I'm still in head slap mode
Chinese buying Sydney Property & Pushing Aussies Out of Market
- Thread starter HomeBuyAU
- Start date
The prosecution rests, Your Honour.
Make that any Country where they say no to us, but wanna buy here.
Not sure why you'd want to buy real estate in China or some other backward developing country? We are so lucky that the top 0.1% of people in China want to even consider putting their money here, in our businesses or real estate. The 'reciprocity' talked about is a furphy - most people here wouldn't even put $1 into Chinese real estate or businesses so it is basically irrelevant.
Whether you would or wouldn't - and it may well be that China and/or other places become areas of interest in the future - it's the principle of it.
Especially when you factor in the whole "Aussies are racists" and treat everyone non-white like shoit and so forth and so on.
We let many, many, many Countries, cultures, races and religions conduct their lives freely in our Country.
Unlike others.
The principle thing can only go so far. I am pretty sure that most of the cash that comes here from overseas like China etc is dirty money. No question about that. Do we therefore prohibit them using that to invest in this country, since we abhor corruption and money laundering? Shades of grey.
My issue is not the origin of the money.
It is the non-reciprocation, while whining about our Country from within and without, and yet all the while enjoying the benefits of Aus's generosity.
were you not recently advocating higher import tariffs to protect australian manufacturers etc?
judging by your stance here of "if one country does it the other should too" does this not mean that you believe china should then increase import tariffs on australian products? what would happen to our iron ore exports or our dairy exports there? they would collapse.
are you sure youre advocating this?
also, what if the foreign buyers were from another country that allowed foreign property investment? would you be ok with it then?
http://sourceable.net/chinese-prope...a-peak/?goback=.gde_1950137_member_276262940#!
We can't ignore this.
We can't ignore this.
Even if it was only 0.1% as you said, that still amounts to 1.3 million foreign Chinese investors who are millionaires wanting to invest in Australia and will push up prices and push out Australians. As China booms further the number of rich there who look to invest in Australia is going to increase staggeringly.
As to reciprocity, you are correct that not many Australians wouldn't invest in China. That doesn't mean we should open the floodgates for them and let them invest here just because their own country is not as good.
maybe the title of whinging pom will be transferred to us as whinging aussies or whinging bogans in 5-10 years time
i thought growth in china is slowing down quite dramatically,??
its still good, its just gone from, OMG to well above average??
No; I advocated tarriffs on online overseas purchases - Ebay and other online sites, etc. These are currently not taxed an import duty, and are killing the retail store industry in this Country.
Some don't care about that.
But I do - it means thousands of jobs will go.
(someone will now chuck in the glib response; "So what; they'll find another job" and so on).
See above, re: Ebay, etc.
Maybe they already do - I don't know.
You are on the wrong tack re my statement in a previous post. See above.
Only import duty on personal online purchases that aren't already taxed an import duty.
Yes.
Reciprocation is all I ask for.
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I visit china a couple of times a year, and get to talk to a lot of entrepreneurial business owners and operators there.... so i say the below only from the experiences and conversations i have had...
.... In the last few years, China has had a MASSIVE property bubble.
Values doubling in 12 months was not out of the ordinary.
Cashed up middle class were just arbitrarily buying property on the back of the value shooting up exponentially - I mean buying en mass.... a huge bubble.
Then about 18 months ago the Chinese govt put an immediate limit on property ownership - in China you can now only own ONE property.
Chinese culture has a strong desire for property, almost blindly so (ie, you must buy property, ANY property).... and so that cash that was ready to pour into their domestic property bubble is looking for new places to buy..... and Australia has been seen as a target, due to our "stable" property market.
And so yes, there has been a sharp increase in Chinese buying property in Australia, and whilst pretty much all of it has been bought by a permanent resident of Australia..... in many cases the money is not.
What is happening in some cases is that a wealthy individual in China will seek out a relative who has australian residency, and get them to buy the property for them. That property could sit vacant, or that relative could then privately lease the house off the relative from China who paid for it.
Im not saying that this is always the case.... but it is alarmingly common from what i've heard.
In my personal experience, just having recently purchased my new PPOR in Castle Hill (sydney) after 8 months of looking, is that there is a signficantly disproportionate amount of mainland Chinese buying houses, and for seemingly silly prices.
I cant comment on their residency status.... but living in the area for the last 30 years i know the local demographic quite well I can assure you the proportion of Chinese buyers would have to be 10-20 times the proportion of chinese people living in the suburb. We are honestly talking 60-80%.
I just wonder how much of it is legitimate, given what i'm told by my business associated in mainland china about how chinese nationals circumvent the rules of buying australian property....
I have even seen FIRST HAND when ive been in china, companies spruiking australian property as a path to australian residency.
Im just saying, there is a question mark for me over how much of it is legitimately purchases by Chinese Australians.
.... In the last few years, China has had a MASSIVE property bubble.
Values doubling in 12 months was not out of the ordinary.
Cashed up middle class were just arbitrarily buying property on the back of the value shooting up exponentially - I mean buying en mass.... a huge bubble.
Then about 18 months ago the Chinese govt put an immediate limit on property ownership - in China you can now only own ONE property.
Chinese culture has a strong desire for property, almost blindly so (ie, you must buy property, ANY property).... and so that cash that was ready to pour into their domestic property bubble is looking for new places to buy..... and Australia has been seen as a target, due to our "stable" property market.
And so yes, there has been a sharp increase in Chinese buying property in Australia, and whilst pretty much all of it has been bought by a permanent resident of Australia..... in many cases the money is not.
What is happening in some cases is that a wealthy individual in China will seek out a relative who has australian residency, and get them to buy the property for them. That property could sit vacant, or that relative could then privately lease the house off the relative from China who paid for it.
Im not saying that this is always the case.... but it is alarmingly common from what i've heard.
In my personal experience, just having recently purchased my new PPOR in Castle Hill (sydney) after 8 months of looking, is that there is a signficantly disproportionate amount of mainland Chinese buying houses, and for seemingly silly prices.
I cant comment on their residency status.... but living in the area for the last 30 years i know the local demographic quite well I can assure you the proportion of Chinese buyers would have to be 10-20 times the proportion of chinese people living in the suburb. We are honestly talking 60-80%.
I just wonder how much of it is legitimate, given what i'm told by my business associated in mainland china about how chinese nationals circumvent the rules of buying australian property....
I have even seen FIRST HAND when ive been in china, companies spruiking australian property as a path to australian residency.
Im just saying, there is a question mark for me over how much of it is legitimately purchases by Chinese Australians.
I'm surprised seeing some member in this property investment forum prefer property prices are kept affordable, rather than pushed out by foreigners. What's the point of investing in property, if all aussies can buy property. Small rental yield (as few would rent), and little capital gain.
This logic only works if you assume the % of chinese people living in the suburb remains the same. What you're describing is an increase in the proportion of Chinese people in the suburb, yes?
according to another thread, it has been proven that south east Asians are smarter than other people. also bank research shows that people of Asian origin are better with money and can therefore have better interest rates. So it makes sense that if you are smarter and can borrow money cheaper that you would push others out of the market.
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