The Fifth Estate: Flash Forum: We Need to Make Housing Affordable Again Mr Treasurer
RELATED ARTICLE: THE FIFTH ESTATE … Flash Forum on Housing Affordability: The Transcript
CAAN SOLUTIONS to be shared with Scott Morrison, Treasurer!
WE THANK ‘THE FIFTH ESTATE’ for holding this Flash Forum last night: we conveyed the following:
THE AUSTRALIAN GOVERNMENT should immediately introduce the Anti-Money Laundering Legislation to be applied to the property sector professionals as applied to the banking sector:
-to eradicate the Daigou (Proxy onshore) from purchasing both new and established property for foreign buyers
(Refer to Transparency International, a Global Watchdog, and the reports of Investigative Journalist Michael West)
-the foreign buyer/investor also takes advantage of the Australian negative gearing and capital gains benefits!
THE AUSTRALIAN GOVERNMENT should immediately reverse the FIRB Ruling Change of 2008/09:
-that allows developers to sell (up to) 100 per cent of new homes off the plan to foreign buyers
AS for any suggestion it cannot be 100 per cent sell-off to overseas buyers, why therefore did the Developer Lobby exert pressure on the government of the day (2008) to lift the sell-off of new homes to foreign buyers from 50 per cent to 100 per cent?
DESPITE this ruling change it has been reported that only 11 per cent of residential homes are bought by foreign buyers. That does not add up!
Enter the DAIGOU; the onshore Proxy buyer who can buy new and established homes for overseas buyers thus the true percentage is hidden!
Nor would a Vancouver like Tax affect a property purchased through a Daigou!
Add to the mix A BIG AUSTRALIA POLICY with 200,000 migrating to Sydney and Melbourne annually.
-1.3 million visa holders here in Australia all need accommodation!
– significant investment $5M; investor stream with the investment of $1.5 M in property or a business to gain a Residency Visa; hence the house price rise in Sydney to $1.5 M near the best schools
-Guardian visa for both a 6 year old student and the guardian allowing them to each buy 1, 2 or more new homes or an established home; student and 457 visas and others
STAMP DUTY absorbs a high percentage of the average annual wage; obviously it needs to be pared back!
-Stamp Duty as a percentage of the wage was 38% now it is 79% for Sydney
-Melbourne stamp duty fee now represents 81% of the annual average wage
THE HOUSING SUPPLY IS NOT MEETING THE FOREIGN DEMAND!
-with the introduction of the Medium-Density Housing Code of the Greater Sydney Commission will (up to) 100 per cent of this new housing also be built and sold to foreign buyers due to the FIRB ruling change still current?
For various articles to back up what we say about the housing affordability crisis please scroll down CAAN NOTES:
-The Daigou … the onshore Proxy property purchaser
-Black money … money laundering in Australia
-What the Pollies are not telling you … (the FIRB ruling change 2008/09)
-A Big Australia … ‘The Sting’ … The Greater Sydney Commission
-Strata Law Changes
P.S. others thanked us for ensuring FHBs were heard and someone from the other side complained “you held the floor”!