smart, but rare to have all stars aligned....i guess money talks at the end of the day
hard enough to get my neighbours to agree on a fence colour
Chinese wealth flowing into Australia
- Thread starter devank
- Start date
smart, but rare to have all stars aligned....i guess money talks at the end of the day
hard enough to get my neighbours to agree on a fence colour
Another interesting article about Chinese and other foreign wealth flowing into Australia...
Just wondering if this is responsible for the boom in blue-chip areas, non-blue chip areas (Mount Druitt, anyone?) and development sites in Oz
coupled with a drop in home prices in China recently for the first time in 2 years...
http://www.theaustralian.com.au/bus...-regulators-net/story-fniz9vg9-1226950002754#
11 June
Real estate boom by foreign buyers escapes the regulators' net
"AUTHORITIES have failed to prosecute any foreign buyer for breaching rules aimed at preventing investment in established homes in Australia, despite a surge of purchases by foreigners including wealthy Chinese.
Amid a growing debate about housing affordability, it has emerged there has not been a single prosecution since guidelines were changed in 2010 to contain foreign investors to off-the-plan developments.
The rules were introduced to prevent foreign investment driving up the price of Australian property.
Evidence indicates wealthy foreigners are using lawyers and relatives to sidestep the regulations. The revelations come as China-based financial experts point to a looming wave of Chinese investment in Australian property that may contribute to price rises already seen as entering bubble territory, as Beijing loosens controls on the amount citizens can hold in foreign currency.
.............
Just wondering if this is responsible for the boom in blue-chip areas, non-blue chip areas (Mount Druitt, anyone?) and development sites in Oz
coupled with a drop in home prices in China recently for the first time in 2 years...
http://www.theaustralian.com.au/bus...-regulators-net/story-fniz9vg9-1226950002754#
11 June
Real estate boom by foreign buyers escapes the regulators' net
"AUTHORITIES have failed to prosecute any foreign buyer for breaching rules aimed at preventing investment in established homes in Australia, despite a surge of purchases by foreigners including wealthy Chinese.
Amid a growing debate about housing affordability, it has emerged there has not been a single prosecution since guidelines were changed in 2010 to contain foreign investors to off-the-plan developments.
The rules were introduced to prevent foreign investment driving up the price of Australian property.
Evidence indicates wealthy foreigners are using lawyers and relatives to sidestep the regulations. The revelations come as China-based financial experts point to a looming wave of Chinese investment in Australian property that may contribute to price rises already seen as entering bubble territory, as Beijing loosens controls on the amount citizens can hold in foreign currency.
.............
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All this might explain why I see a massive contradiction in the community - we have supposed rises in r/e values and great clearance rates etc, going on all over Aus apparently...
Yet down on the ground all I hear from the business community is bad news of no/little growth, falling profits and turnover, job losses and so on - across several industries too..
It is fair to assume that if our local economy is not doing all that well (aside from mining income), then the average majority of folks here won't be going out to bid up a storm on property....
I find it funny - if the Chinese are Tsunami-ing the r/e here, they are setting up their own bubble, because the only places they seem to buy are Urban/Inner city...never out in the Country areas (unless they're buying farms).
Might be able to pick up loads inf innercity/urban places fora a lot less of their economy stalls in the near future for whatever reason.
Yet down on the ground all I hear from the business community is bad news of no/little growth, falling profits and turnover, job losses and so on - across several industries too..
It is fair to assume that if our local economy is not doing all that well (aside from mining income), then the average majority of folks here won't be going out to bid up a storm on property....
I find it funny - if the Chinese are Tsunami-ing the r/e here, they are setting up their own bubble, because the only places they seem to buy are Urban/Inner city...never out in the Country areas (unless they're buying farms).
Might be able to pick up loads inf innercity/urban places fora a lot less of their economy stalls in the near future for whatever reason.
unfortunately, they would not be buying properties in say rosebud or langwarrin, they obviously want prime real estate like the brightons, tooraks etc. Why would they want to buy in the country? their kids want the private grammar schools - the only one i know in close to the counrty is mt eliza which has a boarding house. Also, as majority of them pay cash, obviously they aren't concern about bubbles and home loans. they just want to park and bring their money across. They're also buying shops, restaurants etc. In south melbourne alone, a few restaurants have been bought over.
yeah i would imagine you could pick up a bargain in box hill, brighton or doncaster. Go to a doncaster auction as opposed to an auction in frankston and you can work out which ones are going to be pickup as bargains.
not sure what you questions means but i think you are saying "indonesians buying properties for their kids in melbourne?"
Beats me - i am not indonesian although i can speak the language and have large network of friends.
most asian parents if they can afford it buy properties for their kids in general if they are going to study overseas
Beats me - i am not indonesian although i can speak the language and have large network of friends.
most asian parents if they can afford it buy properties for their kids in general if they are going to study overseas
