Foreign Buyers have continued to flock to Australia during the Pandemic … not in as many numbers … but they have not only been coming from China’s ‘Mainland’ but Singapore and Hong Kong too!
It is not just Harbourside Mansions they seek … or the Upper North Shore … and the Elite Eastern Suburbs but High-Rise PRECINCTS across Sydney Town … built specifically for this foreign buyer market!
Take a wander or a drive and see for yourself …
… Meadowbank Top Ryde North Ryde Macquarie Park Wentworth Park Rhodes! It goes forever! Melrose Park, and heaps more! These precincts are largely owned and occupied by Chinese people.
It is reported there are only 1.2 Million Chinese people here … how credible? Very outdated reports.
HOW many more times do we have to read this from Monika Tu?
She said key drivers were lifestyle, education and business prospects.
‘And despite the Covid pandemic, she said her business – which has an annual turnover of $200m – “keeps growing”.’
WHAT does Australia’s stable political environment, strong economy and good education amount to?
In fact underlying all that Ms Tu speaks of … Australia’s real estate market is awash with ‘Black Money’ … much of it coming from China …
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‘Would these attractions be about the access gained by wealthy Chinese business people having not only acquired residential property to gain Permanent Residency, but also investing in commercial businesses, and access to either free education or the opportunity to send their children to ‘private schools’.
Obviously this huge influx has led to much competition not only for our housing market, but also investment in business! And contemplate the consequences …
Apparently Chinese homebuyers allege they ‘are getting picked on’ yet Ms Tu ‘notes the attractiveness of a friendly community’ … ?
Yes, they like what we have …. Or is that what we had?
The proximity to their China and clean air … here for the time being …
– Ms Tu also addresses a “misunderstanding” around the influx of wealthy Chinese property purchasers. And rejects that her clients and numerous others are taking opportunities away from Australians … well how good was it before this huge influx?
It was very good! Before ‘Visa workers’ we had Award Wages and conditions … and 70% home ownership among Australians …
The only competition for housing was a more sustainable 70,000 permanent migrants arriving annually … not Hundreds of Thousands with a temporary Visa to exchange for Permanent Residency after buying our real estate …
IS it any wonder ‘Chinese love the properties’? And continue to buy up Australia because they can …
The Morrison Government has facilitated this … influenced by the developer lobby groups, The Property Council of Australia, The Urban Taskforce and others …
The Foreign Investment Review Board (the FIRB) is the avenue through which this all takes place. It was around 2008 that an FIRB ruling allowed developers to sell 100% of ‘new homes’ to foreign buyers .. not content with providing housing for the incumbents they looked to the overseas market particularly of China with its 1.4 Billion people …
With the Howard Government the Middle Class Chinese were lured to buy our real estate and/or education to gain ‘Flexible Citizenship’ which led to a Housing Boom in the early 2000s … 2004!
And so it has continued … increasing the supply of housing for the ‘foreign demand’ locking out Australians …
The increased supply of ‘new housing’ is for foreign buyers … it is not for the Australian home buyer …
Aspiring First Home Buyers had a brief look-in with the Pandemic … those that had wealthy parents to back them …
WHY is it that there have been so many reports of Australians ready with a deposit and/or ‘cash buyers’ unable to secure a sale for 12 months or more? Having spent every weekend attending auctions with 100 or more around them competing …
Let alone the stories untold!
The International competition for Australian Homes, it appears, began when the FIRB was established in 1976 during the Liberal Fraser Government to advise the Treasurer and the Government on Australia’s foreign investment policy, and its functions are only advisory. The responsibility for making decisions on Policy and Proposals rests with the TREASURER!
Thus it would seem that the Property Sector and the Government of the Day ‘work hand in glove’ ….
SEARCH for ‘Chapter 2: Regulation of Foreign Investment in Housing’
The Spin …
‘Australia’s overall foreign investment policy usually encourages overseas buyers to purchase residential property and, as a result, increase the supply of new housing.
Without foreign investment, many new building projects would become unviable.’
Many of us still remember Meadowbank, Top Ryde, North Ryde, Macquarie Park, Wentworth Park, Breakfast Point, Rhodes, and Melrose Park low-rise residential, and/or commercial/industrial areas where our communities lived and worked before storey upon storey deve-lopers made a motza selling overseas … that’s how viable these high-rise precincts are for deve-lopers.
Australians have had no say about high immigration through the backdoor of property investment … a consequence of lobbying and political donations …
We doubt very much the Chinese having gained residency are at all concerned … more likely they are well pleased … smug even …
The FIRB reported a drop in Chinese investment in 2019 due to the Pandemic however with so many having flown here over the past two decades and acting as Permanent Resident Onshore Proxies … perhaps we will never know how much Chinese investment has occurred?
And Ms Tu says that since the Pandemic her business keeps growing!
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