Sorry, that should be:
Grey Money from China Blows Property Bubble.
I have just read this article:
http://www.theage.com.au/comment/gr...-blow-our-property-bubble-20140928-10n7a8.htm
This is one of the comments. Is this true?
What many also don't realise is that a developer can get a single approval from the FIRB for sale of apprtments to overseas investors on any development that has 100 apartments or more.
If "granted" (and it ALWAYS is just rubbed stamped) the foreign purchaser doesn't need to apply for permission to purchase as it's already been granted!
There are huge developments going on across Sydney where the entire lot being built isn't even marketed in Australia.
So this is the new Australia Tony has for us, Singapore money buys smaller blocks of land in Sydney, consolidates into a larger parcel, builds towers of units with workers on 457 visas, and sells resulting units to Chinese investors.
How does this help those wanted to buy their first home???
Grey Money from China Blows Property Bubble.
I have just read this article:
http://www.theage.com.au/comment/gr...-blow-our-property-bubble-20140928-10n7a8.htm
This is one of the comments. Is this true?
What many also don't realise is that a developer can get a single approval from the FIRB for sale of apprtments to overseas investors on any development that has 100 apartments or more.
If "granted" (and it ALWAYS is just rubbed stamped) the foreign purchaser doesn't need to apply for permission to purchase as it's already been granted!
There are huge developments going on across Sydney where the entire lot being built isn't even marketed in Australia.
So this is the new Australia Tony has for us, Singapore money buys smaller blocks of land in Sydney, consolidates into a larger parcel, builds towers of units with workers on 457 visas, and sells resulting units to Chinese investors.
How does this help those wanted to buy their first home???