MORE about the unyielding Foreign Buyer invasion of the Australian Housing Market!
The FIRB Annual Report issued a week ago revealed:
–mainland Chinese property buyers investment in 2018-19 dropped to $6.1B
-down more than 50% from 2017-18; lowest since 2012-13
–Hong Kong Chinese investment of $2.8B in 2017-18 to $9.3B in 2018-19*
–Singapore buy-up increased from $7.8B to $9.8B
–Japanese investment increased from $2.2B to $3.8B
WHAT Juwai IQI executive chairman Georg Chmiel, perhaps should have said that it was Beijing Capital Controls alone that led to the drop in Chinese buying our Residential Property …
Because small percentage increases in fees and stamp duty mean little to HNW from China
UNTIL NOW … with a return of these foreign buyers to the Australian housing market … as the Capital Controls have been lifted …
-non-bank lenders are again willing to finance Asian buyers
-compare the 8% Australian stamp duty with the 20% taxes in Singapore and Vancouver
HOW are globalisation and the FIRB acting in the interests of aspiring Australian First Home Buyers?
* 75% of these foreign buyers are seeking properties priced at $1M or less with the median being $610,000 … competing with the Australian First Home Buyer …
-like Nicki and Jay in ‘A Current Affair’ Story ‘Foreign Buyers They’re Back’ 12 May 2020
Note: houses in Chatswood are priced from $2M; Chatswood has good schools, health services, and transport!
RECENTLY CAAN learnt that some developers are restricting sales to ‘a level at a time’ … perhaps this practice not only locks out Australian First Home Buyers but is accelerating the ‘silent invasion’ ???
WHY not make your objections to your local MPs?? Send an email message then you have a record in writing!
WHEN will the Morrison Government direct the developer sector to build affordable and social housing for Australians with a need for 200,000 social housing dwellings; affordable housing for First Home Buyers; and homes built for Firestorm victims?
IMPORTANT! In this related article from Adele Ferguson, ‘A Black Box that needs an Overhaul: How has the FIRB escaped scrutiny?’
It was revealed that:
Professor Allan Fels, a former chairman of the ACCC described the FIRB as a black box and said the scrutiny was long overdue.
-that the FIRB was not a regulatory body; it was not independent, politically *
-nor transparent; conditions imposed are generally not released to the public
READ MORE about the return of foreign buyers to the Australian Housing market:
‘Foreign investors headstrong on Aussie real estate’