Dwelling Value

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<p>Dwelling values across Australia’s capital cities were 0.9% higher in January driven partially by a rebound in Sydney and Melbourne.</p>
<p>The recent growth conditions have pushed the Melbourne market into first place for annual growth in dwelling values with an 11.0% rise compared with Sydney where values are 10.5% higher over the past twelve months. </p>
<p>According to the January 2016 CoreLogic RP Data Hedonic Home Value Index results, dwelling values across Australia’s combined capital cities showed a 0.9 per cent rise in January after recording no change in December and a 1.5 per cent drop in November. </p>
<p>This month on month rise wasn’t quite enough to pull the rolling quarterly rate of growth back into the black, with capital city dwelling values remaining 0.6% lower over the past three months. Hobart led the monthly figures with a 4.7% jump in values, followed by Melbourne where values were 2.5% higher and Canberra with a 2.8% lift. Sydney values also showed a rise of 0.5%, while the remaining four capital cities showed dwelling values to be either flat or down. </p>
<p>The rolling quarterly trend was looking similarly diverse, with four of Australia’s eight capital cities recording negative dwelling value movements over the past three months, with Sydney dwelling values showing the largest fall, down 2.1 per cent. Values are down over the rolling quarter in Darwin (-1.4%), Adelaide (-0.9%) and Melbourne (-0.1%) as well. The strongest growth in home values over the quarter across the capital cities was found in Hobart with a 3.0% capital gain. </p>
<p>Despite recording the largest annual decline in home values (-4.1%), Perth dwelling values posted a 1.7 per cent rise over the three months to the end of January. Other capital cities to record a rise over the rolling <span style="font-size: 12.16px; line-height: 1.3em;">quarter were Brisbane (+0.8%) and Canberra (+1.2%). </span></p>
<p>Over the past twelve months, capital city dwelling values have risen by 7.4% with Sydney’s capital gains of 10.5% no longer the highest annual rate across the capitals. While still a high rate of annual growth, Sydney’s annual rate of capital gain is now at a 29 month low and has been progressively softening since peaking at 18.4% in July last year. </p>
<p>Melbourne’s housing market has been more resilient to slowing growth conditions which has propelled the annual growth rate to the highest of any capital city, with dwelling values 11.0% higher over the past twelve months. Previously, during the height of the growth phase, there was a large separation between Sydney’s housing market, which was streaking ahead, and Melbourne’s, where the rate of capital gain was substantial but still well below the heights being recorded in Sydney. The latest data reveals Sydney’s housing market is now playing second fiddle to Melbourne’s, at least in annual growth terms.</p>
<p>In fact, over the past six months, the performance gap between Sydney and Melbourne is stark. Sydney dwelling values have reduced by 0.6 per cent between July last year and the end of January 2016, compared with a 3.0 per cent rise across Melbourne dwelling values. The last six months have also seen both Brisbane and Canberra dwelling values rise by 2.0 per cent while Hobart values are 1.3 per cent higher and Adelaide dwelling values have been virtually flat with a 0.1 per cent rise.</p>
<p><em>Tim Lawless is head of the CoreLogic RP Data research and analytics team and can be contacted <a href="https://blog.corelogic.com.au/author/timlawless/" target="_blank">here</a>.</em></p>
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tlawless-5VLUrbAk9s

Sydney now second fiddle to Melbourne: Tim Lawless

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<p><span>EXPERT OBSERVER</span></p>
<p><span>Nationally dwelling values as at October 2018 have fallen by - 3.5% from their peak with much larger falls in Sydney, Melbourne, Perth and Darwin.</span></p>
<p><span>The reality is that there has been very little improvement in housing affordability; Sydney and Melbourne in particular are a little cheaper, but remain substantially more expensive than other capital cities.</span></p>
<p><span>Although house values in Sydney are now -9.3% lower than their peak, the cost of a house in Sydney is still substantially higher than elsewhere at $960,344. In fact, a house in Sydney is now more than double the median value of an Adelaide and Hobart house.</span></p>
<p><a href="https://www.propertyobserver.com.au/images/2018/11/22/corelogic%201.jpg" target="_blank">Click here</a> to enlarge:</p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/11/22/corelogic%201.jpg" alt=""></span></p>
<p> </p>
<p>Source: CoreLogic</p>
<p><span>Looking </span><span>at house values over time is interesting.</span><span><br></span></p>
<p><span>Sydney has consistently </span><span>been the most expensive capital city housing market however, although at one point, Perth was slightly more expensive (after Perth values surged more than 40% annually at one point in 2006 on the back the resources boom). Relative to other capital cities the Sydney premium is recorded at: 23% for Melbourne, 76% for Brisbane, 105% for Adelaide, 100% for Perth, 101% for Hobart, 88% for Darwin and 44% for Canberra.</span></p>
<p><a href="https://www.propertyobserver.com.au/images/2018/11/22/corelogic%202.jpg" target="_blank">Click here</a> to enlarge;</p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/11/22/corelogic%202.jpg" alt=""></span></p>
<p>Source: CoreLogic</p>
<p><span>Despite recent value falls in Sydney</span><span>, the value gap has not been at such wide levels as it is currently for most cities since late 2003/early 2004. The one exception is the value differential for Melbourne, which over recent years has been substantially narrower than previously.</span></p>
<p><span>Similarly, the Melbourne value gap </span><span>compared to other capital cities (except Sydney) is the widest it has ever been. Historically, the value of houses in Melbourne have been quite similar to those in Brisbane and Perth however, this is no longer the case.</span></p>
<p><span>For units, the story is a similar one</span><span>. </span><span>Sydney’s </span><span>median unit value at ($740,394) remains more expensive than median house values in all other capital cities except for Sydney and Melbourne. Similarly, the median Melbourne unit value ($555,517) remains higher than median house values in all other capital cities except Sydney, Melbourne and Canberra.</span></p>
<p><a href="https://www.propertyobserver.com.au/images/2018/11/22/corelogic%203.jpg" target="_blank">Click here</a> to enlarge:</p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/11/22/corelogic%203.jpg" alt=""></span></p>
<p>Source: CoreLogic</p>
<p><span>Over time, unit values have saw a consistent trend whereby Sydney has been more expensive than the other capital cities. </span></p>
<p><span>The current premium for Sydney compared to other capital cities sits at: 32% for Melbourne, 90% for Brisbane, 123% for Adelaide, 94% for Perth, 95% for Hobart, 134% for Darwin and 67% for Canberra. </span></p>
<p><span>As was the case for houses, the differential has not been as large as it is currently between Sydney and these other capital cities since 2003/2004. Melbourne was exception where the differential has been reducing over recent years.</span></p>
<p><span>With house and unit values falling in Sydney and Melbourne, Mr Kusher expects the premiums to reduce further over the coming months and year(s).</span></p>
<p><a href="https://www.propertyobserver.com.au/images/2018/11/22/corelogic%204.jpg" target="_blank">Click here </a>to enlarge:</p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/11/22/corelogic%204.jpg" alt=""></span></p>
<p>Source: CoreLogic</p>
<p><span>While </span><span>this may be the case, any significant reduction in housing costs back to historic premiums would take a long period of declines or flat housing market conditions. Furthermore, it seems unlikely, given the economic strength and populations of Sydney and Melbourne that the value premium of housing in these two cities will revert to historical levels.</span><span><br></span></p>
<p><span><em><span>CAMERON KUSHER</span> is a property research analyst for CoreLogic</em></span></p>
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ckusher-ujnxiKuFQs

Very little improvement in housing affordability despite dwelling decline

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<h3 class="post-title entry-title"><a href="https://petewargent.blogspot.com.au/2015/09/house-prices-rise-in-august"></a></h3>
<div>The Reserve Bank released its latest Chart Packs to 27 August, which showed that on a national basis house price growth has steepened.</div>
<h3 class="post-title entry-title"><a href="https://petewargent.blogspot.com.au/2015/09/house-prices-rise-in-august"></a></h3>
<div>This data is now presented on a log scale, which is just as well since Sydney prices were heading up almost vertically when presented on a linear scale.</div>
<h3 class="post-title entry-title"><a href="https://petewargent.blogspot.com.au/2015/09/house-prices-rise-in-august"></a></h3>
<div>Brisbane is finally now joining Sydney and Melbourne by shaping in an upwards trajectory.</div>
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<div><a href="/images/2015/09/04/6bl-houspri-small.gif" target="_blank">Click to enlarge</a></div>
<p><img src="/images/2015/09/04/6bl-houspri-small.gif" alt=""></p>
<p><em>CoreLogic-RP Data</em><span> also </span>released<span> its price indices for August 2015 over the last week.</span></p>
<div>Over the past quarter house prices have soared in Sydney (+7.4 per cent), Melbourne (+8.0 per cent) and Brisbane (+2.2 per cent).</div>
<div> </div>
<div>On the other hand, on a quarterly basis house prices declined in Adelaide, Perth, Canberra and Darwin.<br><br>Regional house prices in aggregate also declined over the past quarter.</div>
<div> </div>
<div><a href="/images/2015/09/04/RPD3.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/09/04/RPD3.jpg" alt=""></div>
<div> </div>
<div>
<div>On Twitter, Cameron Kusher of the same company updated his chart of home values since December 2008, which underscores the importance of capital growth to investors.</div>
<div> </div>
<div>While it was possible for investors to find a positive cash flow in Hobart back in 2008, since that time home values have been stone dead flat in the Tasmanian capital, while Sydney prices have burned up by 76.4 per cent.</div>
<div> </div>
<div>Brisbane appears most likely to be the next to go over just 9 per cent growth in home values since 2008.</div>
<div> </div>
<div>Click to enlarge</div>
<div><img src="/images/2015/09/04/RPD1.png" alt=""></div>
<div> </div>
<div><span>Looking at the split between house and unit price growth we can see that Sydney unit values exploded 9.2 per cent higher over the last 3 months (this had been evident for quite some time at auctions, and the index probably lags) as affordability constraints related to detached houses bites.</span></div>
<div><span> </span></div>
<div><a href="/images/2015/09/04/RPD2.jpg" target="_blank"><span>Click to enlarge</span></a></div>
<div><span> </span></div>
<div><span><img src="/images/2015/09/04/RPD2.jpg" alt=""></span></div>
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<p><span><em>PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.</em><br></span></p>
<p><em>His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.</em></p>
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pwargent-M4siyDbqQY

House prices rise in August: Pete Wargent

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<p> Get the good oil from SQM Research's annual Boom &amp; Bust report.</p>
<p>"As the table below reveals, SQM Research forecasts an acceleration of dwelling price, with Sydney dwelling prices forecast to rise 11 percent to 16 percent for the 2017 calendar year," the report states.</p>
<p>"The capital city average forecast is for dwelling prices to rise 6 percent to 10 percent."</p>
<p> Click to enlarge</p>
<p><img src="/images/2016/11/17/unnamed.png" alt=""></p>
<div id="post-body-5805612569881147300" class="post-body entry-content">
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<div><span style="text-decoration: underline;"><em>Source: SQM Research</em></span></div>
<div> </div>
<div>SQM has an impressive track record being more right than the rest, even when going against consensus.</div>
<div> </div>
<div>Purchase your copy of the detailed Boom &amp; Bust report <a href="https://www.sqmresearch.com.au/boombustreport.php" target="_blank">here</a>.</div>
<div> </div>
<div>
<p><span><em>PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.</em><br></span></p>
<p><em>His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.</em></p>
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Where to for property prices in 2017?

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<p>Melbourne was the only capital city across the quarter to record dwelling declines, the June release of CoreLogic's Hedonic Home Value Index found.</p>
<p>They saw declines of -0.9 per cent over the month of May, <a href="https://www.urban.com.au/news/113109-house-values-still-on-the-up-but-not-in-melbourne-and-hobart-corelogic-april-update" target="_blank">following -0.3 per cent declines in Apri</a>l.</p>
<p>Hobart bounced back strongly from being the only other capital in April to record losses, posting 0.8 per cent gains over May.</p>
<p>Only Hobart, Canberra and Adelaide didn't see declines in May.</p>
<p>Sydney's dwelling values dropped -0.4 per cent last month, the first time they've seen a decline since June last year.</p>
<p>To enlarge, <a href="https://www.propertyobserver.com.au/images/2020/7/1/CL%20Index%20June%201.jpg" target="_blank">click here</a>.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/7/1/CL%20Index%20June%201.jpg" alt=""></p>
<p>Transaction activity through May showed positive signs, with an 18.5 per cent bounce back in activity following a 33 per cent drop in April.</p>
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<p>CoreLogic head of research, Tim Lawless, said “Considering the weak economic conditions associated with the pandemic, a fall of less than half a percent in housing values over the month shows the market has remained resilient to a material correction.</p>
<p>"With restrictive policies being progressively lifted or relaxed, the downwards trajectory of housing values could be milder than first expected.”</p>
<p>Consumer sentiment has been improving since early April, with the weekly ANZ Roy Morgan index rising consecutively for the past eight weeks, 42 per cent higher than when it bottomed out in late March.</p>
<p>Westpac's MI consumer sentiment index also rebounded 16 per cent from April to May.</p>
<p>Lawless says historically there has been a strong correlation between consumer sentiment and housing market activity.</p>
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<p><span>“With </span><span>consumers feeling more confident, households are better equipped to make high commitment decisions such as buying or selling a home", Lawless said.</span></p>
<p><span>"A lift in housing market activity should also support broader economic activity, with housing turnover providing positive flow-on effects to other sectors including retail, construction and </span><span>banking."</span></p>
<h1><span>Houses v Units</span></h1>
<p><span>Melbourne's decline was driven primarily by houses, down -1.1 per cent compared to the -0.6 per cent felt in the unit market.</span></p>
<p><span>It was a similar story for Sydney, whose housing market declines (-0.6 per cent) outweighed the unit market (-0.1 per cent).</span></p>
<p><span>Darwin's unit market took the biggest hit across any market, down -2.9 per cent over May, however their unit quarterly figures are still 2.2 per cent up.</span></p>
<p>To enlarge, <a href="https://www.propertyobserver.com.au/images/2020/7/1/CL%20full%20index%20June%201.jpg" target="_blank">click here</a>.</p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/7/1/CL%20full%20index%20June%201.jpg" alt=""></span></p>
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jrobinson-rf4aSBido9

Melbourne sees biggest quarterly dwelling price drop: CoreLogic

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<p>The latest CoreLogic figures are likely to show price growth flat-lined in April with Sydney having its first monthly decline since December 2015.</p>
<p>Full-month figures due to be released on Monday will show the country's peak growth phase has possibly paused or passed.</p>
<p>CoreLogic head of research Asia Pacific Tim Lawless noted the CoreLogic hedonic home value index has virtually held steady over the first twenty-seven days of the month for the five city aggregate index, "with a subtle fall in Sydney values over the month to date." </p>
<p>"Recent regulatory changes aimed at slowing the pace of investment and interest-only lending have pushed mortgage rates slightly higher and slowed the pace of investment demand. These changes appear to be having a dampening effect on housing market conditions."</p>
<p>" The softer results come after a strong re-acceleration in home values that has been evident through the second half of 2016 and the first quarter of 2017. </p>
<p>"Recent regulatory changes aimed at slowing the pace of investment and interest-only lending have pushed mortgage rates slightly higher and slowed the pace of investment demand. </p>
<p>"These changes appear to be having a dampening effect on housing market conditions." </p>
<p>The figures had Sydney up 1.4 percent in March - up 18.9 percent over the 12-month period.</p>
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<div class="cq-article-content-paras section">
<p>The last decline in Sydney values came in the December quarter of 2015, with a 1.4 percent decline in November and a 1.2 percent fall in December, coinciding the first round of credit curbs.</p>
<p>Monday's report will include figures for the five mainland capitals. </p>
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j.ballantyne1990-6AQqhLzZaK

Subtle fall in Sydney values in April: CoreLogic

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<p>GUEST OBSERVER</p>
<p><span>We’ve discussed the changing attitudes towards the amount of backyard inner city buyers prefer. </span></p>
<p><span>We found that the ‘sweet spot’ in the ratio of internal space to land size for period terraces was between 1:0.3 to 1:0.47, however this was likely skewed by larger properties bought by the extremely wealthy. For this section of the market, the focus </span></p>
<p><span>is on creating a dream sanctuary with the largest block size. Here, where space is no longer a luxury but a given, swimming pools are a common addition to backyards. </span></p>
<p><span>As Melbourne skinny dips in and out of summer’s hottest days, Secret Agent thought we’d revisit our research on these cool inner city retreats to find out the value created by having a pool in your house. </span></p>
<p><span>We looked at ten suburbs in Melbourne’s inner East and<br> South East: Kew, Hawthorn, Hawthorn East, Toorak, Kooyong, Armadale, Malvern, Glen Iris, Camberwell and Brighton. The study was limited to only include three to five bedroom houses for a more realistic representation of a pool’s value. </span></p>
<p><span>On average, a swimming pool added between 10% and 16% to the value of a house, with the lowest expected value created being approximately $140,000.</span></p>
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<p><span>However, this varied between suburbs, from as low as 6%<br> in Camberwell, up to 35% in Hawthorn East. In Kew, houses that featured a pool were expected to sell for $450,000 more, which is a premium of about 30%. In Hawthorn, a pool is expected to only add $180,000 (11%) to the value of a property. </span></p>
<p><span>There are a few explanations for the differences in added value. For example, a big house may have other extensive renovations aside from a pool; such as a cellar, theatre room, tennis courts and sculptured gardens. Additionally, the number of car spaces and the school zoning would have an impact on sale price. </span></p>
<p><span>A swimming pool can be a wonderful addition and a good investment despite its seemingly high upfront costs, since the lowest expected value it can create is around $140,000. Much more than just dollars and cents, a pool satisfies our natural, instinctive need to be close to water. </span></p>
<p class="p1"><span class="s1"><em>For more information, </em><a href="https://secretagent.com.au/"><span class="s2"><em>click here</em></span></a><em>.</em></span></p>
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jchancellor-FAypfDUnLy

Pools add at least $140,000 in value: Secret Agent

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<p>GUEST OBSERVER</p>
<p>Politics has its own purgatory, as Malcolm Turnbull and Tony Abbott might have reflected when they sat on the same table at the Howard government’s 20th anniversary dinner on Wednesday. After a day when their animosity had been on shocking display, here they were together, unable to escape.</p>
<p>Among the speakers during this nostalgia night was Peter Costello, whose prime ministerial hopes John Howard held at bay.</p>
<p>Which prompts the question: if you’re prime minister, is it easier to deal with the ambitions of someone who covets your job, or the revenge of one whose job you’ve grabbed? Arguably there are more restraints on an aspirant than on a bitter “ex” with little regard for consequences.</p>
<p>As Abbott has become increasingly overt in his sorties against Turnbull, he is discrediting himself. The defence department has trashed his much-publicised claim this week – on the back of leaked classified material – that the Turnbull government delayed the submarines project.</p>
<p>So far Abbott has been undeterred by fear of self-harm. His critics believe (or hope) the public will say enough is enough. Abbott’s ability to wound would be less, however, if the Turnbull government had its act together.</p>
<p>And that takes us to the dreadfully mismanaged tax policy process.</p>
<p>Under party and other pressures, Turnbull is said to have backed away from action on negative gearing, although it remains on the options list. Superannuation is a maze. It is still unclear when and in what form the tax package will be released. Treasury is now working frantically. Turnbull has become impatient. The expenditure review committee is due to consider tax on Tuesday.</p>
<p>Treasurer Scott Morrison appears spooked, assailed by backbench nerves and media criticism, and fighting to prevent further backsliding from a package he wants substantial enough to finance at least modest and probably targeted tax relief. He and Turnbull often seem in different places, and not just on tax options. Morrison for months noisily ruled out giving the states extra funding to help with health and education. It is now expected Turnbull will provide some pre-election sweetener.</p>
<p>With his credibility already low, Morrison did himself no good when he grabbed a report on abolishing negative gearing on established dwellings done by BIS Shrapnel, which he described as “a very damning … indictment on Labor’s policy”. The report predicted a rise in rents, a fall in new home building, and GDP shrinking by A$19 billion a year on average.</p>
<p>The work had different assumptions from the ALP policy, pre-dated Labor’s plan, and was prepared for a client BIS Shrapnel refused to identify. It contained an embarrassing error in one of its figures.</p>
<p>The report’s methodology and estimates have also come under fire, in a critique from Grattan Institute’s chief executive John Daley and Danielle Wood, a fellow at the institute. And they condemn the fact a report “that would flunk any first-year economics course has been allowed a serious voice in the public debate”.</p>
<p>The concern “goes beyond the claims of this nonsense-on-stilts report”, they argue, to the prominence received by “independent” reports produced to advance vested interests' causes. “No matter how outlandish their claims or how obscure their provenance, the media report them and politicians quote them. The public, confused or frightened by the numbers, forms the view that policy change is simply too risky.”</p>
<p>The message should at least be absorbed by the media, especially as the election approaches. It is not much good appealing to the politicians to exercise restraint. Scaring people is precisely what the government seeks to do in the negative gearing debate. But the rapid discrediting of the Shrapnel report meant Opposition Leader Bill Shorten and Shadow Treasurer Chris Bowen were able to push back with some authority.</p>
<p>As the contest about tax intensifies, the contrast is notable between the performances of Morrison and Bowen.</p>
<p>Morrison has been at odds with his leader; he has been forced back from bold ambitions to modest measures yet to be landed. Bowen has spearheaded robust policies that put the opposition on the front foot in the debate when the government still has nothing on offer. In the House of Representatives he and others have cornered the government with tight questions. Outside parliament, Bowen is quick to have press releases out to counter claims about Labor’s policy.</p>
<p>But the debate will get tougher; Shorten can be thankful his shadow treasurer is good for a lot of heavy lifting. If Turnbull’s treasurer was performing as competently as his “shadow”, Turnbull might be better placed on the tax front.</p>
<p>Meanwhile there has been an interesting development for the double-dissolution watchers. The list of bills the government wants passed in the last week of this session, commencing March 15, does not include the much-talked-about Australian Building and Construction Commission (ABCC) legislation.</p>
<p>The Greens have agreed to extended hours that week to get Senate voting changes through, but not to deal with the ABCC. In public comments the government has repeatedly linked the ABCC legislation to the threat of a double-dissolution election. Its exclusion from the priority list would weaken the case if the government wanted to include it as a “trigger” on the grounds it had “failed to pass”.</p>
<p>But if Turnbull decides to use the brand new voting system to quickly clean out the Senate crossbenchers, he has “trigger” legislation regardless of the ABCC.</p>
<p> </p>
<p><em><span class="fn author-name">Michelle Grattan is p</span><span style="line-height: 1.3em;">rofessorial fellow, University of Canberra and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/michelle-grattan-20316" target="_blank">here</a>.</span></em></p>
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