Who are ‘the Suits’ in Australia … the ‘Judas’ in our midst seeking more Hot Money in our Real Estate?
Is there no end to their greed?
How about our Rich Listers fly off and buy in Beijing … Shanghai … ?
Juwai IQI chair Georg Chmiel has reported that in both Los Angeles and Montreal house prices have surged triple that of Sydney …
Enough is enough!
Not only should the Australian Government put a stop to ‘foreign buying of our home market’ through the Foreign Investment Review Board (FIRB) ruling, but it should reverse the exemption granted to the Real Estate Gatekeepers for the second tranche of the Anti-Money Laundering Laws.
We heard much … in fact continuously about the cheap money from the banks and government grants for First Home Buyers and renovators which pushed up house prices … again to benefit this Sector! And through Government media, Australia was promoted as having largely restricted the Pandemic outbreak … was this to entice more foreign buyers?
This campaign has locked out even more Australians seeking a home.
Where is our federal government intervention? At least in New Zealand their central bank has introduced lending restrictions to pull up these runaway house prices unlike here where investors have taken up where First Home Buyers have again been locked out of home ownership.
According to Chmiel our city house prices are closer to the ‘middle of the pack’ … cheap, eh? Our price growth he says is measured, that in London and Tokyo fell by 6% and 7% … we wish! True, our borders were closed to migrants and Australians stranded overseas, but not to some 15,000 wealthy foreigners especially Chinese buying our mansions, and homes with large land lots!
… So it seems Juwai figures this Boom will continue as the lockdown retreats with the return of Chinese students gaining Family Visas and all …
So what is the Morrison Government going to do about this? This disease is not going away any time soon especially with China’s very big problems …
Wuhan has reported a new and growing cluster on 3 August sparking a new round of testing. And scientists say China’s vaccines are less effective against new strains of this virus.
And an outbreak that started in July has now spread to about 40 cities!
Is this government going to risk the health of its constituents, and our broader economy just to look after the property sector?
How can the impact of foreign buyers be muted when millions are either of Ultra High Net Worth or HNW can fly into Australia? China has 1.4 Billion people keen for the uptake of new builds … inner city apartments, mansions and suburban homes … that is looking like a plague in proportions!
We figure a lending intervention will only work if at the same time the Government puts a stop to ‘wealthy foreigners buying our homes’
It’s time the government looked at the role of the agents in all of this … during 2021 we had the Open Homes of 100 or more buyers now replaced with one to one private inspections booked on top of one another …
Followed by auctions or Private Treaty where agents communicate inflated prices on properties setting up FOMO buyers!
An increase in supply will only work to return this market to Australians if the Government puts a stop to the overseas sell-off .