News

General property update

Metricon slams collapse rumours, asserts growth

Metricon slams collapse rumours, asserts growth

Speculative media reports linking the suicide of Metricon co-founder Mario Biasin to a potential company collapse have forced acting managing director Peter Langfelder to go public with a defence. The rumours, he said, are baseless, the company in “a strong position”, with all contra...

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Construction industry collapses: Building home costs blow out by $40,000 and $100,000

Construction industry collapses: Building home costs blow out by $40,000 and $100,000

Condev building sites left quiet after its collapse. A builder insider has revealed that outrageous price gouging is contributing to the instability in the industry as costs blow out by up to $100,000 per job. A building insider, who works for one of the largest construction companies in NSW, h...

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ATO turns screws on SMSF property developers avoiding GST

ATO turns screws on SMSF property developers avoiding GST

The ATO is stepping up surveillance of GST claims. A recent court case involving a DIY super fund subdivision highlights the importance of ticking all the boxes. A landmark legal decision has closed a popular loophole that enabled trustees of self-managed super funds involved in property develo...

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How fast are residential construction costs rising?

How fast are residential construction costs rising?

Over the March 2022 quarter, housing construction costs increased at their fastest pace in more than 40 years. It was also the largest annual increase since that time.  Each quarter, the Australian Bureau of Statistics (ABS) publishes producer price indices, and within that release is data ...

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The Perth councils with homes selling at a loss, despite property boom

The Perth councils with homes selling at a loss, despite property boom

Lagging unit prices have dragged down overall prices in some suburbs.  Around one in six homes sold are changing hands at a loss in some neighborhoods despite the pandemic property boom, new figures show. In the Perth city council area, 47.6 per cent of sales made a loss in the December qu...

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What will rising interest rates mean for property prices?

What will rising interest rates mean for property prices?

On Tuesday the Reserve Bank increased interest rates for the first time in 11 years and rates are expected to increase sharply over the rest of 2022. We have already seen a slowdown in home price growth sparked by buyer expectations of rate rises. But what will higher rates mean for the housing ...

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BUILDING MATERIAL COSTS INCREASING AT THEIR FASTEST PACE SINCE 1980

BUILDING MATERIAL COSTS INCREASING AT THEIR FASTEST PACE SINCE 1980

Master Builders NSW can report that building material costs are now increasing at their fastest rate since 1980. Right across Australia, the cost of materials used in house building has increased by +4.2 per cent during the March 2022 quarter and are now +15.4 per cent higher than a year ago. Th...

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Property settlement payment scam results in a $732,000 loss

Property settlement payment scam results in a $732,000 loss

Email communications between home buyer and settlement agent hacked Request for payment with false bank account details sent to buyer Loss brings 2022 total for payment redirection scams to more than a million dollars A WA woman has reported to Consumer Protection losing about $732,000 aft...

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Big banks react after RBA increases interest rates for the first time in more than 11 years

Big banks react after RBA increases interest rates for the first time in more than 11 years

The RBA has increased interest rates by 25 basis points to 0.35 per cent. The Reserve Bank of Australia (RBA) has increased the nation's official cash rate for the first time in more than 11 years, and three of the nation's big four banks have already passed the rate rise onto customers. Today ...

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‘Stop complaining’: millionaire property investor defends plan to buy 1000 homes

‘Stop complaining’: millionaire property investor defends plan to buy 1000 homes

Property millionaire Eddie Dilleen has 42 homes.  A Sydney-based real estate investor who owns 42 homes and has set his sights on acquiring 1000 properties has revealed that he doubts he and other investors have had a marked impact in driving up home prices. Eddie Dilleen has been one of t...

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Foreign investor fined $250k for unauthorised property purchases

Foreign investor fined $250k for unauthorised property purchases

t’s the first-ever fine to be doled out under Australia’s foreign investments rules. Vijay Balasubramaniyan, a residential real estate buyer, has been penalised $250,000 after he was found to have purchased multiple properties in outer Melbourne without being authorised to do so by t...

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Perth building industry: Ben Harvey reveals how ‘ghost slabs’ are bringing construction firms to their knees

Perth building industry: Ben Harvey reveals how ‘ghost slabs’ are bringing construction firms to their knees

Perth builders are going broke, and The West Australian’s chief reporter Ben Harvey says it’s the city’s thousands of ‘ghost slabs’ that are responsible. There can be no doubt the Perth housing market is experiencing a bizarre set of market conditions. House prices...

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Aussie property price crash 'unlikely' even though interest rates will lift

Aussie property price crash 'unlikely' even though interest rates will lift

Looming interest rate hikes and the soaring cost of living are tipped to take some pressure off the housing market. A looming hike in Australia's official cash rate will result in a crash of the property market goes the theory – but one of the nation's top economists says that's unlikely t...

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Migration expected underpin new home sales in Australia

Migration expected underpin new home sales in Australia

Brisbane’s Queens Wharf Development has a high number of Chinese buyers who committed to purchases when borders were shut. Developers are banking on a new wave of interest from international buyers over the next few years as borders reopen. The last two years of strong growth in the new h...

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Rezoning the key to housing affordability crisis says PCA president David Harrison

Rezoning the key to housing affordability crisis says PCA president David Harrison

Property Council of Australia president David Harrison: ‘It’s bloody simple — we’ve got to convince the state governments to rezone land. It’s the state governments, driven by a little bit of prodding from the federal government, which will help us get the supply we ...

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5 ways property valuations and real estate appraisals are different

5 ways property valuations and real estate appraisals are different

Australians love to talk about real estate, but there’s a lot more to calculating the true value of one’s residential or commercial property than meets the eye.   There are two ways to understand the value of your home or commercial property: a property valuation and a real...

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A $100m private hospital has been approved for the Maroochydore City Centre

A $100m private hospital has been approved for the Maroochydore City Centre

More construction and health jobs will be created on the Coast after a development application for a new private hospital in Maroochydore was approved. The Maroochydore Private Hospital will be an eight-storey medical and teaching facility with high-end amenities and featuring a rooftop relaxati...

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Condev collapse to hit other Queensland builders

Condev collapse to hit other Queensland builders

Hutchinson Builders chairman Scott Hutchinson: “Margins are near nothing.” The collapse of Queensland mid-tier builder Condev so soon after construction giant Probuild was placed into administration has increased pressure on other companies to hold up the subcontracting sector in an ...

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Condev Construction to enter liquidation in another major industry collapse

Condev Construction to enter liquidation in another major industry collapse

Condev is reported to have been seeking $25 million from developers to keep the company afloat. Another major Australian construction firm has collapsed with staff told not to come into work as liquidators are appointed. Australian construction firm, Condev will go into liquidation after failin...

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Fresh blow to housing affordability looms as future supply dwindles

Fresh blow to housing affordability looms as future supply dwindles

The outlook for housing supply is gloomy, showing a slump in dwelling approvals. Despite signs that the housing boom is over and recent forecasts of a looming correction in prices, new data indicates fresh constraints on the supply of dwellings to meet future demand, which could push up prices o...

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An award-winning builder asks for calm as delivery times are expected to blow out following the floods

An award-winning builder asks for calm as delivery times are expected to blow out following the floods

Chris Munro from Munro Designed Homes on one if his building sites in Coorparoo.  Award-winning builder Chris Munro has called for patience and understanding in the wake of the three-day rain bomb that has displaced thousands of Brisbane residents and is set to throw project delivery times ...

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Investors returning to the housing market after hiatus

Investors returning to the housing market after hiatus

New lending to investors continued to surge in January, fresh data from the Australian Bureau of Statistics shows, with an increase of 6.1% month-on-month, to be 67.8% higher than a year ago. This pick-up in investor activity is starting to reverse the trend of landlords selling out of the marke...

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Costs Crisis: Metricon Confirms Contract Renegotiations

Costs Crisis: Metricon Confirms Contract Renegotiations

Australia’s largest home builder, Metricon, has been forced to renegotiate contracts with customers as the cracks widen in the nation’s construction crisis. Metricon chief executive Mario Biasin confirmed that the builder was in the process of renegotiating contracts “in a smal...

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Home seekers pull back from market sensing imminent rate rises and price falls

Home seekers pull back from market sensing imminent rate rises and price falls

The mood among buyers is changing.  Home seekers are becoming increasingly hesitant to jump into new purchases because they fear a coming interest rate rise and think prices may drop later this year. That’s according to the founder of mortgage group Two Red Shoes, Rebecca Jarrett Dal...

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Could governments do more to help people buy a home without pumping or sinking house prices?

Could governments do more to help people buy a home without pumping or sinking house prices?

It now takes an average first home buyer around 12 years to save a deposit for an average priced home. They say desperate times call for desperate measures, and perhaps that's the situation Australian home ownership finds itself in. Once a dream, fulfilled by most, it's become a nightmare, unat...

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Top 10 regional property hotspots to watch in 2022

Top 10 regional property hotspots to watch in 2022

Properties in Toowoomba - such as this stunning Mary Street Queenslander - are tipped to boom in 2022. This one is up for sale with a price guide of over $670,000. A generational shift towards remote working and the boom in near-city house prices has forced property buyers to expand their horizo...

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New England to light up with second NSW Renewable Energy Zone

New England to light up with second NSW Renewable Energy Zone

New England will become a NSW powerhouse, with the NSW Government today announcing a $79 million plan to develop a second, massive 8,000 MW Renewable Energy Zone (REZ) in the region. Deputy Premier John Barilaro said the Government was forging ahead with its plans to deliver new energy infrastru...

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Homebuilders’ confidence falls as they wait months for cabinets, garage doors and appliances

Homebuilders’ confidence falls as they wait months for cabinets, garage doors and appliances

A worker makes repairs to a home under construction at the Lennar Bridgeway home development on December 15, 2021 in Newark, California. KEY POINTS Homebuilder confidence fell for the second straight month. Residential construction costs are up 21% year over year. “These delivery dela...

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What you need to know before applying for your first home loan

What you need to know before applying for your first home loan

Meg just got pre-approved for her first home loan. Here's everything she's learned so far. My partner and I just got pre-approved for our first home loan, and I feel like I could spew any second. That's partly due to my excitement: it's a privilege to be in this position and the thought of hang...

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Construction costs rise at fastest pace since 2005

Construction costs rise at fastest pace since 2005

So much goes into a house: And so much of it is rising in price.  Costs in home building will rise this year at above-average rates as timber and metal prices keep increasing, posing the risk of delays to projects and adding to inflationary pressures in the wider economy, CoreLogic says. T...

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Construction costs rising at the fastest annual pace since 2005

Construction costs rising at the fastest annual pace since 2005

CoreLogic’s Cordell Construction Cost Index (CCCI) for Q4 2021 showed that despite an easing in the quarterly rate of growth, national construction costs increased 7.3% over the 2021 calendar year, the highest annual growth rate since March 2005. Following a 3.8%  surge in national re...

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Home ownership slips further out of reach as houses surge to more than 11 times income

Home ownership slips further out of reach as houses surge to more than 11 times income

Owning a house is becoming more of a distant dream for many young Australians. The dream of home ownership has slipped further out of reach for young Australians following a year of sharp price growth across the nation. A Finder survey of 1,000 participants during the December quarter found 39 ...

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PROBLEMS INVOLVED IN BUILDING COMPANY LIQUIDATIONS

PROBLEMS INVOLVED IN BUILDING COMPANY LIQUIDATIONS

Trying to deal with a building company liquidation is never easy. The fallout hits other people and businesses, with effects ranging from mere inconvenience, to business interruption and potentially even further shutdowns. Particularly effected are subcontractors, suppliers and the directors of ...

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Australia’s red hot housing market is showing signs of cooling as prices in Melbourne slow for the first time in 14 months

Australia’s red hot housing market is showing signs of cooling as prices in Melbourne slow for the first time in 14 months

Australia’s red hot housing market is showing signs of cooling as prices in Melbourne fall for the first time in 14 months.  House price growth in Sydney and Melbourne have slowed for the first time in 14 months. The top end of the market led the downswing through December across t...

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Panic rising as major home builders go bust despite a construction boom and soaring house prices

Panic rising as major home builders go bust despite a construction boom and soaring house prices

A number of major builders have gone bust in recent months despite a home construction boom.  Alongside a house price boom, Australia is in the midst of a homebuilding boom, with the Housing Industry of Australia expecting a near-record number of new homes will be built over the next 12 mon...

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Australian house prices: Bank economists predict small rise in house prices before dramatic fall in 2023

Australian house prices: Bank economists predict small rise in house prices before dramatic fall in 2023

House prices are anticipated to fall as interest rates rise. Predictions are showing that the nation’s booming property market may not last – but the impact it will have in the long term is still up in the air. In what could be viewed as a warning sign for Australia, New Zealand is ...

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Panic rising as major home builders go bust despite a construction boom and soaring house prices

Panic rising as major home builders go bust despite a construction boom and soaring house prices

A number of major builders have gone bust in recent months despite a home construction boom. Alongside a house price boom, Australia is in the midst of a homebuilding boom, with the Housing Industry of Australia expecting a near-record number of new homes will be built over the next 12 months. ...

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ANZ predicts house price growth will slow in 2022 and then fall in 2023, as affordability problems and interest rates bite

ANZ predicts house price growth will slow in 2022 and then fall in 2023, as affordability problems and interest rates bite

Brent Lewin, Bloomberg via Getty Images ANZ has declared housing price growth will slow to 6% in 2022 and dip 4% in 2023. The bank suggests rising interest rates, prudential regulation, and sheer unaffordability will depress prices. Its interest rate projection cuts against the Reserve Bank ...

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Childcare centres top shopping lists of small investors

Childcare centres top shopping lists of small investors

The Burgess Rawson auction in Melbourne was almost a sell-out as over $100 million of real estate changed hands. Private investor appetite for essential services real estate, especially childcare centres, medical properties, pharmacies and fast food outlets, lifted total sales across three days ...

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Housing is expensive now, imagine a market with more migrants. Economists see rent, house price lift in 2023

Housing is expensive now, imagine a market with more migrants. Economists see rent, house price lift in 2023

Sid Lal has looked at hundreds of properties but says it's hard to find an affordable home in Sydney's hot market. (Daniel Irvine.) When Australia opens its borders to migrants, already skyrocketing house prices could rise further. While immigration is not the only factor influencing house pric...

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Fortescue gets quick planning approval for world's biggest electrolyser factory

Andrew Forrest and the Queensland premier discuss renewable hydrogen. Green energy company Fortescue Future Industries has revealed it has already received planning approval for what will be the world's biggest factory for green hydrogen electrolysers, despite announcing plans for the Gladstone ...

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Surging Costs Blamed as Privium Nears Collapse

Surging Costs Blamed as Privium Nears Collapse

One of Queensland's busiest residential builders, Privium Group, has been placed in voluntary administration with debts of more than $28 million. Privium, named 11th biggest builder in Queensland by the HIA this year after completing more than 600 projects worth $180 million, is nearing collapse...

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Real estate: Chinese homebuyers 'are getting picked on'

Real estate: Chinese homebuyers 'are getting picked on'

Monika Tu is the founder and director of Black Diamondz Property Concierge Wealthy Chinese homebuyers will flock to Australia next year despite the current trade issues with China, but the future beyond 2022 looks less optimistic, according to a prominent Sydney real estate entrepreneur. Monika...

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Law reform and class action considered after Canberra developer 3 Property Group cancels more off-the-plan contracts

Law reform and class action considered after Canberra developer 3 Property Group cancels more off-the-plan contracts

Lawyer Rahul Bedi, front, with clients Sheridan Burnett, Olga Zautner, Wasantha Davidlage, Reece Peart, Mohammad Choudhury and Song Le, who have all had their contracts cancelled by 3 Property Group. A bill to amend legislation around off-the-plan property contracts will be presented to ACT parl...

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Iconic Wangi Power Station primed for development with mega listing

Iconic Wangi Power Station primed for development with mega listing

The Wangi Power Station is set to fetch about $30 million. An iconic power station near Newcastle abandoned for more than 30 years is on the market expectations of a big sale price. Situated on a mostly undeveloped 22.3ha parcel, Wangi Power Station is being offered to developers via an express...

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Couple's newly built family home so defective experts recommend it be demolished and rebuilt for $2.4 million

Couple's newly built family home so defective experts recommend it be demolished and rebuilt for $2.4 million

The couple were quoted $2.4 million to tear down the $630,000 home. A couple's dream to build a home for their blended family on a waterfront block in southern Tasmania has been shattered, with experts advising the only way to fix the building's defects is to demolish it. Key points: Kev Hal...

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Australia’s Reserve Bank signals the end of ultra-cheap money. Here’s what it will mean

Australia’s Reserve Bank signals the end of ultra-cheap money. Here’s what it will mean

The Reserve Bank of Australia had a Cup Day surprise in store for the country, announcing it was abandoning its policy of “yield curve control”, meaning it was no longer going to defend any particular interest rate for borrowing over any particular duration.  Until today it had ...

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'Absolutely thumping' market: Laundy family snaps up Central Coast pub for $38m

'Absolutely thumping' market: Laundy family snaps up Central Coast pub for $38m

Publicans Arthur and Stuart Laundy have purchased the Bayview Hotel on the Brisbane Waters harbour front in Woy Woy on the NSW Central Coast  Veteran pub owner Arthur and his son Stuart Laundy have swooped on for the historic Bayview Hotel at Woy Woy on the NSW Central Coast paying a record...

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Boeing announcement to scale-up supply chain opportunities for local businesses

Boeing announcement to scale-up supply chain opportunities for local businesses

Local businesses will benefit from a range of supply chain opportunities following an announcement that Boeing Australia will establish an uncrewed-aircraft production facility in the western corridor. Boeing will construct the facility at the Wellcamp Aerospace and Defence Precinct to produce a...

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HARS set for upgraded aviation museum at the Parkes Airport

HARS set for upgraded aviation museum at the Parkes Airport

BIGGER, BETTER: The Parkes Shire Council has approved a DA for the HARS Museum at the Aiport to be significantly expanded. Parkes Council has approved the subdivision of land and subsequent erection of an Information and Education Facility (Aviation Museum) from the Historical Aircraft Restorati...

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Stressed buyers warned over cursory attention to inspections

Stressed buyers warned over cursory attention to inspections

A new ME survey has found that 61 per cent of home buyers later uncovered issues they'd overlooked when purchasing their home. A new survey has warned half of Aussie house hunters give inspections the same attention as bingewatching Netflix, citing FOMO among reasons 61 per cent later uncover is...

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Residential construction faces downward pressure from possible lending changes

Residential construction faces downward pressure from possible lending changes

The residenital bulding sector fell 20 per cent following the introduction of macroproudential measures in 2017. Residential building construction could be one of the major losers from new bank lending restrictions flagged by banking regulators to curb highly leveraged debt-to-income lending. A...

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New lending rules likely to affect investors more than owner-occupiers

New lending rules likely to affect investors more than owner-occupiers

News the banking regulator APRA wants banks to use a higher interest rate buffer when assessing home loan applications has put many borrowers on edge, however investors will likely bear the brunt of the changes. This serviceability buffer is designed to ensure a borrower could still service a mo...

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Australia's property prices will continue to rise with no bubble to burst, expert says

Australia's property prices will continue to rise with no bubble to burst, expert says

EG Advisory managing director Shane Geha says there may not be any housing bubble to pop. Frustrated house hunters holding out for a property bubble to burst could be waiting a long time, according to an industry insider who warns there is no price balloon to pop. In fact, not only will there b...

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APRA tightens home loan rules on the same day New Zealand's Reserve Bank lifts interest rates

APRA tightens home loan rules on the same day New Zealand's Reserve Bank lifts interest rates

With mortgage interest rates still around record lows, APRA is increasing the buffer required when banks test new home loan applicants. The banking regulator has announced tougher serviceability tests for home loans, which will make it harder for some borrowers to get a mortgage, on the same day...

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