The New Daily reports from Australia. "A Sydney real estate boss has branded young city dwellers 'generation selfish' for refusing to cut back on widescreen TVs, Netflix, fashionable clothes and craft beer to get a footing in the property market, unlike thriftier generations of the past. Malcolm Gunning, founder of the Gunning agency, issued the blistering call-to-arms accusing young people of failing to make necessary sacrifices. 'More and more we are seeing a victim mentality associated with the high cost of property, yet this ‘generation selfish’ sees widescreen TVs, designer clothes, international holidays and eating out as everyday essentials. They simply won’t do what is necessary to cut their lifestyle in order to save a deposit,' he said. 'If you were serious about buying a house, you would compulsively save and you’d have to cut things out of your life.'"

The International Business Times. "The gradual recovery of Australia’s house prices could be stymied by a property funding crisis. The crisis is triggered by new borrowing rules imposed by local banks on foreign and Australian purchasers of apartments. The Australian Financial Review reports that Shanghai-based financiers have been complaining that funding of the Chinese clients from Australian banks were frozen. Their only recourse is to foreclose the property or borrow at usurious interest rates from private financiers."

"The problem is not limited to Chinese buyers of Australian apartments. Local clients of Australian financiers, mostly Asians, have also complained of their settlements being deferred by three months to find alternative sources of funding. Because all deals have been frozen, discloses Mark Yin, agent with Home Tree Group, based in Shanghai, financiers are now scouring for new financing from all over the world."

The Australian Financial Review. "Trips to Europe and luxury Asian resorts are on offer to off-the-plan buyers of Melbourne apartments as rising supply and falling demand increases pressure on developers. Buyers of two or three bedroom apartments in the south-eastern suburban complex selling for up to $810,000 are offered flights and accommodation in Europe worth $10,000. Buyers of one bedroom apartments, which cost about $350,000, are offered flights and accommodation in Bali, or Fiji, worth $5000."

"DealCorp managing director David Kobritz said the offer was an alternative to usual promotion packages such as rent guarantees, window furnishings, furniture or technology packages. 'We just felt it was something different,' he said. 'It has been a long, cold, wet winter and we thought it might just help persuade someone on the verge of buying.'"

"Some property developers around Melbourne's central business district and Docklands are pushing back settlement for off-the-plan buyers by up to three months to enable them more time to refinance their purchase, according to financiers and developers. Oversupply, falling demand and weakening yields are expected to push down apartment prices by between 8 and 15 per cent, particularly in Melbourne, where new apartments continue to flood onto the market, according to BIS Shrapnel."

The Gold Coast Bulletin. "A Taiwanese businessman who four years ago put his lavish Gold Coast mansion on the market at $16 million has sold it for half that amount. James Tsai’s 2638sq m Sanctuary Cove home has been bought by Chinese buyers in an $8 million deal that has already settled. The house was intended for Mr Tsai’s family and was completed in 2011 but, after his adult children opted against living in Australia, he decided to remain in Taipei."

"Last year he sold another Sanctuary Cove home for $1.5 million and in 2012 was sued for failing to settle the $1.395 million purchase of a 38th-floor apartment in the Hilton Surfers Paradise. The mortgagee resold the apartment for $780,000 and the court action subsequently was discontinued."

"The buyers of Mr Tsai’s Sanctuary Cove mansion, Feng Kou and Aiyi Wei, have a home that barely has been lived in, overlooks the Coomera River and has a 78-metre frontage to a private harbour."

From Domain News. "Perth property prices continue to plummet despite hopes they may stabilise this year, with the median house price now at its lowest point since March 2013. House prices sunk 1.7 per cent to a median of $568,132 in the June quarter, the sixth consecutive fall for the city. Over the past year, Perth house prices have fallen by 5.6 per cent, the worst in the country, bar the volatile Darwin market."

"'After looking like the market might bottom out, Perth recorded a sharpish decline in the month and an even sharper decline in the June quarter,' Domain chief economist Andrew Wilson said. 'House prices in Perth are the lowest they’ve been in three years and they are still falling.'"