The NAB Survey findings reveal foreign buyers are buying up new homes across Australia
–19.3% of Victorian new homes sold to foreign buyers
-with demand from China, India, and other parts of Asia
Juwai IQI Executive Chairman, Georg Chmiel submits overseas buyers are as little as some 5 per cent to 7 per cent of existing sales and 10 per cent to 13 per cent of new sales.
IS Chmiel serious?
WHAT about the real percentages that we suggest are concealed through the onshore Proxy who is already a citizen …
THE following may explain why Chmiel refers to the Chinese market as ‘a lifeline for developers’ …
In 2019 China had over 300 billionaires which put the country second in the world, after the United States
In China, there are 4.4 million millionaires, an increase of 158,000 on 2018, according to the report, and 10% of the global total. There are an estimated 1.1 billion adults in China.Oct 21, 2019
Back In 2019 this was reported in The Daily Mail
‘How more than A THIRD of the most expensive homes in Australia are bought by super rich Chinese entrepreneurs’
- Australia’s most expensive property was sold to a Chinese investor for $140m
- Other apartments in the building also sold for about $40m to foreign buyers
- One quarter of Chinese tourists visiting Australia are looking to buy property
This report in 2018 …
Credit Suisse was able to obtain the breakdown of one in four Chinese buying Australian residential property from the three state governments that charge higher stamp duties on overseas buyers.
Credit Suisse said the data from January to June 2017 showed that 87 per cent of foreign property buyers in NSW were Chinese, with New Zealanders at 1.6 per cent the next biggest nationality.
The data shows the mainland China crackdown on money leaving the country has not dented demand. Nor will extra taxes deter the foreign buyers …
With the Australian housing market skewed to be supported by foreign buying, and Chinese wealth creation, how likely is it to stop any time soon?
Chmiel, of course, …. has overlooked wage stagnation, high unemployment and underemployment in Australia with one Million Australians for whom there is no job!
Unemployment was at 19.7 per cent prior to the Pandemic! A consequence of the competition for jobs from Visa workers across all industries …
SEARCH CAAN WEBSITE for more information …
Add to the mix high immigration and visa manipulation, the syndication of the PROXY Buying
Thus aspiring incumbent home owners were locked out of the housing market long before Covid-19!
The HNW and UHNW Foreign buyers are able to concentrate on the inner city and affluent areas because, it seems, policies have been rewritten to allow them!
The FIRB Data reveals over the last 10 years:
–buyers from Asia have spent some $211Bn in our real estate
-of which $125 Bn from Chinese buyers; they made 40.1% more inquiries in the second quarter than in the first quarter despite the pandemic, travel bans and lockdowns
-at 14.9% below that of a year earlier
–local buyer activity dived by 40% *
CHINA … with its Wuhan capital in the Hubei Province … the source of the World-wide pandemic … is now appearing to prosper with the Chinese buying real estate both in China and in Australia enabled by online marketing!
WHY not ask your local MPs why the Morrison Government is not addressing this serious imbalance for its Constituents?
SHARE! Tell others !!
VIEW OR SEARCH AND READ MORE!
‘Almost 20% of new Victorian homes are sold to overseas buyers’
caan.info/3jVj5Bv (if this link does not work here; copy it and search for the article)