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Italian village offers $1 homes to Americans upset by US election results

An Italian village in Sardinia, Italy is offering one-euro homes to Americans seeking a new start following the results of the 2024 U.S election that saw Donald Trump being re-elected as president. Ollolai has long been trying to persuade outsiders to move in to revive the community after decades of depopulation. Now, it's selling dilapidated houses for as little as one euro — just over a US dollar or $AU1.60 — to entice Americans to move abroad. Following the November 5 outcome, they have launched a website aimed at potential American expats, offering cheap homes in hopes that those disappointed by the result and seeking a fresh start will snap up one of their empty properties. "Are you worned (sic) out by global politics? Looking to embrace a more balanced lifestyle while securing new opportunities?" the website read. "It's time to start building your European escape in the stunning paradise of Sardinia." Mayor Francesco Columbu told CNN that the website was specifically created to attract American voters in the wake of the presidential elections. The mayor loves the United States and is convinced Americans would be the best people to revive the community. "We just really want, and will focus on, Americans above all," he said. "We can't of course ban people from other countries to apply, but Americans will have a fast-track procedure. We are betting on them to help us revive the village, they are our winning card." The village is offering three tiers of accommodation: Free temporary homes to certain digital nomads, ($1.6) homes in need of renovations, and ready-to-occupy houses for prices up to $160,000. The mayor also set up a special team to guide interested buyers through every step of the process including finding contractors, builders and navigating required paperwork. "Of course, we can't specifically mention the name of one US president who just got elected, but we all know that he's the one from whom many Americans want to get away from now and leave the country," Columbo added. "We have specifically created this website now to meet US post-elections relocation needs. The first edition of our digital nomad scheme which launched last year was already solely for Americans." Photos and plans of available empty properties will soon be uploaded to the website. The website has since received nearly 38,000 requests for information on houses, with most of them coming from the United States In the past century, Ollolai's population has shrunk from 2,250 to 1,300 with only a handful of babies born each year. Over the last few years, this has dropped 1,150 residents. Image: Shutterstock

International Travel

Jessica Alba surprises dad by buying his childhood home

Jessica Alba has spent the past three years working towards buying her parents a house, but not just any house, she bought her father's childhood home. She took to Instagram to make the announcement, with a teaser video of her special home-renovation project. "Almost three years ago, I started the project of my dreams… I surprised my parents by buying them a house!!" she began. "Now, it wasn't just any house – it was extra sentimental as it was my grandparent's house that my father grew up in," she continued. "After my grandfather passed away, my parents were planning on selling the house in order to pay for my grandmother's medical bills. Well… I pretended like I was going to help them flip it before selling when in reality, I had planned to buy it for them all along." <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/reel/C_TWEyhPyy_/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/reel/C_TWEyhPyy_/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by Jessica Alba (@jessicaalba)</a> </div> </blockquote> She published the first part of her renovation series on YouTube and in it explained the sentimental value of the house and how it was a symbol for her father, who was an immigrant from Mexico, that "he had made it". Her family initially planned to sell it to ease some of their financial burden, as her grandmother required "24/7 care" but Alba wanted to keep the house in the family and so her plan began. "Instead of it giving to a stranger, I wanted to keep this home in our family," she said in the YouTube series. The moment Alba surprised her parents was also captured in the video, with her father brought to tears as he was overcome with emotion. "That's so sweet Jessica. That's a big surprise," he said while embracing his daughter. "I'm very proud of you." Images: Instagram

Money & Banking

Brand Olympics: do the famous rings deliver value to host countries?

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/steven-greenland-2064">Steven Greenland</a>, <a href="https://theconversation.com/institutions/charles-darwin-university-1066">Charles Darwin University</a> and <a href="https://theconversation.com/profiles/robert-joseph-gill-1530152">Robert Joseph Gill</a>, <a href="https://theconversation.com/institutions/swinburne-university-of-technology-767">Swinburne University of Technology</a> The cost of hosting Paris 2024, the 33rd Olympics, is predicted to be <a href="https://www.reuters.com/world/europe/paris-lean-olympics-wont-blow-any-budgets-credit-rating-firm-sp-says-2024-03-11/">more than A$14 billion</a>. So what’s in it for the French? Will this oldest of sporting events shine for them, or as has happened with some previous Olympics, will it prove to be <a href="https://www.abc.net.au/news/2021-08-07/what-japan-learned-from-olympic-white-elephants/100329488">a massive white elephant</a>? <h2>The power of the five rings</h2> The Olympic brand is <a href="https://olympics.com/ioc/news/the-olympic-brand-maintains-its-global-strength-and-recognition">massively powerful</a> and gives the host nation a global platform to strengthen their international reputation and standing. The Olympic brand heritage goes back 2,800 years to southern Greece, when games were held to honour the Greek god Zeus at Olympia. Starting in 776 BC, these ancient games were held every four years and continued for more than 1,000 years. <figure><iframe src="https://www.youtube.com/embed/VdHHus8IgYA?wmode=transparent&start=11" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe><figcaption>The Olympics began as part of a festival honouring Zeus in the rural Greek town of Olympia.</figcaption></figure> The modern Olympics began in 1896 in Athens. Since then, the games have been hosted in 23 cities and 20 countries. Paris 2024 will welcome around 10,500 athletes from more than 200 countries <a href="https://olympics.com/en/paris-2024/sports">competing in 32 different sports</a>. Around <a href="https://www.euromonitor.com/press/press-releases/nov-2023/olympic-games-2024-set-to-boost-tourism-spending-in-paris-by-up-to-eur4-billion-euromonitor-international">4 billion people will watch on</a> around the globe. The Olympics’ five rings (<a href="https://discover.sportsengineplay.com/olympics/history-of-they-rings#:%7E:text=They%20first%20appeared%20in%201913,to%20accept%20its%20fertile%20rivalries.">created by Frenchman Pierre de Coubertin 110 years ago</a>) is one of the most recognised logos on the planet. It represents unity across the five continents (Africa, the Americas, Asia, Europe and Oceania). It is this familiarity and <a href="https://www.emerald.com/insight/content/doi/10.1108/INTR-07-2018-0324/full/html">positive Olympic brand associations</a> – which include excitement, fairness and being elite – that some argue justifies the billions spent. Host nations hope this Olympic sparkle rubs off on their nation’s reputation – but that’s not always the case. <h2>Benefits of hosting an Olympics</h2> Broadcast rights, sponsorships and advertising from organisations that want to be associated with the Olympic brand can <a href="https://olympics.com/ioc/funding">generate huge revenue streams</a>. The Olympic brand adds considerable value for sponsors and advertisers, and there are also benefits that France (and the world) will gain long after the event. Responsible marketing and attracting sponsors that complement Olympic brand values can <a href="https://www.tandfonline.com/doi/full/10.1080/0965254X.2023.2230487">promote positive, sustainable attitudes and behaviour</a>. Examples of this include promoting unity, a sense of national pride, and social and health gains from <a href="https://theconversation.com/does-sports-participation-boom-during-or-before-or-after-the-olympics-227773">increased sports participation</a>. The event also generates huge revenue from domestic and international tourism – 15 million spectators are anticipated for Paris 2024. Most are locals and domestic day trippers but <a href="https://www.euromonitor.com/press/press-releases/nov-2023/olympic-games-2024-set-to-boost-tourism-spending-in-paris-by-up-to-eur4-billion-euromonitor-international">around 3 million additional visitors</a> are expected in Paris during the games. Increased infrastructure and updated civil works as a result of the city getting ready for the Olympics provides many lifestyle benefits: a reinvigorated host city can benefit from upgraded transport, accommodation, hospitality, sports facilities and streetscapes. Other significant benefits relate to strengthening the host country’s geographic and cultural brand. For France, this includes reinforcing and promoting many of its registered geographic indicator products that relate mainly to wine, agricultural products and foodstuffs, as well as spirits and beers. Champagne is perhaps the most widely recognised geographic indicator product. It illustrates how connection to its place of origin assures consumers about regional and French cultural values and <a href="https://theconversation.com/whats-in-a-name-quite-a-lot-if-its-prosecco-parmesan-or-mozzarella-209505">the products’ characteristics and quality</a>. <h2>What about the pitfalls?</h2> Many Olympics have failed to turn a profit, meaning countries and citizens are <a href="https://www.tandfonline.com/doi/full/10.1080/02665433.2019.1633948">left to pay off debts</a> for decades after the event (for example, Rio, <a href="https://www.theguardian.com/cities/2016/jul/06/40-year-hangover-1976-olympic-games-broke-montreal-canada">Montreal</a>, Beijing and Athens). Also, many cities are left with <a href="https://theconversation.com/looking-back-at-the-olympic-venues-since-1896-are-they-still-in-use-229606">purpose-built infrastructure</a> created specifically for the games but left idle afterwards, including athlete accommodation, aquatic centres and major stadiums. What will determine the success of Paris 2024 and justify the massive investment in hosting the event? <figure><iframe src="https://www.youtube.com/embed/_m1x5JaC37E?wmode=transparent&start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe><figcaption>Is hosting the Olympics worth the investment?</figcaption></figure> The success of the Olympics for the host is often determined by the financial revenue it can generate. The Olympic brand plays a significant role in generating this financial support. However, the brand’s reputation can be tarnished by issues leading up to and during the games, which may reduce the positive impacts. The Olympic brand’s reputation can be affected by issues like: <ul> <li> high-profile athletes and national teams cheating or doping </li> <li> world sporting authorities placing restrictions on competitors <a href="https://www.insidethegames.biz/articles/1143198/restrictions-transgender-paris2024-games">based on gender and status</a> </li> <li> incompatible sponsors jumping on the Olympic bandwagon. For example, manufacturers of harmful products whose negative brand associations could tarnish the Olympic brand, such as <a href="https://www.tandfonline.com/doi/full/10.1080/0965254X.2023.2176532">soft drink and alcohol sponsors</a> </li> <li> negative publicity associated with unethical practices of host and participating countries <a href="https://www.adweek.com/brand-marketing/sports-politics-brands-volatile-mix-olympic-games/">with human rights issues</a>. This includes others using the event to publicise these </li> <li> politicising the event – including “<a href="https://theconversation.com/is-saudi-arabia-using-sportswashing-to-simply-hide-its-human-rights-abuses-or-is-there-a-bigger-strategy-at-play-208468">sportswashing</a>”, protests, boycotts and image protection, as seen with <a href="https://www.tandfonline.com/doi/full/10.1080/13216597.2017.1347101">China</a>, <a href="https://www.washingtonpost.com/kidspost/2021/12/16/us-protest-olympics-is-nothing-new-politics-have-been-mixed-with-sports-decades/">the United States</a>, and <a href="https://olympics.com/ioc/news/declaration-by-the-ioc-against-the-politicisation-of-sport">Russia</a> </li> <li> unforeseeable events – the COVID pandemic delayed the Tokyo games and <a href="https://www.reuters.com/business/media-telecom/money-money-money-cost-tokyos-pandemic-delayed-olympics-2021-06-10/#:%7E:text=Organisers%20said%20last%20December%20that,has%20risen%20to%20%243%20billion">pushed the cost to A$18 billion</a> </li> <li> other negative associated risks for the host city such as <a href="https://theconversation.com/will-the-paris-olympics-be-a-terrorist-target-these-three-factors-could-be-key-229110">terrorism</a>, <a href="https://theconversation.com/extreme-heat-is-a-killer-for-outdoor-sporting-events-lets-plan-properly-to-keep-everyone-safe-229998">heat waves</a>, and civil unrest. </li> </ul> <h2>Fingers crossed for France</h2> With close to half the world watching Paris 2024, France’s National Olympic Committee will be anxiously hoping for positive outcomes to ensure a strong return on the A$14 billion invested. But since Sydney 2000, virtually every games host has suffered <a href="https://www.cfr.org/backgrounder/economi">significant financial blowouts</a>. For their sake, and the Olympics’ reputation, let’s hope the Paris games sparkle - or we may be left with a very limited number of potential future hosts with very deep pockets.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/228497/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/steven-greenland-2064">Steven Greenland</a>, Professor in Marketing, <a href="https://theconversation.com/institutions/charles-darwin-university-1066">Charles Darwin University</a> and <a href="https://theconversation.com/profiles/robert-joseph-gill-1530152">Robert Joseph Gill</a>, Associate Professor in Media and Communication, Swinburne University of Technology, <a href="https://theconversation.com/institutions/swinburne-university-of-technology-767">Swinburne University of Technology</a> Image credits: Artur Widak/NurPhoto/Shutterstock Editorial This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/brand-olympics-do-the-famous-rings-deliver-value-to-host-countries-228497">original article</a>. </div>

Money & Banking

The travel destinations that have the best value for money

While many people dream of travelling, the ongoing cost of living crisis has made it harder than ever to see the world. However, while there are some destinations that are renowned for being expensive, the same can be said for corners of the world where your dollar will stretch further. According to travel app <a href="https://www.expedia.com.au/">Expedia</a>, more than 80 percent of Aussies that are travelling this year have prioritised destinations that offer good value for money. While Bali seems like an obvious choice for cheaper holiday destinations, there are some more surprising places around the world that will be kind to your wallet while you travel. Expedia has compiled a Holiday Value Guide, with all the spots where daily accommodation rates are under $300 per night, with some as low as $105. Check out the top ten destinations that will make your money go further below. 10. Greek Islands, Greece 9. Istanbul, Turkey 8. The Philippines 7. Auckland, New Zealand 6. Malaysia 5. South Korea 4. Vietnam 3. Thailand 2. Indonesia 1. Japan Image credits: Shutterstock

International Travel

Airbnb launches real-life "Up" house - and it actually floats!

Airbnb is taking its latest listing to the sky - literally. The accommodation provider has announced a partnership that will see the iconic house from Pixar's hit film Up being lifted into the air, balloons and all. In their ongoing quest to redefine hospitality, Airbnb has launched a permanent category called “Icons,” which features partnerships with brands and celebrities that promise unforgettable experiences. Suspended over the New Mexico desert with the aid of a crane, the property looks like an exact replica of the home and contains adorable easter eggs from the film - including the Adventure Book. “Icons take you inside worlds that only existed in your imagination — until now,” Airbnb CEO and co-founder Brian Chesky said in a statement. “As life becomes increasingly digital, we’re focused on bringing more magic into the real world … we’ve created the most extraordinary experiences on Earth." The house offers a stunning view of the desert, which you can enjoy while sitting on replica's of Ellie and Carl's chairs or have breakfast with a view in the kitchen. Alternatively, you could look at the stars while sitting on the front porch - but don't look down because the adventure is out there. Of course there are questions about the logistics of the stay, including plumbing and electricity, but the accommodation giant has assured that the house is “fully functional,” connected to generators and utilities that will be seamlessly managed before and after its flight. Other fantastical listings include a replica of the mansion from the “X-Men ’97” cartoon, a stay at the Ferrari Museum in Italy, and Prince's house that was featured in the legendary film Purple Rain. Check out the <a href="https://www.airbnb.com.au/rooms/1126185893236246260?_set_bev_on_new_domain=1715826165_M2NkZDdkODdhMjcy&source_impression_id=p3_1715826166_A20M4770EGAtl8AV&modal=PHOTO_TOUR_SCROLLABLE" target="_blank" rel="noopener">Up</a> listing here, be warned the sweet listing may make you shed a tear or two. Images: Airbnb

Real Estate

Becoming a landlord while still renting? ‘Rentvesting’ promises a foot on the property ladder, but watch your step

<a href="https://theconversation.com/profiles/james-graham-1264059">James Graham</a>, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a> As home ownership moves further out of reach for many Australians, “rentvesting” is being touted as a lifesaver. Rentvesting is the practice of renting one property to live in yourself, while simultaneously purchasing an investment property somewhere cheaper and leasing it out. Ideally, “rentvestors” get to enjoy the capital gains on an investment property while living where they actually want to live, allowing them to cash in and upsize to their dream home later. It might seem like a savvy way to game the property market. But what are the risks of such an investment strategy? And how might broad adoption of this behaviour affect housing affordability in Australia? <h2>A rising tide lifts all boats differently</h2> The aim of the rentvesting game is to buy cheap property now, ride the expected capital gains, and move into a more desirable home down the track. The hope is that by climbing the first rung of the property ladder early, the whole thing won’t be pulled up out of reach. The first problem with this strategy, however, is that capital gains on housing are not always and everywhere equal. Generally, the cheapest properties available to rentvestors will be houses in the regions or apartments in the city. But both regional housing and apartment properties <a href="https://www.abc.net.au/news/2024-02-20/house-apartment-price-gap-widens-record-high-property-market/103484076">tend to appreciate more slowly</a> than the inner-city houses rentvestors might hope to live in one day. They might get a foot on the property ladder, but the rungs themselves are slowly drifting apart. Would-be rentvestors should also be aware that investments by “out-of-town” buyers tend to generate <a href="https://academic.oup.com/rfs/article-abstract/29/2/486/1902789">much lower returns</a> – both capital gains and rental yields – than investments by locals. Out-of-towners don’t know the local market trends, don’t know which neighbourhoods to avoid, and aren’t able to monitor their investments as effectively from afar. Avoiding the regions by investing in city apartments presents its own difficulties. Large, unexpected maintenance bills and poor strata management are <a href="https://www.abc.net.au/news/2024-03-21/a-world-of-hidden-charges:-strata-company-insiders/103617944">common complaints</a>. <h2>Different costs lead to different returns</h2> Perhaps the potential rentvestor should invest in something more straightforward instead, like stocks. After all, the return on equities in Australia has <a href="https://academic.oup.com/qje/article/134/3/1225/5435538">outperformed housing</a> in recent decades. However, it is much easier to borrow to invest in property than it is to borrow to invest in the stock market. And leverage is the investor’s secret weapon. For example, if house prices were to appreciate at 10% per year, then using a mortgage and a A$100,000 deposit on a $1 million property would earn you a 100% return on equity before costs. But while both investors and homeowners would earn that same basic return, their costs could be very different. For starters, property investors face capital gains tax on the proceeds of property sales, <a href="https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax/property-and-capital-gains-tax/your-main-residence-home/eligibility-for-main-residence-exemption">unlike those selling their primary residence</a>. Banks also typically charge <a href="https://www.rba.gov.au/chart-pack/interest-rates.html">higher interest rates</a> on mortgages to investors than to homeowners. At times, the Australian Prudential Regulation Authority has also imposed caps on bank lending against investment properties, making it more difficult to find mortgage financing in the first place. Highly leveraged properties require mortgage insurance, too. Investors may need to take out larger insurance policies against the properties themselves, reflecting the higher risks associated with investment properties. Then, you also have to throw in property management fees, council rates, strata management fees and regular and unexpected maintenance costs. <h2>Negative gearing offers little benefit</h2> What about negative gearing? Property investors that generate losses on their property can deduct these costs against the tax bill on their other income. But negative gearing disproportionately benefits high-income earners with large tax bills. The <a href="https://www.abs.gov.au/statistics/labour/earnings-and-working-conditions/personal-income-australia/latest-release">median Australian individual income</a> is around $55,00, which generates a tax bill of about $8,000 – not a lot from which investment property losses can be deducted. The bigger picture is that while negative gearing helps defray the regular costs of managing a property, it doesn’t do anything to change expected capital gains. At the end of the spreadsheet tally, an investment property could end up earning rentvestors significantly less than they could have gained by simply buying their first home. <h2>Effects on housing affordability</h2> Rentvesting is new enough that its prevalence and influence awaits formal academic study. But economists might speculate about its implications for the housing market more broadly. The simplest analysis suggests that a rentvestor occupies one rental property while supplying an additional rental property to the market. If, instead, they had bought a home, they would vacate a rental property while removing another property from the market. In this case, even rentvesting en masse would have zero net effect on the housing market. But a more nuanced perspective might consider where rentvestors are renting and where they are investing. Perhaps they are most likely to rent properties in the already-crowded inner city, but purchase investment properties in regional areas where other first home buyers would like to live. This would increase demand for rentals in the city and reduce the supply of owner-occupier properties in the regions, worsening the affordability of both. Of course, if these rentvestors all eventually move up the property ladder – selling in the region and purchasing in the city – this effect would be reversed. From that longer-term perspective, rentvestors would ultimately have little effect. <h2>We still need more houses</h2> Rentvesting is not a panacea for Australia’s housing market woes. Potential investors should weigh the benefits of property investment against its substantial costs and risks. Additionally, they need to carefully consider the obvious alternative: simply buying their first home up-front. We have good reason to be wary of yet another get-rich-quick scheme involving the housing market. But initial considerations suggest that for the market overall, rentvestor behaviour is no worse than someone simply buying their first home, which we would otherwise encourage. Rather than criticising those seeking a way though our housing market morass, we might instead redouble our efforts to increase the supply of housing.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/229116/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/james-graham-1264059">James Graham</a>, Lecturer in Economics, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/becoming-a-landlord-while-still-renting-rentvesting-promises-a-foot-on-the-property-ladder-but-watch-your-step-229116">original article</a>.

Money & Banking

World's most expensive house up for sale

A French chateau, once owned by a member of the Rothschild family and, later on, the King of Morocco, has gone up for sale with a £363 million (AU$699) price tag. Chateau d’Armainvilliers located at Seine-et-Marne, 48km east of the Eiffel Tower, is the world's most expensive home. Built upon the foundations of a 12th century castle, the sprawling mansion boasts 1,000 hectares of land, 100 rooms across 2,500 square metres of living space, a private lake, and plenty of sequoia trees - the largest trees in the world. Ignace Meuwissen, a self-acclaimed "real estate advisor to the global elite" described the property as a display of "opulence and grandeur". "It is the most expensive castle in France and perhaps in the world. The price of €425million is justified by the property itself but also by the 1,000 hectare land which offers numerous possibilities," he told Paris Match magazine. "An investor could build thousands of apartments there if he wanted." The chateau was first bought by the Rothschild banking empird in the late 19th century, before King Hassan II of Morocco bought it in the 1980s. He then made the chateau more fit for a king, adding a hammam spa, a beauty and hairdressing salon, and a fully-equipped medical and dental facility. The Moroccan King also added a basement level, which has a network of tunnels, kitchens, cold rooms, storage spaces and staff quarters. The lucky owner will also find Moroccan mosaics and wall tiles decorating the home, and for any avid equestrians, the home also has a stable big enough for 50 horses. However, some luxury property agents have expressed their doubts on whether the property would sell with its nine-figure sum, with one saying it was an "unrealistic" price tag. "It doesn’t make sense, it’s absurd Properties of this type could sell for 20-25 million, or even 30 million if we really fall in love with them. I’m not even sure that Vaux-le-Vicomte (a Baroque French château), which has no marketing plans, would sell at this price," one agent told French real estate publication Le Figaro Immobilier. Others were unsure whether the changes made by the King in the 1980s would suit modern tastes. Images: Whisper Auctions

Real Estate

Property tycoon sentenced to death over $27 billion fraud

A Vietnamese billionaire was sentenced to death on Thursday in one of the biggest corruption cases in history, an estimated $27 billion in damages - a figure equivalent to six percent of the country’s 2023 GDP. Truong My Lan, chair of major developer Van Thinh Phat, was found guilty of embezzlement, after looting from one of the country's biggest banks, Saigon Commercial Bank (SCB) for over a decade. “The defendant’s actions... eroded people’s trust in the leadership of the (Communist) Party and state,” the verdict read at the trial in Ho Chi Minh City. After a five-week trial, 85 others were also charged for their involvement in the fraud, with charges ranging from from bribery and abuse of power to appropriation and violations of banking law. Four were given life imprisonment, while others received jail terms ranging between 20 years and three years suspended. Lan's husband was Hong Kong billionaire Eric Chu Nap Kee, was sentenced to nine years in prison. Lan and the others were arrested as part of a national corruption crackdown. Lan was initially believed to have embezzled $12.5 billion, but on Thursday prosecutors have said that the total damages caused by the fraud now amounted to $27 billion. The property tycoon was convicted of taking out $44bn in loans from the bank, according to the BBC, with prosecutors saying that $27 billion of this may never be recovered. The court ordered Lan to to pay almost the entire damages sum in compensation. It is also <a href="https://www.bbc.com/news/world-asia-68778636" target="_blank" rel="noopener">reported</a> that she is one of very few women in Vietnam to be sentenced to death for a white collar crime. “In my desperation, I thought of death,” Lan said in her final remarks to the court, according to state media. “I am so angry that I was stupid enough to get involved in this very fierce business environment -- the banking sector -- which I have little knowledge of.” Police have identified around 42,000 victims of the scam, and many of them were unhappy with the verdict. One 67-year-old Hanoi resident told the AFP that she had hoped Lan would receive a life sentence so she could fully witness the devastating impact of her actions. “Many people worked hard to deposit money into the bank, but now she’s received the death sentence and that’s it for her,” they said. “She can’t see the suffering of the people.” The resident has so far been unable to retrieve the $120,000 she invested with SCB. Police have said that many of the victims are SCB bondholders, who cannot withdraw their money and have not received interest or principal payments since Lan’s arrest. Authorities have also reportedly seized over 1000 properties belonging to Lan. Image: Twitter

Legal

Storytelling allows elders to transfer values and meaning to younger generations

<a href="https://theconversation.com/profiles/mary-ann-mccoll-704728">Mary Ann McColl</a>, <a href="https://theconversation.com/institutions/queens-university-ontario-1154">Queen's University, Ontario</a> If you spent time over the holidays with elderly relatives or friends, you may have heard many of the same stories repeated — perhaps stories you’d heard over the years, or even over the past few hours. Repeated storytelling can sometimes be unnerving for friends and families, raising concerns about a loved one’s potential cognitive decline, memory loss or perhaps even the onset of dementia. <a href="https://tenstories.ca/">Our research</a> at Queen’s University suggests there is another way to think about repeated storytelling that makes it easier to listen and engage with the stories. We interviewed 20 middle-aged adults who felt they had heard the same stories over and over from their aging parent. We asked them to tell us those stories and we recorded and transcribed them. We used a <a href="https://doi.org/10.1108/14439881211248356">narrative inquiry approach</a> to discover that repeated storytelling is a key method for elders to communicate what they believe to be important to their children and loved ones. Narrative inquiry uses the text of stories as research data to explore how people create meaning in their lives. <h2>Transmitting values</h2> Based on nearly 200 collected stories, we found that there are approximately <a href="https://doi.org/10.1111/scs.13121">10 stories</a> that older parents repeatedly tell to their adult children. The hypothesis was that repeated storytelling was about inter-generational transmission of values. By exploring the themes of those repeated stories, we could uncover the meaning and messages elders were communicating to their loved ones. The ultimate purpose was to offer a new and more constructive way of thinking about stories that we’ve heard many times before, and that can be otherwise perceived as alarming. <h2>Here’s what we have learned:</h2> <ol> <li> There are typically just 10 stories that people tell repeatedly. While 10 is not a magic number, it does seem to be about the right number to capture the stories that are told over and over. Interviewees felt that a set of approximately 10 allowed them to do justice to their parent’s stories. </li> <li> Among our interviewees, a significant number of their parents’ stories – 87 per cent — took place when they were in their teens or twenties. A person’s second and third decades are a time when they make many of the decisions that shape the rest of their lives; a time when values are consolidated and the <a href="https://doi.org/10.1080/09658211.2013.863358">adult identity is formed</a> </li> <li> What’s important about the 10 stories is not the factual details, but the lesson that was learned, or the value that was reinforced — values like loyalty toward friends, putting family first, maintaining a sense of humour even in hard times, getting an education, speaking up against injustice, and doing what’s right. </li> <li> Key themes in the stories reflected the significant events and prevailing values of the early to mid-20th century. Many of the stories revolved around the war, and both domestic and overseas experiences that were formative. Many of our interviewees heard stories about immigrating to Canada, starting out with very little, seeking a better life and working hard. Stories often reflected a more formal time when it was important to uphold standards, make a good impression, know one’s place and adhere to the rules. </li> <li> The stories elders tell appear to be curated for the individual receiving them. They would be different if told to another child, a spouse or a friend. </li> </ol> <h2>Tips for listening</h2> Our research offers some tips for listening to stories from elders: <ul> <li> Focus on just 10 stories. It can make the listening seem less overwhelming. </li> <li> Write them down. Writing challenges us to get the story straight. </li> <li> Notice your loved one’s role in the story, as the message is often contained in that role. </li> <li> Be attentive to feelings, sensations, tension and discomfort. These can be signals or clues to the meaning of a story. </li> <li> Finally, remember these stories are for you — selected and told in the context of your relationship with your loved one. As such, they are a gift from a loved one who is running out of time. </li> </ul> <h2>The importance of receiving stories</h2> Storytelling is an <a href="https://doi.org/10.1002/cad.20067">essential human process</a> and a universal experience associated with aging. Neuroscientists suggest that storytelling has practical survival value for individuals and communities, <a href="https://www.jonathangottschall.com/storytelling-animal">as well as social and psychological benefits</a>. It may be as powerful as medication or therapy for <a href="https://doi.org/10.1002/gps.1018">overcoming depression among elders</a>. Storytelling becomes especially important <a href="https://doi.org/10.1080/13607863.2017.1396581">when people become aware of their mortality</a> — when they are ill, suffering or facing death. People don’t necessarily tell the same stories over and over again because they’re losing cognitive function, but because the stories are important, and they feel we need to know them. Telling stories repeatedly isn’t about forgetfulness or dementia. It’s an effort to share what’s important. Our hope is that by better understanding elderly storytelling, caregivers may be able to listen in a different way to those repeated stories and understand the messages they contain. Those 10 stories can help us to know our loved one at a deeper level and assist our parent or grandparent with an important developmental task of old age. This research offers a constructive way for caregivers to hear the repeated stories told by their aging parents, and to offer their loved one the gift of knowing they have been seen and heard.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/197766/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/mary-ann-mccoll-704728">Mary Ann McColl</a>, Professor, School of Rehabilitation Therapy, <a href="https://theconversation.com/institutions/queens-university-ontario-1154">Queen's University, Ontario</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/storytelling-allows-elders-to-transfer-values-and-meaning-to-younger-generations-197766">original article</a>.

Mind

Bees have appeared on coins for millennia, hinting at an age-old link between sweetness and value

<a href="https://theconversation.com/profiles/adrian-dyer-387798">Adrian Dyer</a>, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a> In 2022, the Royal Australian Mint issued a $2 coin decorated with honeybees. Around 2,400 years earlier, a mint in the kingdom of Macedon had the same idea, creating a silver obol coin with a bee stamped on one side. Over the centuries between these two events, currency demonstrating a symbolic link between honey and money is surprisingly common. In a recent study in <a href="https://s3.ap-southeast-2.amazonaws.com/assets.mmxgroup.com.au/ACR/Bee+Article.pdf">Australian Coin Review</a>, I trace the bee through numismatic history – and suggest a scientific reason why our brains might naturally draw a connection between the melliferous insects and the abstract idea of value. <figure class="align-center "><img src="https://images.theconversation.com/files/536400/original/file-20230709-15-2u5ywn.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/536400/original/file-20230709-15-2u5ywn.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=600&fit=crop&dpr=1 600w, https://images.theconversation.com/files/536400/original/file-20230709-15-2u5ywn.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=600&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/536400/original/file-20230709-15-2u5ywn.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=600&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/536400/original/file-20230709-15-2u5ywn.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=754&fit=crop&dpr=1 754w, https://images.theconversation.com/files/536400/original/file-20230709-15-2u5ywn.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=754&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/536400/original/file-20230709-15-2u5ywn.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=754&fit=crop&dpr=3 2262w" alt="" /><figcaption>A Royal Australian Mint 2022 two-dollar coin representing 200 years since the introduction of the honeybee to Australia.</figcaption></figure> <h2>What is currency and why is it important?</h2> Money is a store of value, and can act as a medium of exchange for goods or services. Currency is a physical manifestation of money, so coins are a durable representation of value. Coins have had central role in many communities to enable efficient trade since ancient times. Their durability makes them important time capsules. Ancient Malta was famous for its honey. The modern 3 Mils coin (<a href="https://en.numista.com/catalogue/pieces1775.html">1972-81</a>) celebrates this history with images of a bee and honeycomb. According to the information card issued with the coin set, <blockquote> A bee and honeycomb are shown on the 3 Mils coin, symbolising the fact that honey was used as currency in Ancient Malta. </blockquote> <figure class="align-center "><img src="https://images.theconversation.com/files/536403/original/file-20230709-23-drk2lj.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/536403/original/file-20230709-23-drk2lj.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=582&fit=crop&dpr=1 600w, https://images.theconversation.com/files/536403/original/file-20230709-23-drk2lj.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=582&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/536403/original/file-20230709-23-drk2lj.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=582&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/536403/original/file-20230709-23-drk2lj.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=732&fit=crop&dpr=1 754w, https://images.theconversation.com/files/536403/original/file-20230709-23-drk2lj.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=732&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/536403/original/file-20230709-23-drk2lj.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=732&fit=crop&dpr=3 2262w" alt="" /><figcaption>A circulating 3 Mils coin from Malta showing a honeybee on honeycomb.</figcaption></figure> In ancient Greece, bees were used on some of the earliest coins made in Europe. A silver Greek obol coin minted in Macedon between 412 BCE and 350 BCE, now housed in the British Museum, shows a bee on one side of the coin. <figure class="align-center "><img src="https://images.theconversation.com/files/536411/original/file-20230709-182252-v4evxr.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/536411/original/file-20230709-182252-v4evxr.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=293&fit=crop&dpr=1 600w, https://images.theconversation.com/files/536411/original/file-20230709-182252-v4evxr.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=293&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/536411/original/file-20230709-182252-v4evxr.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=293&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/536411/original/file-20230709-182252-v4evxr.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=368&fit=crop&dpr=1 754w, https://images.theconversation.com/files/536411/original/file-20230709-182252-v4evxr.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=368&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/536411/original/file-20230709-182252-v4evxr.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=368&fit=crop&dpr=3 2262w" alt="" /><figcaption>An ancient obol from Macedon, dated between 412 BCE and 350 BCE, shows a bee one side.</figcaption></figure> Bees also feature on coins minted elsewhere in the ancient Greek world, such as a bronze coin minted in Ephesus dated between 202 BCE and 133 BCE. <figure class="align-center "><img src="https://images.theconversation.com/files/536407/original/file-20230709-27-a2jvo3.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/536407/original/file-20230709-27-a2jvo3.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=546&fit=crop&dpr=1 600w, https://images.theconversation.com/files/536407/original/file-20230709-27-a2jvo3.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=546&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/536407/original/file-20230709-27-a2jvo3.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=546&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/536407/original/file-20230709-27-a2jvo3.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=686&fit=crop&dpr=1 754w, https://images.theconversation.com/files/536407/original/file-20230709-27-a2jvo3.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=686&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/536407/original/file-20230709-27-a2jvo3.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=686&fit=crop&dpr=3 2262w" alt="" /><figcaption>A bronze coin minted in Ephesus, dated between 202BCE and 133BCE, featuring a honeybee.</figcaption></figure> The use of bees on ancient coins extended for many centuries including widely circulated bronze coins, and new varieties <a href="https://coinweek.com/bee-all-that-you-can-bee-honeybees-on-ancient-coins/">continue to be discovered</a>. <h2>Why we might like bees on coins</h2> Why have bees appeared so often on coins? One approach to this question comes from the field of neuro-aesthetics, which seeks to understand our tastes by understanding the basic brain processes that underpin aesthetic appreciation. From this perspective, it seems likely the sweet taste of honey – which indicates the large amount of sugar it delivers – promotes positive neural activity <a href="https://brill.com/view/journals/artp/10/1/article-p1_2.xml">associated with bees and honey</a>. Indeed, primatologist Jane Goodall once proposed that obtaining high-calorie nutrition from bee honey may have been <a href="https://www.sciencedirect.com/science/article/abs/pii/S0066185668800032">an important step</a> in the cognitive development of primates. Our brain may thus be pre-adapted to liking bees due to their association with the sweet taste of honey. Early usage of bees on coins may have been a functional illustration of the link between a known value (honey) and a new form of currency: coins as money. <h2>The bee on modern coins</h2> <figure class="align-center "><img src="https://images.theconversation.com/files/536393/original/file-20230709-17-jywq3f.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/536393/original/file-20230709-17-jywq3f.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=588&fit=crop&dpr=1 600w, https://images.theconversation.com/files/536393/original/file-20230709-17-jywq3f.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=588&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/536393/original/file-20230709-17-jywq3f.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=588&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/536393/original/file-20230709-17-jywq3f.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=738&fit=crop&dpr=1 754w, https://images.theconversation.com/files/536393/original/file-20230709-17-jywq3f.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=738&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/536393/original/file-20230709-17-jywq3f.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=738&fit=crop&dpr=3 2262w" alt="" /><figcaption>A 1920 Italian bronze ten-centesimi coin featuring featuring an Italian honeybee on a flower.</figcaption></figure> The use of bees as a design feature has persisted from ancient to modern times. A honeybee visiting a flower is shown on a series of ten-centesimi bronze coins issued in Italy from <a href="https://en.numista.com/catalogue/pieces1960.html">1919 to 1937</a>. (As an aside, the world’s last stock of pure Italian honeybees is found in Australia, on Kangaroo Island, which was declared a sanctuary for Ligurian bees by an <a href="https://www.legislation.sa.gov.au/home/historical-numbered-as-made-acts/1885/0342-Lingurian-Bees-Act-No-342-of-48-and-49-Vic,-1885.pdf">act of parliament</a> in 1885.) <figure class="align-center "><img src="https://images.theconversation.com/files/536416/original/file-20230709-15-60yst8.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/536416/original/file-20230709-15-60yst8.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=586&fit=crop&dpr=1 600w, https://images.theconversation.com/files/536416/original/file-20230709-15-60yst8.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=586&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/536416/original/file-20230709-15-60yst8.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=586&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/536416/original/file-20230709-15-60yst8.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=737&fit=crop&dpr=1 754w, https://images.theconversation.com/files/536416/original/file-20230709-15-60yst8.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=737&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/536416/original/file-20230709-15-60yst8.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=737&fit=crop&dpr=3 2262w" alt="" /><figcaption>A coin from Tonga showing 20 honeybees emerging from a hive.</figcaption></figure> More recently, a 20-seniti coin from the Pacific nation of Tonga shows 20 honeybees flying out of a hive. This coin was part of a series initiated by the Food and Agriculture Organization of the United Nations to promote sustainable agricultural and cultural development around the world. Bees are relevant here because their pollinating efforts contribute to about one-third of the food required to feed the world, with a value in excess of <a href="https://zenodo.org/record/2616458">US$200 billion per year</a>, and they are threatened by climate change and other environmental factors. <h2>Bees on coins, today and tomorrow</h2> Public awareness of bees and environmental sustainability may well be factors in the current interest in bee coins. The diversity of countries using bees as a design feature over the entire history of coins suggests people have valued the relationship with bees as essential to our own prosperity for a long time. In Australia, the 2022 honeybee $2 coin is part of a series developed by the <a href="https://www.ramint.gov.au/about-mint">Royal Australian Mint</a>. In 2019, the Perth Mint in Western Australia also released coins and stamps celebrating native bees. <figure class="align-center "><img src="https://images.theconversation.com/files/536405/original/file-20230709-15-iditcb.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/536405/original/file-20230709-15-iditcb.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=373&fit=crop&dpr=1 600w, https://images.theconversation.com/files/536405/original/file-20230709-15-iditcb.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=373&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/536405/original/file-20230709-15-iditcb.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=373&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/536405/original/file-20230709-15-iditcb.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=469&fit=crop&dpr=1 754w, https://images.theconversation.com/files/536405/original/file-20230709-15-iditcb.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=469&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/536405/original/file-20230709-15-iditcb.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=469&fit=crop&dpr=3 2262w" alt="" /><figcaption>Australian native bee coin and stamps released in 2019 by the Perth Mint.</figcaption></figure> Despite the decline of cash, bee coins still appear to be going strong. The buzzing companions of human society are likely to be an important subject for coin design for as long as coins continue to be used.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/208912/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/adrian-dyer-387798">Adrian Dyer</a>, Associate Professor, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a> Image credits: Australian Royal Mint / NZ Post Collectables This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/bees-have-appeared-on-coins-for-millennia-hinting-at-an-age-old-link-between-sweetness-and-value-208912">original article</a>.

Money & Banking

Outrage after renters confronted with cleaning “scoring system”

An Australian real estate agent has come under fire for their “demoralising” scoring system for tenants during routine inspections. One fired up renter said they were shocked to receive a scorecard from the agent after they complied with an inspection, and shared their feedback on Reddit. The scorecard rated the tenant’s efforts cleaning the property in 17 different rooms and areas, marking them on cleanliness, and if the areas were damaged or required maintenance. The renter was then also given an overall rating out of five stars, based on the upkeep of their rental home. The Reddit user showed that they received just three and half stars, despite being marked down in only one area due to a light globe not working. In their post, the tenant said they had made every effort to clean the home, adding that the rating was “demoralising”. “I’ve been renting a long time, and my deep cleaning routine is based around inspections,” they explained. “I go all out - every room in my little 3x2 villa is given a spring clean, every surface is washed including walls, doors, lights, windows, carpets etc.” “Had my latest inspection a few weeks ago and just received the report. Despite the agent commenting once again that she never sees houses as clean as mine, and taking 112 (!) photos of every single thing that shows how great the condition of the house is - having one light globe not working is so terrible that I’m scored three and a half out of five.” The renter went on to say that they had only recently discovered that the broken light globe was the real estate’s responsibility to replace, and does not warrant such a severe marking down in their “score”. “The globe in question is a downlight fitting. We have so many downlights that I don’t even use this particular one,” they continued. “I can’t replace the globe itself, I need to get into the roof to replace the whole unit. Thanks to people here I’ve learned this isn’t even my responsibility to fix!” The renter’s post sparked a huge outrage online, with many up in arms over the current state of the rental market and unrealistic expectations of estate agents. One person said, “I fully believe that the average renter keeps a home to a higher standard than an owner, and it seems deliberately demoralising that someone could be marked down for having a light out.” Another added, “This is ridiculously petty, and more importantly, totally irrelevant to the purpose of a periodic inspection. Which is to identify whether any maintenance is needed.” A third person took their anger out on the entire system, summing it up by writing, “I sort of wonder what little lightbulb clicks in your mind and you wake up one day and ask yourself, ‘How can I be a massive c*** who offers no value to society? I know! I will get into real estate.’” Image credits: Getty Images / Reddit

Real Estate

Man living in a tent after partner “gave up” on Covid restrictions

A hyper-vigilant man has resorted to living in a “pressurised” tent in a garage to avoid contracting Covid, after his girlfriend relaxed about restrictions. The Aussie man named Jason, who is a self-proclaimed “Covid education activist” caused a stir online after he posted a photo of his unusual sleeping arrangements. The now-viral post shared by Jason featured a picture of the peculiar tent he claims to be sleeping in, with an air purifier sticking out of the door, igniting a firestorm of reactions on Twitter, ranging from agreeance, to humour, to concern. Despite the media storm, Jason defended his decision to maintain strict pandemic precautions, despite never having contracted Covid-19. “This is my bed in the garage because my partner has dropped precautions. I take precautions 100 per cent of the time. Don’t tell me that this hasn’t upended every f**king second of my life,” Jason declared in his original post, which included the image of his extraordinary sleeping arrangement. Taking his precautions to the next level, Jason also revealed that he has experimented with sleeping in a face mask, but he admitted that he found it uncomfortable and could not sleep properly with it. “I’ve tried to sleep in a mask, and I can’t. I know people sleep in CPAP masks all the time, so it’s possible, but I can’t do it,” he shared on Twitter. Despite the flurry of reactions to Jason’s living arrangement, he did receive some support for his precautionary measures, while some even suggested Jason leave his partner, to which he admitted the thought “had occurred to me”. Another Twitter user commended the tent and air filter idea, considering it a cost-effective and potentially effective solution to avoid contracting Covid. “I like the tent+filter idea. It’s cheap and should be effective,” another agreed. A few people shared that they empathised with Jason, and are also maintaining strict pandemic precautions. One person wrote, “Initially didn’t think much of the pic, but this is infuriating. I spend all my salary in-flo mask, enovid (antiviral nasal spray), no social life, so yes, I take precautions 100 per cent of the time.” “I’m sorry you have to live like this. I no longer see my family since they stopped masking,” another added. However, not everyone empathised with Jason’s living arrangements, saying he was being unrealistic about the future of Covid. “I work in senior living, and in the two years we’ve been open, we’ve lost zero to Covid. Even the (85-year-olds) getting it now are mild cases. Why? They’re boosted, so they don’t panic or sleep in a garage,” one commenter explained. “The vaccine is meant to enable you to live normally without worrying. Covid is endemic, so you will be in the tent for the rest of your life, lol.” posted another. In response to the viral post, one Twitter user humorously remarked, “We’re a few years away from a really good documentary on how this virus broke people’s brains.” Image credits: Getty Images / Twitter

Real Estate

$35,000 home comes with a catch

Etsy is an online marketplace best known for its handmade trinkets and creative wares, but now, the site has decided to broaden its horizons and try its hand at selling houses too. A new listing from the ‘store’ Modular Home Direct is offering eager homeowners and passionate crafters the chance to own a 432-square-foot tiny house for just $35,306.09 ($22,896 USD). However, the property comes with a catch: its loving owner must construct it by themselves. The listing’s description declares it to be a “beautiful modern low cost home” that comes with “doors, windows, insulated wall panels, flooring, baseboard trims, drywall, insulated roof, plumbing and electrical hook ups”. Furniture, however, was not included. According to the American real-estate company Zillow, the home’s asking price of $22,896 USD is less than one tenth of the average cost of a home in the United States (~$346,270 USD). The flatpack property is manufactured by Modular Home Direct, the same company behind the listing, and features all the key necessities in a tiny home as well as a few bonuses - a bedroom, a bathroom, a kitchen, a living room, loft, and even front and rear porches. And for anyone looking to take on the challenge - though the offering is limited to the United States due to shipping logistics - there are a few things to consider. For as well as the base construction, the home will also require the installation of electricity and plumbing. According to the Daily Mail, the US-based property site Home Advisor has estimated that these costs would see potential owners forking out anywhere between $550 to $2,3000 USD on just the property’s electrical wiring, while plumbing could start at around $360 and could reach up to $2,000. Modular Home Direct aren’t the first to try and capitalise on the growing tiny house movement, as people all over the world seek alternative housing options as real estate prices continue to soar. And while some online weren’t thrilled with the idea, others were onboard, though most seemed to agree that the price was too good to be true, and likely would increase as more costs came to light. “The cost of materials in a house is much less than the ground it sits on,” a Daily Mail reader said. “By the time you buy the land, go through the permitting process, bring utilities in.. the cost gets closer to an established home.” “They have an interesting website, if you're handy it could be a diy project. My brother in law has a diy log cabin, family pitched in to build it, it's very nice,” one shared. “I think my husband and I could build this. We both know electrical and plumbing... only bump would be the heat pump”. “You have to buy the land, buy the house, put the house together (or pay someone to put it together), and pay someone to hook up the electricity and water. You'd probably have to pay for building permits and inspections,” someone said, before noting that “so once you've done all that, it would probably be easier just to buy a move-in ready house.” And as another wrote, “like everything else meant to be affordable, it will soon cost $109K when it catches on.” Images: Etsy

Real Estate

Living large in a tiny home!

Property stylist and new tiny homeowner Justine Wilson has shared her top tips and tricks for making the most of a tiny space, all without sacrificing an inch of style. Director of Vault Interiors, Justine Wilson has just moved for the 19th time and also made a dramatic tree change from a large four bedroom, three living room inner city terrace to a studio sized 40-foot container home in the country. The self-confessed maximalist who loves to decorate shares her top tips on how to get the most impact and function, while also overcoming the limitations of small living spaces without compromising on style. Justine says, “As an interior designer and stylist, I love to decorate and change things up each season, so this move has certainly been the most challenging! However, I feel that I can prove that with a well thought out design you really can achieve the life and home you want, no matter what the size. “There are so many benefits to going tiny such as financial, less maintenance and thus more life. Plus, it encourages living outside which is great for your physical and mental health. I promise it’s life-changing and worth the cull of everything you don’t really need!” said Justine. Tip 1: Go vertical: Justine has collected many trinkets and book mementos from her travels and loves to display them. She suggests the best way to display these in a small space is to use as much of the vertical space in your home as you can. In her tiny home she has used multiple Ikea bookshelves that allow for ample display, especially as books and clusters of items can be stacked for maximum impact. The trick is to group like items together, such as a group of candles, or crystals, and try to alternate larger items like sculptures and vases in between. Tip 2: Dual function furniture: The container home is only 2.3m wide and about 12m long - so it really is tiny, and every inch counts! To get the most functional out of the home, but still have it feel styled and cosy all furniture items need to serve a purpose. Justine has custom-made a kitchen island so there was an additional workspace for meal prepping, but it also has shelves that mean she can display her cookbooks, bowls and collection of platters. She has storage ottomans that work as both a seating area but also store excess linen. The bed also has storage underneath, and in a tiny home using wall hooks is a great way to tidy up bags and coats. Tip 3: It’s all about scale: Ensure each furniture item is low profile and compact. Most importantly, make sure you measure all items before purchasing to ensure everything fits snuggly and no areas are wasted. If you make smart furniture choices you will be able to fit in a small living area, a bedroom and a kitchen, all in one open room and keep it functional. Also, by selecting mainly white furniture it has meant the overall space feels light and airy and open. Tip 4: Consider a colour scheme overall: In this Tiny home, Justine has chosen a monochromatic look with whites, greys, blacks and some pops of wood to warm it up. The way to make it feel less cluttered is to opt for tonal items, so try to group the same colours together with your personal displays and if you can stick to one general colour accent overall for linen and cushions and main décor - the home will feel more cohesive. Justine installed white vinyl flooring and painted the ceiling white, and used many mirrors, which all help enhance the feeling of space and reflect the light. Tip 5: Make use of outdoor living: This tiny home is truly liveable as it has an attached decking area that doubles Justine’s living space and is fairly all weather. This is crucial for entertaining, something Justine didn’t want to give up! So, she has a large outdoor dining table, an outdoor lounge area and also an outdoor fire pit area that is fantastic for cooler months. You can also consider extending your internal space by creating external zones also with decks, pavers or pergolas. “Also, remember you don’t have to sacrifice creature comforts to go tiny. My new home was cleverly designed and built by a good friend of mine who is also a designer, and it has all the mod cons such as a washer dryer, air con and a dishwasher. It truly is possible to go tiny!” said Justine. For more styling tips go to: <a href="https://www.vaultinteriors.com.au/" target="_blank" rel="noopener">www.vaultinteriors.com.au</a> Images: Vault Interiors [supplied]

Home Hints & Tips

Antiques Roadshow guest floored by value of father’s gift

For most people, finding out that their old items are worth a few hundred dollars is a treat enough, and maybe a few thousand if the antique is particularly special. But for one woman in the United Kingdom and her treasured brooches, that would have been small change. It was Antiques Roadshow’s expert Geoffrey Munn who broke the news after inspecting her pieces in Wales, assigning an impressive value to the 18th century collection. As the guest - and owner - explained, the two diamond brooches from her set had been gifted to her by her father. “[The smaller bow] on my wedding day. [The floral brooch] came a little bit later,” she said, “and [the ruby bow] was inherited from my grandmother.” She went on to share that her father had actually been involved in the antiques world, and so it was “something that I’ve grown up with.” <img src="https://oversixtydev.blob.core.windows.net/media/2023/05/AntiquesRoadshow_EMBED.jpg" alt="" width="1280" height="720" /> Upon inspecting the items, Munn noted that they were in “perfect condition”, and that they seemed to be “18th century jewels of the finest pitch”. When it came to the smaller bow, he remarked that it was more than it appeared, being “a true lovers knot, because the harder it is pulled, the tighter it becomes. “And the diamonds are forever, so this little subliminal message for your wedding was perfectly well chosen.” According to Munn, the same could be said of the ruby bow, but that things were “more complicated” when it came to the floral brooch. After sharing that it was most likely a sort of dress ornament, he noted that “there may have been 20 or 30 of them, and they might have gone down the back of a woman of very high rank and huge wealth. “[In the 18th century], people didn’t simply recognise the sovereign because there was no photography and precious few portraits. So, when [they] entered the room, there had to be an enormous display of sumptuary.” He then theorised that the floral brooch could possibly have belonged to Russian royalty, and that he wanted to believe that was the case. “The Russian crown jewels were sold in London after the revolution to raise funds for the new regime,” he continued. “It’s just possible that this is a Russian crown jewel. Wouldn’t [that] be marvellous?” Munn dubbed the entire collection “marvellous things”, declaring that “they’re not showy. They’re utterly beautiful expressions of an era gone by and that’s what we’re looking for”, as well as announcing that the trio came in at a staggering value of approximately $62,000. The smaller bow came in at around $15,000, while the ruby brooch was valued at $18,800, and the ruby at $28,300. And while selling the set would have given the guest’s bank balance quite the boost, she had no intentions of parting with them any time soon. Instead, she intended for her daughters to inherit them. She enjoyed wearing the pieces, she said, but unfortunately, the bigger of the brooches were getting “difficult to wear nowadays … perhaps [they are] a bit more dated.” Images: Antiques Roadshow / BBC

Money & Banking

Backlash to new kids clothing line sees Target lose billions

Target has lost billions in market valuation as its Pride-themed kids line continues to face backlash. Target shares were trading at $160.96 (A$246.18) a share, which means their market valuation was roughly around $74.3 billion (A$113 billion) The Minneapolis-based retailer’s stock value dropped drastically following the calls to boycott their “PRIDE” collection, at just $138.93 (A$212) a share as of Friday, which is a 14 per cent drop in value to around $64.2 billion (A$98 billion) , according to The New York Times. This roughly translates to a $10.1 billion (A$15 billion) loss in valuation. The plummet is the retailer's lowest stock price in nearly three years, and the last time any company’s stock plummeted this intensely was in 2022 after the stocks equalised during the pandemic. Target has since moved its Pride section away from the front of the store in some Southern states, following displays being knocked over by protesters, who also confronted the workers. They also said they would remove items from the collection but didn’t specify which ones. Some of the clothes receiving backlash were the rainbow-themed children’s clothing, and a “tuck-friendly” swimsuit for trans women, who have not yet had their gender-affirming surgeries, to conceal their genitalia. Target CEO Brian Cornell has defended the LBGTQ-friendly clothing line and has said that selling them was “the right thing for society.” Images: Getty

Money & Banking

When your house has a (disturbing) history, what should buyers be told about its ‘past’?

<a href="https://theconversation.com/profiles/eileen-webb-95332">Eileen Webb</a>, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a> Imagine you have just bought a home. You have moved in and, during a friendly chat with the neighbours, you find out the property had been the <a href="https://www.abc.net.au/news/2018-07-07/what-is-stigmatised-property-and-what-are-your-rights/9911608">scene of a serious crime</a> or <a href="https://www.aicnsw.com.au/our-dream-house-was-a-meth-lab/">used to manufacture</a> methamphetamine. How would you react? Is this something you would want to have known prior to the sale? If you had known, would this have affected you decision to buy the property? And was the real estate agent or vendor <a href="https://www.domain.com.au/news/what-do-agents-have-to-reveal-about-a-home8217s-history-20170810-gxcm5k/">under any obligation</a> to let you know? In most cases, the answer is (somewhat surprisingly to buyers) “no”. However, amendments to Victoria’s Sale of Land Act 1962 <a href="https://www.consumer.vic.gov.au/latest-news/sale-of-land-changes-in-effect-legislation-update">have now broadened the matters</a> that must be disclosed to buyers prior to a sale, including where a serious crime has occurred. Renters who find they have entered into a stigmatised property must resort to the consumer protection laws discussed below. <h2>Why were the laws required?</h2> The ancient doctrine of caveat emptor (let the buyer beware) still impacts on real estate transactions. It means the buyer bears the responsibility of making their own enquiries about the property. Property inspections are usually confined to the physical condition of the property. While it would be possible, at least theoretically, to arrange for a person to investigate its “background”, this can be a difficult process, especially if such information is concealed or hard to come by. As a result, each state and territory has introduced laws that provide for some level of disclosure to the buyer during the conveyancing process. The extent of disclosure required and the nature of matters that must be disclosed varies from jurisdiction to jurisdiction. Furthermore, section 18 of the Australian Consumer Law <a href="http://classic.austlii.edu.au/au/legis/cth/consol_act/caca2010265/sch2.html#_Toc32223214">considers conduct</a> as misleading or deceptive where a matter is not disclosed but, in the circumstances, there is a reasonable expectation it would be. The problem is that while disclosure may be required in matters involving, for example, a structural fault or a road-widening proposal, such information is confined to physical issues affecting the property. However, what happens when the matter involves not a physical defect but a psychological or stigmatising one, such as a murder, for example? Such information may be of considerable importance to potential buyers who, for personal or religious reasons, would find living in a property where such an event occurred intolerable. On a more mercenary note, the impact on resale value of the property <a href="http://journalarticle.ukm.my/7237/1/115-293-1-PB.pdf">could be significant</a>. <h2>The nature of ‘stigmatised’ property</h2> Concern about the effect of stigma on property is not a recent phenomenon. Courts in several jurisdictions, including Australia, <a href="https://api.research-repository.uwa.edu.au/portalfiles/portal/1218611/3632_3632.pdf">have had to grapple</a> with buyers who had discovered, after purchase, that the property had been the scene of a serious crime or criminal activity, a suicide had occurred, persons had been suffering from certain illnesses, or a sex offender lived nearby. In one case a young man had murdered his parents and sister in their Sydney home. The property was later sold to a young couple. After discovering the tragic events that had occurred in the home, they sought to withdraw from the sale on religious grounds. There was a <a href="https://www.theage.com.au/national/estate-agents-fined-over-triple-murder-house-20041220-gdz86g.html">significant amount of criticism</a> of the real estate agent for not informing the buyers about what had occurred there. After considerable public pressure and an investigation by the NSW Office of Fair Trading, the contract was set aside. On a more ethereal note, there have been a series of cases in the United States where buyers have sought, in some cases successfully, to have a sale rescinded <a href="http://zillow.mediaroom.com/2019-10-29-Selling-a-Haunted-House-Heres-What-You-Need-to-Know">because the house</a> was (allegedly) haunted or the subject of <a href="https://casetext.com/case/stambovsky-v-ackley">paranormal activity</a>. <h2>Disclosure laws regarding stigma</h2> The Victorian legislation clarifies obligations for estate agents and vendors regarding <a href="https://www.consumer.vic.gov.au/latest-news/sale-of-land-changes-in-effect-legislation-update">the disclosure of “material facts”</a>. In summary, an estate agent or vendor cannot knowingly conceal any material facts about a property when selling land. The legislation is supported by guidelines that clarify the nature of a material fact. This includes circumstances where, during the current or previous occupation, the property was the scene of a serious crime or an event that may create long-term potential risks to the health and safety of occupiers of the land. Specific examples include extreme violence such as a homicide, the use of the property for the manufacture of substances such as methylamphetamine, or a defence or fire brigade training site involving the use of hazardous materials. Relevant factors can include the reaction of other potential buyers to the fact, including their willingness to buy in light of the revelation. Significant penalties and even imprisonment await vendors and real estate agents who do not comply. <h2>Will the laws work?</h2> As with any new legislation, we will have to wait and see how this plays out. However, some preliminary comments can be made. First, it will be interesting to see how the term “knowingly” is interpreted. Could an agent or vendor avoid the provisions if they merely suspect an issue but do not look further into it? The term “wilful blindness” comes to mind. Second, a fact can be material in either a general or a specific sense. The general sense seems straightforward, as it refers to information most people would consider when deciding whether to buy a property. However, how serious must a crime be to be material? What if the situation involves cultivation of marijuana rather than a more egregious substance? More complex is where a material fact may be of importance to a specific buyer but not buyers generally. For example, in the case discussed above, the buyers’ religion made it impossible for them to live in a home where a violent murder had occurred. In this case, the onus seems to be on the prospective buyer to ask questions about matters of concern to them. <h2>What now?</h2> Although one suspects that buyers of an allegedly haunted house might not succeed under this legislation, the laws address a significant gap regarding disclosure of psychological considerations in the purchase of a property rather than the traditional physical ones.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/132766/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/eileen-webb-95332">Eileen Webb</a>, Professor of Law and Ageing, School of Law, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/when-your-house-has-a-disturbing-history-what-should-buyers-be-told-about-its-past-132766">original article</a>.

Real Estate

Pirates of the Caribbean island up for sale

A Bahamian island, which was the backdrop for two iconic blockbuster films, is now up for sale for the eye-watering price of $150m. The island, known as Little Pipe Cay, was used as a backdrop for two Hollywood films: Pirates of the Caribbean: The Curse of the Black Pearl and Casino Royale, a film in the James Bond franchise. Spanning across over 40 acres of land, the island boasts stunning white-sand beaches and what locals refer to as “Bombay-Sapphire Blue” waters. The main property has 11 bedrooms, 12 bathrooms and four cottages, it’s basically like having a private mini resort. The property also has a deepwater dock that’s big enough for a superyacht, so you can host boat parties or simply cruise around with your peers. The lucky buyer will feel like they are on a never-ending getaway, as they can escape into the gardens or take a dip into the Olympic-sized infinity pool, the perfect place to appreciate the stunning tropical scenery. For those looking for some indoor activities, the island also offers a gym and spa, in the fully staffed island so that you will never need to lift a finger. The island is also home to many exotic plants and animals, including dolphins and sea turtles, so for those nature lovers it’s the perfect place to reconnect with mother nature. Alternatively, if you decide you’re bored of the same views, you can hop on a helicopter and fly off to another island or country, as the island also has a helipad for your travelling needs. Images: realestate.com.au/ Engel & Völkers Bahamas/ Getty

Real Estate

Breaking the mould: why rental properties are more likely to be mouldy and what’s needed to stop people getting sick

<a href="https://theconversation.com/profiles/rebecca-bentley-173502">Rebecca Bentley</a>, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a>; <a href="https://theconversation.com/profiles/nicola-willand-441807">Nicola Willand</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>, and <a href="https://theconversation.com/profiles/tim-law-1438482">Tim Law</a> Rental properties are more <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8835129/">likely be mouldy</a> than other homes. This is a concern as excessive mould growth is known to <a href="https://www.who.int/publications/i/item/9789289041683">harm human health</a>. Once buildings are infested with mould, the difficult and costly issue of remediation arises. Landlords and tenants are caught in the middle of a tussle over who is responsible for fixing the problem. As one Melbourne renter and research participant told our colleague Maria Gatto, during a study validating mould reporting: <blockquote> The landlord came around [and] walked [into] every room where there’s black mould on the ceiling – like it’s freaking [something out of the TV series] Stranger Things – and she’s like, ‘Oh, a little bit of mould in winter, it’s very normal, it’s fine […] this happens every winter, it’s not a big deal’. </blockquote> Heading into winter, after <a href="https://theconversation.com/la-nina-3-years-in-a-row-a-climate-scientist-on-what-flood-weary-australians-can-expect-this-summer-190542">three consecutive La Niñas</a>, <a href="https://theconversation.com/sudden-mould-outbreak-after-all-this-rain-youre-not-alone-but-you-are-at-risk-177820">conditions are ripe</a> for a mega-mould season. Combining our expertise in health, law, building and construction, we examine the problem of mould in homes and offer guidance for both renters and landlords. <h2>Ideal conditions for growth</h2> Mould is a <a href="https://www.cdc.gov/niosh/topics/indoorenv/whatismold.html">fungal growth</a> that reproduces via tiny airborne particles called spores. When these spores settle on moist, plant-based construction materials such as wood, wallpaper or plasterboard, they can form a new colony. Growth is more likely when homes are cold, humid, lack air flow, or suffer from water damage. Outbreaks have been reported in flooded parts of southeastern Australia. <figure><iframe src="https://www.youtube.com/embed/sD2Ij_QlzwA?wmode=transparent&start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe><figcaption>Black mould an invisible threat growing behind walls of flood-affected homes (ABC News)</figcaption></figure> So why is the problem of household mould worse in rentals? <a href="https://www.ahuri.edu.au/research/final-reports/338">Weak regulation of tenancy legislation</a> is just one of many factors. Rental properties tend to be poorly maintained, with <a href="https://www.ahuri.edu.au/research/final-reports/338">structural problems</a> such as leaks. Given this, they can be expensive to heat. <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&q=45&auto=format&w=1000&fit=clip"><img src="https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=422&fit=crop&dpr=1 600w, https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=422&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=422&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=531&fit=crop&dpr=1 754w, https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=531&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=531&fit=crop&dpr=3 2262w" alt="A chart showing the percentage of homes with structural defects in each category" /></a><figcaption>Rental homes have more structural defects than owner-occupied homes. <a class="source" href="https://www.ahuri.edu.au/research/final-reports/338">Nicola Willand, using data from Moore et. al., (2020), Warm, cool and energy-affordable housing policy solutions for low-income renters, AHURI Final Report, vol. no. 338. Appendix 2</a>, Author provided</figcaption></figure> <h2>How mould makes people sick</h2> The <a href="https://www.who.int/publications/i/item/9789289041683">World Health Organization</a> recognises mould can be harmful. A 2022 Asthma Australia <a href="https://asthma.org.au/what-we-do/advocacy/housing/">report</a> revealed people living in mouldy homes were more likely to have asthma and allergies. A systematic review of peer-reviewed research found <a href="https://erj.ersjournals.com/content/38/4/812">children living in mouldy homes</a> were more likely to experience asthma, wheeze and allergic irritation of the eyes, nose, throat and mouth (allergic rhinitis). Living with mould is a source of stress. People worry about the consequences for their health and there is a growing body of evidence describing the <a href="https://jech.bmj.com/content/50/1/56">negative mental health effects</a> of mouldy, damp homes. <h2>Problems with managing mould in the rental sector</h2> There is a gap between building and residential tenancies legislation. A building deemed to meet the minimum standards of the construction code with respect to mould may not meet the minimum standards for rental. That’s because there’s ambiguity in the <a href="https://ncc.abcb.gov.au/">National Construction Code</a> around “minimum standards of health”. For example the Victorian <a href="https://www.legislation.vic.gov.au/in-force/acts/building-act-1993/136">Building Act 1993</a> contains some provisions for the relevant surveyor to serve a notice on the basis of a health circumstance affecting a user. However, there is no guidance on how to assess the health of the indoor environment, or to deliver a building direction that will address the root cause for mould. This varies by state and territory. Mould remediation can be costly. A <a href="https://www.vba.vic.gov.au/about/research/examining-indoor-mould-and-moisture-damage-in-victorian-residential-buildings">study</a> by Victoria University found half the defects causing mould were water-related. These were more expensive to fix than other problems, by an average of A$7,000. Each winter, <a href="https://tenantsvic.org.au/advice/common-problems/mould-and-damp/">Tenants Victoria</a> deals with a spike in renters seeking legal help to resolve their mould problems. This led to the service launching an annual winter Mould Clinic in 2021. Despite increased legal protections, renters are still struggling to get mould fixed. For these reasons, many renters find the legal process doesn’t offer a solution to their problem, and instead move to a new property, with all its attendant costs and stresses. Others can’t afford to leave, or live in social housing with limited transfer options. <h2>Charting mould in homes across Australia</h2> <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/525848/original/file-20230512-21-xb83ft.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=1000&fit=clip"><img src="https://images.theconversation.com/files/525848/original/file-20230512-21-xb83ft.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/525848/original/file-20230512-21-xb83ft.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=338&fit=crop&dpr=1 600w, https://images.theconversation.com/files/525848/original/file-20230512-21-xb83ft.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=338&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/525848/original/file-20230512-21-xb83ft.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=338&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/525848/original/file-20230512-21-xb83ft.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=424&fit=crop&dpr=1 754w, https://images.theconversation.com/files/525848/original/file-20230512-21-xb83ft.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=424&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/525848/original/file-20230512-21-xb83ft.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=424&fit=crop&dpr=3 2262w" alt="A bar chart comparing the prevalence of mould in homes across Australian states and territories" /></a><figcaption>Mould is more prevalent in rentals compared to owner-occupied dwellings. Mould is most commonly reported in New South Wales. The difference between owners and renters is greatest in the ACT. Australian Housing Conditions Dataset 2022 doi:10.26193/SLCU9J, Author provided</figcaption></figure> <h2>Where does the responsibility lie?</h2> Tenancy legislation varies by state and territory. Renters should familiarise themselves with the regulations in their jurisdiction. In Victoria, <a href="https://www.legislation.vic.gov.au/in-force/acts/residential-tenancies-act-1997/101">residential tenancies legislation</a> has set the criteria that “each room in the rented premises must be free from mould and damp caused by or related to the building structure”. Landlords now must disclose if they have treated mould in the past three years. Similarly, <a href="https://www.rta.qld.gov.au/rental-law-changes">new legislation in Queensland</a> (coming into effect in September) states rental properties should be free from vermin, damp and mould where this is caused by issues with the structural soundness of the property. In New South Wales, the landlord needs to <a href="https://www.fairtrading.nsw.gov.au/housing-and-property/renting/during-a-tenancy/health,-safety-and-security">disclose signs of mould</a> and dampness in the condition report (but not necessarily have fixed it). Mould is not mentioned in the <a href="https://www.legislation.act.gov.au/a/1997-84/">ACT residential tenancies legislation</a>. For the most part, the responsibility for mould in rental properties lies with landlords if the cause is structural –- for example, if a broken or faulty window frame has let rainwater inside. Requests for urgent repairs can be accompanied by an assessment report by an occupational hygienist, environmental health professional or expert from the local council. People with an existing health condition such as asthma can include a doctor’s report. <h2>What next?</h2> To achieve change across all relevant domains of regulation, construction, natural disaster response and government policy, we need a sustainable, broad healthy <a href="https://www.healthyhousing-cre.org">housing agenda in Australia</a>. We also need to consider options for immediate action. As one Victorian renter noted: <blockquote> When we buy a car for the purpose of driving on the roads, we’re required to get a roadworthy certificate to make sure it’s safe, because of the risk to other people […] Ideally it would be great if there was [some] kind of ‘rentworthy’ certificate […] to demonstrate that the property has been inspected, to identify any structural issues that might affect the tenant’s health and wellbeing. And that that be available to tenants […] before they enter into a lease or before (the property is) even able to be advertised. </blockquote> Quotes in this article were collected by Maria Gatto as part of her Masters of Public Health, conducted at the Melbourne School of Population and Global Health in 2022.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/205472/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/rebecca-bentley-173502">Rebecca Bentley</a>, Professor of Social Epidemiology and Director of the Centre of Research Excellence in Healthy Housing at the Melbourne School of Population and Global Health, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a>; <a href="https://theconversation.com/profiles/nicola-willand-441807">Nicola Willand</a>, Senior Lecturer, School of Property, Construction and Project Management, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>, and <a href="https://theconversation.com/profiles/tim-law-1438482">Tim Law</a>, Guest lecturer and Practice Lead — Building Sciences, at Restoration Industry Consultants Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/breaking-the-mould-why-rental-properties-are-more-likely-to-be-mouldy-and-whats-needed-to-stop-people-getting-sick-205472">original article</a>.

Real Estate

How to downsize without leaving the suburb you love

If you find yourself rattling around in a home that now has too many rooms to clean, and you’d prefer to spend more time doing things you love rather than household chores, it might be time to downsize. Not only can downsizing your property simplify your lifestyle, it has the potential to free up some funds as well. If you manage your ‘empty nester’ status well, it can become a profitable nest egg! But downsizing to a smaller home can be a daunting process. You may not be ready for the close proximity of a retirement village, nor are you keen to leave the neighbourhood you love. You have great neighbours, you’re close to family, and you have all the amenities you want nearby, but your house just doesn’t suit your lifestyle anymore. So, what are your options? There are in fact a couple of great alternatives to packing up and leaving everything you’ve known behind: building a dual occupancy home or a knockdown rebuild on your existing block of land. What is a dual occupancy development? A dual occupancy home design, also known as a ‘duplex’ or ‘multi-dwelling’, can come in a variety of layouts: either two attached dwellings side by side, where both properties have street frontage, or one behind the other, where there’s a driveway down one side of the property. A dual occupancy home is a great consideration for those who: <ul> <li>Want to remain in the same area but don’t need as big a house.</li> <li>Want a low maintenance lifestyle.</li> <li>Have a large block in an area where land prices are increasing.</li> <li>Want to realise some of the equity in the land.</li> <li>Want to create an ongoing income stream through an investment property.</li> </ul> Unlocking wealth with a dual occupancy home design The Australian property boom has made many people many millions. But the fact is that the wealth lies in the land not in the dwellings themselves. Many people who have owned a slice of the Aussie Dream for more than 10-15 years are sitting on potential gold, however all their equity is tied up in the land beneath their house. For empty nesters that are ready to downsize, this offers enormous opportunity. It’s no surprise that dual occupancy house designs are increasing in popularity. There are a number of ways you can capitalise on this opportunity: <ul> <li>Live in one house and sell the other.</li> <li>Live in one house, then rent the other one. This provides a potential income stream and is particularly great if your property is in an area where rental supply is low.</li> <li>Sell both houses and live somewhere else. This option works well in areas where housing stock is low and demand is high – and when you’re prepared to find somewhere else to live!</li> </ul> There are some design limitations when it comes to building a dual occupancy home due to the somewhat restricted footprint, and a number of things to consider such as the size of your block, street frontage, driveways and council approvals. Thankfully however, experienced homebuilders such as Metricon have the expertise and know-how to provide you the guidance you need to make the most of your asset. Knockdown rebuild – build a brand-new home, wherever suits your lifestyle “Don’t move your life, improve your life!” is a fitting motto for those looking to take advantage of their great location by building a more suitable home for their life stage. If you really love where you live but your home just isn’t right for you any more, then there are two likely options: a renovation or a knockdown rebuild. A knockdown rebuild is especially a great option when you are looking to downsize – such as replacing your double storey home with a more suitable single storey option. Perhaps you are weighing up the option of moving but also hoping to build new. Let’s explore your options. To renovate or rebuild? Before jumping on the renovation bandwagon, assuming it is an easier option, there are a few factors to consider that may ultimately influence your decision. These can include: the extent of your renovation, the comparable costs between renovating and rebuilding, and the expected increase in value of your property. Other factors such as the condition of your home (some old homes can’t cope with structural changes), and ongoing expense (a new home is typically cheaper to maintain than an older home), may preclude you from renovating. Renovating can often result in unforeseen cost blowouts and uncover previously hidden or undiscovered faults. There’s also the hassle of shifting furniture, isolating rooms, living in only part of your home or moving out completely during the renovation. A knockdown rebuild however, may be easier and deliver a more satisfying result than you think: a brand-new home where everything is clean and reliable, in a floorplan that matches your desired lifestyle perfectly. Re-locating and building new If you’re looking for a complete lifestyle change when downsizing, perhaps weighing up the options of a sea or tree change, you can have the best of both worlds and build your dream home to perfectly suit your new location. Images: Getty

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How to downsize without leaving the suburb you love