KEY POINTS ON FIRB APPROVAL OF FOREIGN PROPERTY BUYERS OF AUSTRALIAN RESIDENTIAL PROPERTY
IT is alleged that there has been a fall of $24B over recent years from Chinese buyers … but
It seems they have not really gone away …
-the FIRB gave approval to foreign buyers to spend $3.9B on Victorian
Housing in the 2018-19 financial year
-a reduction of $24B from that of 3 years earlier
-Chinese purchases fell more than 50% year on year in residential and commercial property; its lowest since FY 2012-13 (FIRB annual report)
-$6.07B Chinese spend approved by the FIRB in 2018-19; US at $19.56B; Canada $13.3B; Singapore $9.8B; and Hong Kong $9.33B
Query … are all these investors native to the US, and Canada?
-Juwai predicts a Chinese comeback in 2020; Melbourne the preferred destination
-Victorian property most sought after by foreign buyers in 2018-19
-peak reached in 2015-16 of $28B
-3163 approved applications to buy new and established homes, vacant land and properties for development worth $3.9B represented * 42% of Australia’s 7513 purchases worth $14.8B.
–with Queensland 343 approvals worth $1.3B and New South Wales 1337, $3.1B
-across Australia a fall of 2523 authorised purchases annually; the total value rose $2.3B
CAN you believe that the fall in approvals was due to:
–foreign investment application fees
–state taxes and foreign resident stamp duty increases
That the UHNW and High Net Worth from China would be concerned about small percentage increases in fees?
TRUE … China imposed capital controls that is what created the plunge! However, they were lifted in 2019 …
VIEW: ‘Foreign buyers: Billions slashed from offshore investment in Victoria’
CAAN: SERIOUSLY? Where are they? Are they ‘Chinese Americans’ …..?
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