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Whilst I want the Asian market to continue spending money here on new projects it's an absolute travesty that so many are bloating our established residential market with obscene prices.
The FIRB clearly states that for foreign nationals, buying established property is illegal and I'd call for any real estate agent or lawyer aiding in this transaction to have their licence disqualified...
This issue is especially prevalent in the upper echelons ($10mil+) where Chinese mainland buyers can pay up to 30% more of what a property is worth, causing a ripple affect with other home owners that in turn locks out a good portion of our permanent residents from that market.
It needs to stop. Creation of property bubbles at it's finest.
HI
I was just wondering how do the chinese buy property here, when they are not Australian residents? I thought overseas investors were only able to buy a block of land or off the plan, so how can they already established properties?
Thanks Sue
A parliamentary committee on foreign investment has already made recommendations as detailed here:It is a shame yes that the government, when introducing those new foreign buyer breach fees, did not then detail how the extras revenue it'll earn from said fee collection, will be invested in improving housing affordability for Australian citizens and first home buyers.
I completely agree that the fee system will not prevent foreign buyers buying illegally and simply paying the fee as a 'cost of doing business'. That point is obvious. But these $5k+ fee collections add up and I wonder where that revenue will be out to his use by the government in the context of provision of more affordable housing...
I manage properties for a few Chinese cash buyers - people who have purchased and settled investment properties in cash - relax max they are all Australian citizens and prominent business people in Australia and overseas.
They make fantastic landlords because they have money, and culture, and ethics and clarity!
I was also born overseas and have bought a lot to Australia as did a lot of other foreign people.
Personally I LOVE working with people from Asia and Europe.
I manage properties for a few Chinese cash buyers - people who have purchased and settled investment properties in cash - relax max they are all Australian citizens and prominent business people in Australia and overseas.
They make fantastic landlords because they have money, and culture, and ethics and clarity!
I was also born overseas and have bought a lot to Australia as did a lot of other foreign people.
Personally I LOVE working with people from Asia and Europe.
Whilst I want the Asian market to continue spending money here on new projects it's an absolute travesty that so many are bloating our established residential market with obscene prices.
The FIRB clearly states that for foreign nationals, buying established property is illegal and I'd call for any real estate agent or lawyer aiding in this transaction to have their licence disqualified...
This issue is especially prevalent in the upper echelons ($10mil+) where Chinese mainland buyers can pay up to 30% more of what a property is worth, causing a ripple affect with other home owners that in turn locks out a good portion of our permanent residents from that market.
It needs to stop. Creation of property bubbles at it's finest.