

• Handy Side Hustle Helping Aussies Save For Homes

Let’s have a look at the market snapshot before jumping into the news:

Home Sweet Hell: Aussie House Prices Keep Climbing, First-Time Buyers Sidelined

Forget the Aussie dream of buying that cozy first home - house prices across the nation just went turbo!

July, which is usually a calm month for property markets, saw a surprising .8% spike in house prices, according to the latest PropTrack Home Price Index.

This marks a 6.28% jump from last year, with Perth leading the charge, skyrocketing by a whopping 23%.

Senior economist Paul Ryan says affordability is getting hammered, with interest rates echoing the tough times of 2011-12, but with house prices now doubled.

• Perth’s median house price hit $736,000 - up nearly 23% over the past year.

• Brisbane and Adelaide also broke into double-digit growth, making it a rough ride for first-time home buyers.

• Meanwhile, Melbourne and Darwin saw slight drops in property values, offering a smidge of relief. Melbourne's median house price sits at $803,000 following a 0.21% drop in July.

• Sydney’s market played it mellow but still pricey, with a median house price hovering at $1.1 million - up over 6% for the year.

Demand is fierce, thanks to runaway rents and investors flocking back into the game.

The pandemic did help some folks upgrade, but first-timers are feeling the squeeze, left out in the cold by soaring prices and hefty interest rates.

Will the market ever cool off? For now, it seems unlikely. Hang tight, future homeowners!

Banks Under Fire: New Plan to Reimburse Aussie Scam Victims

Australia's Assistant Treasurer Stephen Jones is rolling out a plan to make banks, telcos, and social media companies cough up refunds for scam victims.

With Aussies losing a whopping $2.7 billion to scams last year, the current system isn't cutting it, with only a tiny fraction of losses being reimbursed.

New codes of conduct will soon lay down the law, holding companies accountable if they fail to sniff out and stop scams.

In a nutshell, if these companies drop the ball, they'll have to compensate victims.

Victims like Sunni Wan, who lost nearly $50,000 to a scam artist posing as someone from HSBC, welcome the move, hoping Australia will follow the UK's lead on mandatory reimbursement.

Starting October, UK banks will be required to refund scam victims, with exceptions for extreme negligence or fraud on the customer's part.

The Australian Banking Association is on board but warns that focusing liability solely on banks won't fix the problem.

Scams are a collective headache, and every link in the chain needs to be held to account.

As Australia gears up to tackle this issue with tougher laws and better victim support, consumers might just see their hard-earned cash given a bit more protection.

Aussie Dad Turns to Handy Side Hustle to Pocket Extra $4,000 a Month

Frank Hoyt, a savvy Aussie dad of two, is raking in the dough with a side hustle that's helping him save for a home.

Frank, a panel beater by trade, travels around Australia fixing hail-damaged cars.

But when the skies are clear, he switches gears to painting, plastering, and general handy work, pulling in an extra $4,000 a month through platforms like Airtasker.

The 40-year-old Brisbane resident loves the flexibility that his side gig offers, allowing him to balance work with family time.

"Once my main job slows down, I pick up extra work from Airtasker," shared Frank, who’s been at it since 2016.

With the cost of living soaring, taking on multiple jobs has become the new norm for many Aussies.

In fact, around 974,000 Aussies, or 6.7% of employed people, now juggle multiple roles.

Frank’s goal? To secure a house (or houses) to leave something substantial for his kids.

Demand for handyperson tasks has surged post-pandemic, with gigs like removalists, residential cleaning, and lawn mowing being among the top earners on Airtasker.

Handy heroes like Frank are stepping up to make ends meet and set themselves up for a more comfortable future. Keep hustling, Frank!

You Made It!

If you’ve read all the way up to here, we just wanted to let you know that you’re an absolute legend!

Time to go to work and show off how clued up you are about what’s going on in the business world 💪

Keep an eye out for tomorrow's newsletter. Until then, we’d love to get your feedback below!