Rudd Backflips On Foreign Investment Ruling

We are a developed and mature nation. Foreigners (including Aussies) are allowed to buy property in developed countries like the UK, the USA and Japan. It's childish to refuse good money, be it foreign or otherwise, that wants to come here? That's plain dumb.

By all means, tax foreigners capital gains, that's fair.....but there's no need to forbid ownership of older houses, as the government seems to be wanting to do - that's parochial and backward.
 
We are a developed and mature nation. Foreigners (including Aussies) are allowed to buy property in developed countries like the UK, the USA and Japan. It's childish to refuse good money, be it foreign or otherwise, that wants to come here? That's plain dumb.

By all means, tax foreigners capital gains, that's fair.....but there's no need to forbid ownership of older houses, as the government seems to be wanting to do - that's parochial and backward.

Surely a stable local property market is in the highest interest of the government.

What would be the point of Aust importing the chinese property bubble only to see it bust later on?
 
I can smell the start of property becoming stagnate for a number of years, we have..
1) rising interest rates
2) stimulus worn off, many retailers facing lower revenue due to it
3) foreign buyers being forced to sell their homes when they leave, the rules for foreign buyers being reversed pre 2008 rules and now they have a "dob" in number to report these foreign buyers. I remember someone here saying they knew a Chinese investor that bought 150 properties... that would suck having to sell them..
4) RBA governor warning the easy way to get rich is no longer going to be possible... RBA against investors propping up the market.

In all fairness I think it's ok. Many countries prevent foreigners buying their property unless the citizen is listed as 50% ownership on the title deeds. I would of liked to see equal opportunity rules, for example if we open foreign ownership of residential properties here, China should allow Australians to buy residential properties with full ownership as well, but that was not the case.
 
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Another Backflip?

Didn't we just see one of these performed on the insulation batts issue

 
how many chinese own homes here ? there might be some bargains coming up! not sure though! But i am sure our ausie investers will grab them, perhaps folks on here should be looking at finance to aquire more IP,s.
 
Wow, like I stated in an earlier post this week, I expected this to happen before the election, as Ruddy needs more votes from silly Labor votes, but I was not expecting it this soon.

And like I said, I think this, combined with the interest rate rise, and China, Greece, etc, will see prices drop back to 1.5yr ago prices (pre-increased FHOG) over the next 2yrs. Care to still disagree with this Propertunity ;-))

Australian Federal Government gets tough on foreign ownership rules
http://www.news.com.au/money/property/australian-federal-government-gets-tough-on-foreign-ownership-rules/story-e6frfmd0-1225857643432
 
I suspect that the Chinese coming over here, and buying up everything, is a load of crap, perpetuated by the media.

I'm willing to bet that prices won't move at all in relation to this.
 
Yet another reason for a collapse just around the corner that will probably never happen:rolleyes: Even if things stagnate. It will still leave the people that were waiting on the sidelines far behind the people that jumped in.
 
what a load of populist redneck rubbish.

I reckon this is about how much foreigners have pushed property prices...............................

2 cents
 
I suspect that the Chinese coming over here, and buying up everything, is a load of crap, perpetuated by the media. .

We all love scapegoats. In the 1980s it was the Japanese, the newspapers were full of stories about how they were supposedly driving up gold Coast prices. This wasn't entirely true - the Japanese buyers were mainly into commercial property and this did not harm ordinary Aussie battlers.

Now its the turn for the Chinese to cop a walloping. It's almost as if we don't want foreign money in this country.
 
Interesting that the government makes the decision based on no 'statistics' or clear understanding of the so-called impact of these overseas buyers.

But it is an election year and this decision will be generally supported across the electorate.

Oh, what I would do to have a decent and effective Fed opposition :rolleyes:
 
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