AUSTRALIAN HOMES are being ‘banked‘, demolished for medium-density
IT was put about early in the term of the NSW Libs that SYDNEY WAS GROWING … we have to have higher density to meet the population growth … that this would be addressed by developing high-rise Precincts near railway stations, and on bus routes …
BUT that has not been enough … with Millions of ‘buyers’ overseas …
Former Urban Taskforce CEO, Chris Johnson in a 2018 media release reported that ‘30% of dwellings in Sydney are apartments with 14% being townhouses and 55% detached houses.
By 2024 the detached homes will have dropped to 49% and apartments grown to 34%.
In 40 years-time apartments are predicted to be 50% of Sydney’s homes with 25% as townhouses and 25% as detached houses.‘
WHERE have all the buyers come from? For both high-rise and urban sprawl … as our Australian Heritage and neighbourhoods are demolished for ‘Exempt and Complying Development’ … of terraces, townhouses, triplex and duplex
‘The Chinese Vision Times‘ writes:
‘ … almost 4.2 million people moved to Australia between 1945 and 1985. These people built homes inspired by their European backgrounds and contributed heavily to the aesthetic and architectural culture of Australia. Today, these post-war homes are increasingly being demolished.’
Property prices in Australia have almost rebounded back to their peak levels after falling for several months. (Image: Screenshot / YouTube)
WITH yet another surge of overseas buyers from China and Hong Kong …
‘Australian’s today have no use for such big homes so they are being bulldozed.‘
Australian’s today have no use for such big homes so they are being bulldozed. (Image: via pixabay / CC0 1.0)
And there have been so many beautiful Heritage and Mid-Century homes bulldozed for fugly development of duplex, townhouses and terraces now devouring where we live as more fly in … to launder their ‘hot money’ for their Permanent Residency …
Nearly $60 million worth of real estate in one of Toorak’s most-exclusive streets has been reduced to a patch of dirt, with mystery surrounding what’s going to happen to it.
On well-heeled St Georges Road, where two grand mansions once stood side by side, sits a couple of Melbourne’s priciest vacant blocks after bulldozers razed both properties.
Melbourne real estate records were smashed a few years ago when a Chinese buyer paid just under $40 million for the 1920s Mowbray mansion at 18 St Georges Road.
The palatial six-bedder, sitting on 5000sqm with a swimming pool and tennis court, succumbed to the dozer blade in recent months after it was damaged by fire and vandals started getting inside the vacant property.
The gates bearing the Mowbray name are still standing.
Title documents show the property belongs to a buyer by the name of Qi Yang.The Australian Financial Review reported at the time that Mr Qi won Foreign Investment Review Board approval to buy the land, which came with a hefty $5 million stamp duty bill.
The City of Stonnington said no plans had been lodged for the property after a demolition permit was granted in May last year.
Under the council’s planning scheme, a building permit is only required for two or more dwellings or a subdivision.
There is no sign of tradies next door either, since the Idylwilde mansion was controversially torn down in 2015, prompting an outcry in the community over lost heritage.
Bought for $18.5 million in 2013, the former landmark 1913 estate at 16 St Georges Road is now chock full of weeds and surrounded by security fencing.
*The lack of action has prompted speculation about landbanking.
*Owner Xiaoyan “Kylie” Baoput the property on the market last year with a $40 million plus price guideafter plans to build a grand $18 million home were shelved.
However, one buyers’ advocate who deals with high-end property said the owner would be lucky to get anywhere near that.
“They paid way over the top,” the property watcher said.
Those two vacant blocks could soon be joined by another, if a third mansion is demolished further down the street.
A 7200sqm block at 29-31 St Georges Road is quietly up for sale after sitting dormant for nearly three decades.
*The rumoured asking price is as much as $75 million, after the property was bought by the Yu family for $5 million in 1991.
A chunk of change like that would obliterate the property record established by Mowbray and later eclipsed when Australia’s former government house, Stonington in Malvern, sold for $52.5 million in 2018.
Several planning applications have been knocked back over the years to build units on the land, however there might finally be a change of ownership around the corner.
A half-built French Renaissance-style house on the land would probably be knocked over, according to selling agent Andrew Baines.
“It’s purely land,” he said.
Toorak Village Residents Action Group president Eddie Young said the neighbours were waiting to see what would happen with the properties.
He said he had been told that a single dwelling would be built at 18 St Georges Road, which locals were pleased with.
Next door, however, was another story.
“It’s a mystery,” he said. “And it looks dreadful.”Play Video
The single-level Surrey Hills residence sold $350,000 above reserve.
A woman stuck in Wuhan has paid a $350,000 premium for a Surrey Hills townhouse while on FaceTime with her son as he bid at the auction.
The buyer, who is an Australian citizen, picked up 23 Bentley St for $1.65 million after competition from five other groups, mostly made up of downsizers and young professionals.
Fletchers Canterbury director Tim Heavyside said the purchaser had missed out on other properties and planned to downsize into the three-bedroom townhouse.
Six groups contested the auction.
“She’s not a resident of China, she’s an Australian citizen,” Mr Heavyside said. “She’s stuck in Wuhan (the coronavirus epicentre), but she still bought it from Wuhan by FaceTiming with her son.
“The fact that it was so close to her son made it an easy decision to buy that particular property.”
Mr Heavyside said Australia’s reputation for first-class health care and economic stability was helping the local real estate market grow, predicting it would return to 2017 peak levels by midway through this year.
“Australia is actually quite a safe haven for any type of nationality, particularly for people that are worried about coronavirus and things like that,” Mr Heavyside said.
“Being safe is very high on people’s list.”
The buyer was happy to pay $1.65 million to live closer to her son.
The home’s kitchen.
Workers transfer medical waste at Leishenshan Hospital, the newly-built makeshift hospital for novel coronavirus patients, in Wuhan on February 18, 2020. Photo: STR/AFP
Mr Heavyside said the Surrey Hills sale was a “representation of how strong the market is.”
“There’s a lot of buyers out there that are trading out of fear or greed,” he said.
The Federal Government’s coronavirus travel ban was last week extended to at least February 22. It does not prevent Australian citizens and permanent residents returning to Australia from mainland China.
The Reserve Bank of Australia (RBA) has released new research which attempts to explain why dwelling values respond much more to interest rate changes in some parts of the country (e.g. Sydney and Melbourne) than others:
We know that housing prices vary substantially across different parts of the country. The average price of housing is higher in Sydney, for example, than it is in Hobart. We also know that changes in interest rates have an effect on housing prices. When the RBA lowers the cash rate housing prices typically end up higher than they otherwise would have been. These two facts have been well documented, but what we don’t know is how these two facts fit together. For example, when the RBA lowers interest rates, is the change in housing prices larger in Sydney than in Hobart? And what are the factors that explain any differences in the response of housing prices to interest rates across the country?
In this paper we examine how monetary policy affects housing prices across local areas. We explore three related questions:
1) How differently do housing prices respond to monetary policy across areas? 2) What can explain these differences across areas? 3) Does monetary policy cause changes in the housing wealth distribution?
We document considerable differences in the response of housing prices to changes in monetary policy across local areas. While housing prices in the median region fall by 2.3 per cent two years following a 100 basis point increase in the cash rate, at the 25th and 75th percentiles, housing prices fall by 0.9 per cent and 3.5 per cent respectively in response to the same cash rate increase.
What can explain these differences across areas? We find that a diverse set of forces are associated with the sensitivity of local housing prices to cash rate changes. We find some evidence that housing supply conditions matter. This is because a fall in interest rates leads to higher demand for housing. For areas in which it is difficult to build new housing – when housing supply is `tight’ – most of this increase in demand will be met by an increase in the price of housing, rather than in the quantity of housing. So changes in interest rates tend to affect prices more in areas in which housing supply is constrained, whether by geography or government regulation. But, on top of this, we find that areas with more mortgage debt, higher incomes and more housing investors also have larger housing price responses to changes in monetary policy.
Relatedly, we also find that changes in the cash rate alter housing wealth inequality. This occurs because expensive areas, which typically have tighter housing supply, are more sensitive to changes in interest rates. These differences, however, dissipate over time, suggesting any change in housing wealth inequality due to monetary policy is temporary.
Overall, this paper documents two findings on the effect of monetary policy on housing prices. First, the distribution of responses is substantial. And second, more expensive areas are more responsive to monetary policy. Housing supply conditions, and the availability of land, go some way to explaining these differences.
But there is clear evidence that other factors, such as incomes, mortgage debt and investor concentration, matter too. This supports the view that housing price dynamics are complex and that a wide range of factors need to be considered when trying to understand how changes in interest rates affect the Australian housing market.
Not a bad effort. Although it is curious that the RBA did not mention differences in population growth, driven by immigration.
As we know, Sydney and Melbourne are growing quickly driven by mass immigration:
This growth is obviously fueling demand and helps to explain why dwelling values in Sydney and Melbourne have grown so much faster than the rest of Australia:
Don’t just take my word for it. Many studies have also found that immigration helps fuel house prices.
For example, university academics last month released research showing that mass immigration is unambiguously lifting Australian house prices, thus making housing less affordable for the resident population:
*In cities where the new migrant population grew by 1 per cent each year, house prices likewise rose by 0.9 per cent, according to the study titled The Impact of Immigration on Housing Prices in Australia by senior lecturer at Monash Business School Daniel Melser, and, RMIT University student Morteza Moallemi.
*“House prices would have been around 1.4 per cent lower per annum, and units 0.8 per cent lower, if there had been no immigration [from 2006 to 2016],” they wrote, in the soon-to-be-published study…
“Interestingly, the effect of immigrants on different property types is different – there is a bigger impact on houses than units or apartments,” Mr Melser said.
Specific migrant groups also had a bigger impact on house prices than others, given they were more likely to buy a home, Mr Melser said
“Chinese and Indian immigrants have high rates of home ownership,” he said…
High rates of immigration put upward pressure on land and housing prices in Australia’s largest cities. Upward pressures are exacerbated by the persistent failure of successive state, territory and local governments to implement sound urban planning and zoning policies…
The Grattan Institute’s housing reform blueprint also explicitly stated that “high rates of immigration” are a contributing factor to Australia’s rapid house price growth and reduced housing affordability:
Strong population growth, both from natural increase and overseas migration, has increased demand for housing and contributed to the increase in dwelling prices, particularly in our major cities…
Immigration has been the major driver of population growth since the mid-2000s… Immigrants are more likely to move to Australia’s major cities than existing residents…
Why did the RBA’s research paper fail to mention this?
An empty House Tax here in Australia could raise a comparable $40M in each State …
-to fund housing initiatives
-but that does not restore housing affordability for the incumbents locked out by foreign buyers
AND on the important level of ‘community well-being’ … this could be achieved through the restoration of housing affordability for incumbents by blocking the Proxy laundering the ‘hot money’ in Australia’s domestic housing market …
This in turn will stop the vacant land banking and vacant properties full stop.
Contrary to the Morrison Government in the lead-up to the May 2019 Election, Labor had a plan to stop property money laundering … it was going to implement the Second Tranche of the Anti-Money Laundering LEGISLATION … and reverse the Real Estate Gatekeepers exemption made by the Morrison Government in October 2018!
-that would have eliminated the Proxy, and the ‘hot money’
-and restored the home market for Australian First Home Buyers
MEANWHILE the Chinese developer lobby here in Australia are replicating their ‘ghost cities’ that fall apart … as reported by Serpentza …
RESIDENTIAL RENEE MCKEOWN WED 12 FEB 20
Calls for Empty House Tax Review
There are calls for an empty home tax to be reviewed and enforced across Australia after Victoria raised $5.4 million from a possible $120 million last financial year.
There were more than 20,000 empty homes in Melbourne and that number could be even higher in Sydney and Brisbane according to research from Prosper Australia.
However Victoria was the only state to impose a vacant residential land tax at 1 per cent for properties left empty for more than six months in a year in Melbourne.
Prosper Australia director of research Karl Fitzgerald said there was a missed opportunity—although the tax was brought in, it was not properly enforced and investors were still choking the supply.
“Quite a few housing advocates are simmering with rage because we’ve seen such a dramatic rollback of housing supply,” Fitzgerald said.
“More and more people are having their finance approved but cant find property to buy.
“We found at a minimum 20,000 properties were vacant [in Melbourne] and use zero litres of water over a 12 month period. Yet only 900 people self reported [for the tax].
“The government needs to impose fines, there’s no real penalty for not declaring.
“There’s a whole pile of issues [around this tax] it only included inner and middle ring properties, so it primarily targets foreign investors who own empty apartments but ignores the big land banks. ”
*A similar tax was introduced in Vancouver, Canada where almost $40 million was raised to fund affordable housing initiatives and saw a reduction in empty properties.
The tax led to 22 per cent fewer vacant properties in 2018 compared to a year earlier and a 7 per cent increase in tenancy.
City of Vancouver mayor Kennedy Stewart said the main objective of the tax was to address housing affordability.
“For those who choose to keep their properties unoccupied, we appreciate their contributions to the funds that are supporting various, much-needed affordable housing initiatives across the city,” Stewart said.
“The main objective of Vancouver’s Empty Homes Tax is to influence property owners to put their empty properties on the rental market and the data shows that is happening.”
Prosper Australia director of research said more could be done in Australia, not just the inner Melbourne region.
“We have tried to get access to this [vacancy] data interstate and it hasn’t been easy,” Fitzgerald said.
“We are surprised the government hasn’t really been on the front foot if they were genuinely serious about addressing affordable homes.”
Photo: The Australian; Toorak, dubbed the “ghost mansion”, is being sold off market for $80m
IS a Pandemic what it takes to restore the property market for Australian First Home Buyers?
Will the Property Sector get their act together?
Even developers are closing the gates … cancelling launches and investment seminars for the target overseas market …
And even Scomo can’t prop up the mates market … with the Pandemic worsening …
BECAUSE many comments on Facebook are not readily visible we SHARE it with you here
From George Smilas …
WOW, really? are we supposed to be devastated? ….devastating that the flow of wealthy international investors from China have stalled because of a real risk of a deadly infectious disease threatening our people here?
…Not buying up apartments built for the sole purpose of further increasing the riches of our ELITES?. I feel really sorry,…. But WHY you think? …Why are they cancelling investment seminars?
…Are there not other investors around the world aside from CHINA?…Or is it because there is no $$$$$$ to be made elsewhere other than CHINA?….I want to know.
Have we put our efforts all in one basket and relying on just CHINA? …. Is that the case?…I want to know…… I seem to remember this notion of affordable housing being bandied around….is this our chance to get our homeless into a HOME now?…..I want to know.
Otherwise, if not… Let’s shop around for another market for our illustrious high density precincts….SHOCK HORROR ….I’m sure there are others who are used to living this type of lifestyle. BANGLADESHIS perhaps?…….Why not?…open up our options?…….Oh… OHHH wait, they haven’t got the $$$$$$’s…..
Well, I say to the developer lobby groups and spruikers of residential trash….suck it up and realise all good things come to an end….diversify your market.
Shut down your spruiking trash seminars to Chinese only investors and avail your apartments for what they are worth to our domestic market….fill them up!!… and maybe …just maybe start building quality buildings that don’t fall apart.
Developers are cancelling launches of new apartment blocks and investment seminars targeting offshore buyers as they confront a potential fall in sales due to the coronavirus outbreak.
The property industry had hoped the new year would be marked by a pick-up in demand. While local buyers are out in force, a predicted surge in offshore investors into the top end of the residential market has been delayed.
Measures to contain the spread of the coronavirus in China and travel restrictions are causing problems for agencies as buyers can’t get to Australia.
…Investorist founder Jon Ellis said sales volumes coming out of China would remain low.
“The whole industry is in a bit of a pickle,” Mr Ellis said. “No property developers are going over there and also no agencies.”
He expects investment in Australia will slow as Chinese outflows fall off globally but he predicted they could pick up again after the scare dissipates. “Once coronavirus settles down and is under control, I think people will look back to Australia and will see it as very favourable. But certainly for the next month or two, I would not expect to see many contracts coming out of China,” Mr Ellis.
*But when will that be, Mr Ellis? And if it comes too early, as the CCP appears to be planning for, what will the private reaction to travel as the virus spreads globally? As well, students won’t return now until mid-year enrolments.
Given we already have a meaty property construction bust underway this is poor timing:
I expect house prices to slow and construction to bust all year.
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
Under Australia’s foreign investment framework, foreign persons generally need to apply for foreign investment approval before purchasing residential real estate in Australia.
The Government’s policy is to channel foreign investment into new dwellings as this creates additional jobs in the construction industry and helps support economic growth. It can also increase government revenues, in the form of stamp duties and other taxes, and from the overall higher economic growth that flows from additional investment.
CAAN: However there are ways and means for Temp. Visa holders to get around this restriction of ‘new homes’ including buying an established property; then demolishing it (including Australian Heritage Homes) for a ‘new home’!
Foreign buyers can even apply for a Permanent Resident Visa in their own country before flying to Australia to buy our Real Estate!
The Guardian Visa allows the Guardian and the Child to buy one established home each or several ‘new homes’ each
SEARCH to find out more on our Website!
Foreign investment applications are therefore generally considered in light of the overarching principle that the proposed investment should increase Australia’s housing stock (be creating at least one new additional dwelling).
Consistent with this aim, different factors apply depending on whether the type of property being acquired will increase the housing stock or whether it is an established dwelling.
The annual vacancy fee is part of the Government’s comprehensive housing affordability plan and seeks to increase the number of properties available for Australians to live in. Foreign persons who purchase residential real estate will be subject to an annual vacancy fee where the property is not residentially occupied or rented out for more than six months in a year.
It is important that foreign investors understand and comply with Australia’s foreign investment framework as strict criminal and civil penalties may apply for breaches of the law, including disposal orders.
CAAN: Only a minimal number of these properties have been disposed of!
AUSTRALIA’s property … this time the focus is on Commercial Property … and perhaps our Biggest Export … Our Title Deeds … many now with the CCP, in Singapore, and Hong Kong … gotcha … what was Australian residential, agricultural and commercial property …
KEY POINTS …
-total foreign investment into Australia’s commercial property market reached $11.5bn in 2019
.or 33% of total investment activity
-the lion’s share of investment from foreign buyers at $6.5Bn was in office assets in Sydney CBD and the surrounding markets
WHY is this so? HOW good is the loss of such valuable assets to foreign buyers? WT ****!
Related Article: China Void filled by Hong Kong and Singaporean Commercial Property Investors
SEARCH CAAN WEBSITE to find more about David Irvine, the Foreign Investment Review Board (FIRB) … and the Treasury … the Treasurer!
Foreign investment: it’s focused in office and it’s Sydney
JLL figures show foreign investment levels into Australia’s commercial property market reached $11.5bn, or 33% of total investment activity over 2019February 04, 2020
AUSTRALIA, 13 January 2020 – Australia’s office investment market has attracted the largest share of foreign investment in 2019 across the commercial property sector, according to JLL figures.
JLL’s analysis of offshore investment into Australia’s commercial property market showed $9.2bn of office assets were acquired by foreign buyers over 2019. This compares to investment activity in the retail investment sector of $1.36 billion and $910 million for the industrial property sector.
*Total foreign investment levels into Australia’s commercial property market reached $11.5bn in 2019, or 33% of total investment activity.
*JLL’s Head of Office Investments – Australia, Rob Sewell said, “The figures show that it was office assets in Sydney CBD and the surrounding markets that had the lion’s share of investment from foreign buyers on a notional basis at $6.5bn.
This was followed by relatively lower levels of foreign investment in Melbourne ($1.3bn) and the remaining major capital cities. Interestingly, at the individual market level foreign investment in Adelaide trumped local investment, with Singaporean REITs and both German and U.S. fund managers contributing 58% ($460mn) of total investment over 2019.
“Overseas investors continue to show strong demand for office assets within Sydney relative to other major states given the breadth of top-tier institutional stock on offer. Sydney’s status as a global city ensures it remains easy to underwrite for international investors in search of high-yielding assets.
*“Investors, foreign or otherwise, took note of this in 2019 – Sydney CBD recorded its strongest year for transaction activity ever, with $9.4bn in office assets changing hands. This smashed the previous record of $6.2bn in 2018,” said Mr Sewell.
The latter half of 2019 saw several big-ticket transactions, with the Scentre Group office portfolio, 161 Castlereagh Street and 2 Chifley Square all trading.
Photo: 2 Chifley Square; realcommercial.com.au
100 Market Street traded as part of the Scentre Group portfolio and then again only six months later, reportedly for one of the sharpest cap rates on record for institutional grade office stock in the CBD.
Mr Sewell said, “The fact that the Hong Kong listed Link REIT, who acquired 100 Market Street in December 2019, chose Australia for their first investment outside of Hong Kong and mainland China speaks volumes to how our market is viewed globally.
Photo: 100 Market Street, Sydney; the Urban Developer
“Diversification benefits and a transparent commercial real estate market will continue to drive foreign investment into Australia, and buyers from Singapore, Hong Kong, Canada and China have also shown a willingness to take partial stakes in top-tier institutional grade stock,” he said.
The top 3 foreign buyers across the broader Australian commercial property sector in 2019 were Singapore, the United States and Hong Kong in that order, and this was mirrored in the office market as well
Investment Outlook for 2020:
JLL’s Head of Research – Australia, Andrew Ballantyne said, “Most signs point towards the global and domestic economy muddling through in 2020. Investors remain cognisant of risk factors and will be disciplined in investment decision making.
“In a low interest rate environment Australian commercial real estate appears attractive relative to other asset classes. Logistics will remain the favoured sector, while office investors will seek geographical diversification in their portfolios and explore opportunities outside of Sydney and Melbourne.
“The retail sector will be more interesting in 2020. Investor interest is being stimulated by the relative value proposition as the average yield spread between retail and office / logistics has widened. Shopping centres with a strong trade area, limited supply risk and an ability to generate a diverse income stream will see healthy levels of interest in 2020,” said Mr Ballantyne.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information
THE outbreak came ahead of the LunarNew Year holiday when many Chinese travel!
CHINESE NEW YEAR 2020: THE YEAR OF THE RAT … from 25 January to 8/9 February 2020
WHY did it take until 2 February 2020 for the Morrison Government to restrict flights from China to Australians?
With hundreds of TOURISTS sharing the airspace on flights, dispersing at international airports … taking transport to hotels, serviced apartments, homes, universities and shopping centres … isn’t it commonsense for Australians to avoid these areas in view of the delayed Government response?
A 21-year-old Chinese student at the University of New South Wales was diagnosed with coronavirus earlier this week after she flew back from Wuhan on January 23 …
The Australian: Qantas suspends flights as virologist warns it is ‘deadlier than it looks’
Qantas will suspend flights to mainland China from February 9 and possibly sooner, after Singapore and the US introduced travel restrictions that will make it impossible for international crew to operate the services.
The announcement comes as Queensland’s Premier calls for Australia to suspend all flights from China as the death toll from coronavirus rises.
KEY POINTS …
–more than 200,000 people were due to fly this month (Feb) on direct flights from China to Australia
-tourist arrivals from China had plunged 15% since the crisis began
The coronavirus outbreak could rapidly get worse and become even deadlier as it continues to spread worldwide, a leading Australian virologist has warned.
Professor Trevor Drew is the director of the CSRIO’s Australian Animal Health Laboratory in regional Victoria, where fast-tracked efforts to develop a vaccine for the virus are now underway.
His chilling warning comes as a Qantas jet waits on standby to fly to Wuhan, the epicentre of the virus which is in lockdown, where around 600 Australians are stranded.
Just over a quarter of those Australians have registered with the Department of Foreign Affairs to be evacuated.+14
People wearing protective face masks to protect themselves from Coronavirus are seen at Brisbane International Airport+14
Thousands of people could have been exposed to coronavirus in Australia by the country’s nine confirmed patients alone
Professor Drew told The Australian previous research in pigs showed how coronavirus could become more lethal over time.
He said the contagion needs to be regarded as a ‘cloud’ of closely matched pathogens rather than one virus with the potential to become even deadlier in ‘a ‘high-host-density environment’ such as China.
‘You may well find that more virulent viruses emerge from that cloud,’ Professor Drew said.
‘What I am thinking might be happening here is not that people have been infected for some time with this virus, but that it is finding a new niche rather more slowly and that could ultimately cause more of a problem than we have seen with other diseases because it is not so spectacular early on in its evolution.’
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Professor Drew said Chinese authorities have recognised the outbreak could be worse than the SARS epidemic in 2003.
Professor Drew is leading the fast-tracked development of a coronavirus vaccine at the Australian Animal Health Laboratory, a high-containment facility in Geelong.
It is the only physical containment laboratory of its kind in Australia and one of five in the world.
Preclinical trials could be underway by March and a vaccine developed within four months.
‘Our role is to take the knowledge that we will be gaining from how this virus behaves and then creating the biological platforms that are necessary for developing and trialling vaccine candidates,’ CSIRO Director of Health and Biosecurity Rob Grenfell told reporters on Friday. Research team races to make a Wuhan coronavirus vaccine
A man wearing a face mask cycles past the body of a man who collapsed and died on a pavement in Wuhan, a city of 11million people which is under quarantine +14
CSIRO virology expert Dr Trevor Drew (left) and Director of AAHL CSIRO biosecurity expert Dr Rob Grenfell (right) addressed reporters on Friday+14
Australia’s gateways, major tourist destinations, universities and suburbs with large numbers of Chinese in Sydney and Melbourne have emerged as the frontline in the fight against deadly coronavirus. Passengers are pictured at Brisbane Airport on Friday
Authorities are closely watching key meeting places around the country for signs of outbreaks of coronavirus as the World Health Organisation declares a global public health emergency. Shoppers are pictured at a seafood market in Sydney’s Cabramatta +14
An man infected with coronavirus visited The House Of Delight restaurant at Glen Waverley in Melbourne’s south-east with five family members on January 26. Glen Waverley has one of Australia’s largest Chinese populations
Thousands of people could have already been exposed to coronavirus by Australia’s nine confirmed infected patients in three states.
Each one flew in from Wuhan in China’s Hubei province where the outbreak began, on planes packed with hundreds of potential victims.
China is Australia’s largest source of tourists and the top tourism destinations for visitors are Sydney, Melbourne and the Gold Coast.
Tourism Australia figures reveal 1,442,341 visits from China to Australia in the past year.
The three biggest eastern seaboard capital city airports account for 151 of the 167 flights from China to Australia each week.
To view the video see Source link
Flight attendants wear protective face masks at Brisbane Airport on Friday. There have been nine confirmed cases of coronavirus in Australia, including two in Queensland
Passengers at Brisbane Airport wear protective masks as the coronavirus is declared a global health emergency. Brisbane welcomes 16 flights from China each week
Queensland Premier Annastacia Palaszczuk claimed on Friday the federal government had not given the states enough information about who had entered the country.
‘I don’t know at the moment, in Queensland, where people from the Hubei province actually are because the Federal Government has that information,’ Ms Palaszczuk said.
‘If we don’t have the information, we cannot contain this virus.’
Prime Minister Scott Mr Morrison responded: ‘There would not be an issue the Commonwealth knows that the Queensland government does not.’
Chinese visitors to Australia spent almost $12billion in the past year and major shopping centres in Sydney, Melbourne and the Gold Coast are popular attractions.
WHAT DO WE KNOW ABOUT THE DEADLY CORONAVIRUS IN CHINA?
Someone who is infected with the Wuhan coronavirus can spread it with just a simple cough or a sneeze, scientists say.
Research done in 2018 found 15 per cent of Chinese tourists on holidays of more than 30 days visited Sydney’s Chatswood Chase shopping centre three or more times.
The latest ABS figures show there are 152,591 Chinese students enrolled in Australia, which is 38 per cent of all overseas enrollments.
A pamphlet handed out by the Australian Government providing travellers with information on the deadly coronavirus (pictured)
People they infected will be going about their lives on crowded trains and buses, having business meetings, and sharing meals – potentially passing the virus on.
Students at the University of New South Wales where a 21-year-old classmate was diagnosed with coronavirus on Monday say they are too afraid to go back to class
*Based on those figures, as many as 342,993 people may have entered Australia from China since the deadly virus was first detected in Wuhan seven weeks ago.