btw - an explanation for low loan rates to locals is because local people have just dropped out of the market due to the rising prices. They cant compete and have decided to sit on the sidelines.
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Its not true - these suburns have not increased by 30-50 percent in the last 12 months.
OK, happy to concede 30-50% may be an overstatement for ALL houses in these suburbs, but I have definitely seen an increase of at least 30% in many of the high end ($1.5 million+) homes in these areas.
I think Melbourne has been affected the most due to the high number of overseas students studying here. Education of overseas students is a major industry in Melbourne (perhaps more so than any other city in Australia)
Further evidence of overseas buyers artificially inflating our market is the fact that the volume of home loans to locals has been steadily dropping over the past 5 months since interest rates have been rising which usually correlates to a plateauing or even slight decrease in house prices. We have seen the opposite with continuing price rises despite falling home loan volumes. The only explanation for this is foreign money entering our market.
they only have to sell when they leave the country, yeh! that will happen.
No unfortunately this is true, for suburbs like Camberwell, Kew and Balwyn in Melbourne.
As for 30% drops, I think this will be true for some areas of the east, namely Box Hill and Blackburn.
Only if they study in a particular profession. Not every degree guarantees you pr status.as soon as they are trained here they can apply for citizenship, very few will go back home ... they stay and can then invite their loved ones.
our immigration policies require trained people to enter this beautiful brown land,
uni here is one of the easiest way to obtain entry, and good luck to them too!
I would hate to be in the shoes of those whom bought multiple properties.
Hi,
I actually heard from an extremely good source early on this week that the ATO will start to look at all these property transactions as its there belief that they are not paying tax.
They are wanting to take some form of bond upfront from these overseas residents.
which highlights a big part of the problem.
the govt hasn't got the means to monitor or enforce these laws and regulations.
money hungry nesb foreigners from nations with less evolved regulatory and justice environments, who are free to move in and out of the country, aren't likely to give a rats.
I hate even more to be in the shoes of sellers in the east with auctions today!!!!