From 2012 to 2013 inclusive the Chinese buying spree grew by almost 60% targeting Sydney and inner-city Melbourne
Chinese buyers and Chinese-backed developers focused on Sydney with more than $600M development sites for 5000 apartments to be marketed in China
With 10 Million Millionaires in China … was this why we have a social and economic imbalance in Australia … prior to the Pandemic?
With precincts 100% owned by Chinese and/or rented by Chinese, built by Chinese developers thus not available to the Australian market …
IT is alleged that Australia needs ‘foreign investment’ despite our Title Deeds becoming perhaps our biggest export! When foreigners buy our property it means less for the Australian HNW and UHNW to invest … less opportunities for our Super Funds … it would seem we have many home grown investors to ensure the Title Deeds remain onshore!
Begs the question how much of Australia does the CCP own?
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 despitethe 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)
DOES it appear that the role of the Foreign Investment Review Board (the FIRB) is to look after the wealth portfolio of their client base, largely the Property Sector … ?
CAAN has a look at a document alleged to be ‘The Facts about Foreign Buyers’ … of Australian Real Estate from the Real Estate Institute of Australia …
WITH the development of Fiefdoms across Sydney … known as High-rise Precincts, does this Sector seriously believe that Australians cannot see what is going on?
OBVIOUSLY these ‘Fiefdoms’ evolved due to the high cost of tiny lots in the Sydney CBD and the inner circle suburbs …
PERHAPS this has something to do with the evolution of so many HIGH-RISE PRECINCTS across Sydney … where developers could buy large lots at a fraction of the cost … to sell to a huge overseas market!
THE HIGH-RISE PRECINCTS across Sydney that look like Fiefdoms … were proposed dating back to 2012! Facilitated by high immigration and Visa manipulation.
When their suburbs are being inundated with people from overseas particularly since 2015 from Mainland China … that as at 2015 many Australians were outbid at house auctions – largely attended by these Visa holders or their onshore Proxy, and that this experience continued … until there was a change with Realtors cancelling auctions to conduct sales inhouse …
In this frenzied environment prices of homes escalated … perhaps unbeknowns to many at that time (2015) investment of $1.5M in a home correlated with an Investment Stream Visa … which no doubt also contributed to the price hike!
YES, why do we need ‘foreign investment’ which are in fact foreign acquisitions’?
The answer to this perhaps goes back to lobbying by this sector in 2008/09 when they were able to convince the government with ‘the Sting’ that they needed to increase their overseas marketing sales from 50% to 100% of ‘new homes’! They then got an FIRB ruling!
AND Australia not only has had high immigration but a backdoor to migration through Visa Manipulation with Temporary Visa holders able to gain ‘Permanent Residency’ when they bought our real estate …
As reported, the FIRB to date in November 2018 had not carried out a single prosecution against foreign buyers who had failed to comply with our laws on buying our real estate!
WHY is it that temporary Visa holders can purchase our land, an established home and a number of ‘new homes’? … How can that be of any benefit to Australians? With so much competition in the market?
Amanda Lynch, the former CEO of the REIA suggests that without foreign money many new developments would not be possible … of course not because they would bloody well not be needed!
Constituents especially Our Youth do not need them either because they are priced out, or because we resent this ugly inundation of High-Rise Precinct Fiefdoms across Sydney …
Rentals are only now coming down due to the Pandemic with so many having lost their jobs and/or business owners have had to break their leases … forcing landlords to reduce the rents to gain new tenants …
Previously it was said that Chinese buyers were targeting homes valued at less than $1M which is the market normally for Australian First Home Buyers. However, Ms Lynch puts that these foreign buyers are acquiring properties valued at more than $1M …
That could possibly be the case with reports that some ‘buy a whole floor of an apartment development’ … CAAN was notified of this happening in Asquith!
AND there are no limits on the number of ‘new homes’ they can buy!
WHY wouldn’t the REIA believe that this huge foreign market was good for this Sector? As the supply was built for these foreign buyers … a possible 1.4 Billion of ‘em!
The suggestion that this increased the supply of rental properties is readily disputed due to the numerous reports of ‘foreign buyer’ dwellings left vacant and pristine.
Have you noticed in your area such empty dwellings? We know of a ‘block of flats’ that has remained empty for more than 12 months; recently it has been lit up of a late afternoon with blinds half open; some move up and down a little periodically (on a timer), and the lights on one balcony remain on all day and all night. No-one is ever seen to enter, or leave … mail and flyers ooze out of the letterbox …
From a record $72B foreign buying spree in our real estate in 2015/16 it is alleged to have dropped to $30Bdespite the increased housing development in that period …
Could that be explained by the presence of the onshore Proxy, and/or the foreign buyer having gained a PR Visa through online purchase?
What the Institute omits to refer to are the vast number of UHNW and HNW acquiring our real estate who were not discouraged by increased stamp duties, nor banks tightening lending because it would seem that they deal in shadow banking … and Black Money … what did make a difference in or about 2018 was China’s capital controls! Since lifted …
WITH the FIRB role of ensuring this foreign buyer market in Australian ‘new homes’ …
DOES it seem that this is the very reason for the existence of the FIRB?
The fees of $5000 or $10000 are nothing to those of High Net Worth …. Temp. Visa holders who buy our real estate can fast-track to gain a ‘Permanent Resident Visa’
AND there are no limits on the number of ‘new homes’ that foreign non-residents can buy; they only have to seek FIRB approval … for whatever that means!
FURTHER … they can buy an established home for redevelopment … hence many beautiful Heritage and Mid Century Homes demolished allegedly to increase housing stock …
Possibly for even more ‘foreign buyers’?
About the Facts on Foreign Buyers of our Real Estate from the Real Estate Institute …
IS Australia set to offer HongKongers Visas? Will the Protesters get a look-in?
SHARE the following comment because we too were equally alarmed!
How many, or would that be ‘how few Hong Kong Protesters’ would be offered these Tiananmen Visas … as they are bundled off to gaol ??
SELECTED COMMENT ON THE SMH REPORT:
“Coalition hard right arch conservative backbencher, Kevin Andrews was on the ABC spruiking this thought bubble and I was gobsmacked at the logistical and economic consequences of his delusions.
He quoted a figure of 100,000 to 200,000 young Hong Kongers coming to Australia where they would be able to ‘go to university’ and enjoy the warmth of Australian compassion for refugees of all ethnicities and religions.
Fanciful stuff during a pandemic travel embargo, and where foreign students are expected to pay upfront and be able to support themselves and where there is an unemployment explosion amongst young people here in Australia.
The rich older folk with British passports could go to England, and if you read the Chinese Global Times, this move will be another nail in the coffin on any Australian economic recovery.
Why do they keep shooting themselves in the foot when they haven’t shown any compassion for refugees from other parts of the world in much greater need and when Andrews as Immigration Minister cut the intake of refugees from African countries because ‘some groups don’t seem to be settling in and adjusting to the Australian way of life.’
“AND … this is what CAAN wrote about this outrageous proposal!
Haven’t we had enough of this Hedley and Eslake ‘lot’ who never seem to give up on calling for ever more immigration? Why? What is in it for them?
What are the sources of these Hong Kong ‘Millions of dollars in investment’? How much of which are in fact ‘Black Money’? Where is the proof of their sources? How restrictive are Australia’s Visa laws? It would seem they are anything but!
Prior to the Pandemic ‘Permanent Residency’ appeared to be aGrowth Industry with a large range of Visas facilitating this not only for the Entrepreneurs but for Visa workers which has led to the lowest wages growth for 60 years, high unemployment and underemployment at 19.7% prior to the Pandemic!
At the same time there were 2.4 Million Visa holders in Australia … many of whom were here on Real Estate tours … and looking to gain permanent residency … so it would appear the cut to permanent migration to 160,000 was of little consequence?
AND it appears this has led to another growth industry for those on the AFR Rich List becoming Richer!
There are more than 200 of them so why do we need to import more? Why can’t they develop more start-ups? And create jobs for Australians with incomes that generate spending power to boost our economy?
Why not bring back the inter-active digital media development blocked by the Abbott Government? It has proved to be very profitable overseas … why not here?Invest in R & D … manufacturing … renewables?
Is Hedley ignoring that in Melbourne there is a second wave of Covid? That the Andrews government proposes to lock down more!
World-wide the Pandemic has not been deterred! So how can opening the migration and visa manipulation floodgates be warranted?
Hedley concedes there is a humanitarian aspect … that they should be provided with a safety net, and in the next breath talks about targeting entrepreneurs … despite COVID-19 … and often the 14 day quarantine has proven inadequate …
Eslake is quoted saying ‘about three quarters of our growth in the last five years has come from population growth’
BUT what Eslake has overlooked is at the cost to State and local governments and the Australian people as revealed in this report from Macro Business!
‘A Big Australia means more expensive everything’!
This report reveals that the Federal Government collects some 80% of the tax revenue’.
However, the ancillary costs of the growth in population are shifted to the state and local governments, and households!
-the escalation of house prices
-the increased cost of infrastructure and services
-the balance of trade with the revenue from exports of minerals and agricultural products v. growth of importation of construction materials and consumer goods
-the cost to households of desal plants, toll road tunnels
-state governments sell off public assets to private monopolies to raise the $ for more infrastructure
-increased costs for the incumbents with tolls, user-pays charges etc
.It appears the mineral bonanza comes as a poor second!
Is the high immigration and visa manipulation another verse in the ‘Trickle Down Economy Song Sheet’?
Are the statements from Hedley and Eslake perhaps rooted in a desire to embrace a wider agenda validating a pedagogy of growth … no matter what it costs?
DO they ever consider …
-the finite nature of the earth’s resources?
That life for them is really only about trade … is this all we ought to look forward to, and that we will fall into poverty should it not prevail unhindered?
With Hedley it seems we get the same old Mantra that there is always another pot of gold to be had … though how true it is when the numbers are actually small.
Interestingly, the age-old tactic of alerting us to the possibility we may miss out … be left behind … how could we let this happen? …
Are what they appear to be – crude calls from the sidelines.
What about asking how legitimate is this wealth?
Are there measures in place to validate it has been sourced from real endeavours in no way associated with the ‘darker sides of life’ in foreign locations?
These bursts of wisdom need to be put to the test. It is as if we all need to be convinced it is okay to have people knocking at our door because they have fat wallets and deep pockets … that somehow it is all legitimate … no harm … no costs are generated by boundless population growth while at the same time anyone who dares to critique these so-called truisms are quickly labelled as xenophobic or racist.
Is this designed to shut down debate smartly? Read more!
‘Gov should entice HK Investors to move to Australia says Wealth Manager‘
WEE HUR’s first acquisition was made by the Trust Company (Australia) in Regent Street Redfern for $A36 M., and entered into a contract for the sale and purchase with the City of Sydney for a property at 90 Regent Street Redfern for $10M
NOW this student accommodation developer has scooped up a row of shops and residential units between 90 and 102 Regent Street … close to both the University of Sydney and the University of Technology Sydney
Taking advantage of the growth of infrastructure of both Redfern Railway Station and the Metro station at Waterloo
THIS is apart from Wee Hur’s acquisitions in Melbourne in 2018 in Gibbons Street with plans for 515 bed accommodation, and the Melbourne CBD.
LONG TERM PLANNERS … this Singaporean group acquired two sites in the Buranda transport precinct in Brisbane; with plans for 5,000 beds across Sydney, Melbourne, Brisbane and Adelaide!
CAAN Photo: First Tower of ‘Destination’ Talavera Road Macquarie Park
THERE is more to this than meets the eye!
The first Meriton Tower for ‘Destination’ in Talavera Road Macquarie Park at 28 June 2020 is now some 22 storeys … and it is expected to be completed with 27 storeys early 2021!
IMAGINE how the 63 Storey Tower will dominate!
This Meriton development is for 1270 units in Macquarie Park.
Wondering how many of the 1270 apartments are sold? And to who? HT has previously said:
“The problem with Australians is they are very slow. They ask their lawyer, they ask their financial adviser, they ask their family, they ask everybody. The Chinese don’t ask anybody, they come off the plane, buy their unit and go.”
“China has more than 1 billion people,” he said. “And they love Australia. I think they love Australia as much as we love Australia. So there will always be enough of them that will buy.”
What will happen now? With further outbreaks of CV-19?
Will these CCP members have already gained ‘Permanent Residency’ when they purchased? What then?
Will AUSTRALIA be safe? How can a ‘PR VISA’ ensure they will be COVID-19 free?
Recent report (shared on CAAN) there are no changes to foreign investment in real estate …
-the changes leave existing gateways for investment largely untouched
-little has changed for key investment sectors such as mining, residential, industrial and commercial real estate and agribusiness land and enterprises
• There are no significant changes proposed to the rules regarding residential real estate
Another aspect to this is that in Macquarie Park there has been a complete demograhic change … it has visibly been underway since about 2015 …
Macquarie Park was originally a Business and Information Technology Park which created local employment …
But what now? With largely foreign buyers of these apartments particularly from China it would appear they are in the “box seat” for employment …
MERITON is everywhere … in every direction across Sydney … in the Sydney CBD … Chatswood … Epping … Sydney Olympic Park … Rhodes … Meadowbank … Pagewood … Parramatta … Abbotsford … Hurstville … Burwood … here in Macquarie Park with a couple of precinct developments …
MERITON is up on the Gold Coast and down in Melbourne
MERITON has apartments for sale … for rent … serviced apartments for tourists and hotels!
Now the community of ‘Little Bay’ are opposing a monstrous precinct. It began with the Little Bay Masterplan
-it was approved in 2009 allowing for 450 dwellings to be built in buildings up to five-storeys (18m)
–Meriton then sought consent to build 1900 dwellings in multiple mid and high-rise with maximum height of 22 storeys (73m)
It has now been rejected by the Council … however … HT has its own legal counsel …
Remember the interview with Jane Hutcheon on ‘One Plus One’ “
JANE HUTCHEON: Do you feel you have had a hand in the way the Sydney landscape has changed?
HARRY TRIGUBOFF: Well, since I am not a modest person I say I had the biggest hand in it because I devoted myself to Sydney. I did a little bit in Queensland, but absolutely I am Sydney! …. .
IT would seem that the Planning Law changes were long in the making … remember HT said when he arrived in Sydney:
“I looked at Bondi Beach. Bronze bodies. Unbelievable. I looked at the red roofs. No flats, [just] cottages everywhere.’ So is this why Harry set about changing the built environment … ?
FOREIGN ‘Investment’ Companies like these are operating in a space that seeks to gain ownership dressed up as ‘investing’… the customers for these purpose built student accommodation are with little doubt from the same origins … so profits are designed to leave our shores along with the Title Deeds!
HOW do they do this? By setting up a business trust in Australia to acquire property …
These developers are long term planners … they are looking for ownership over a long period of time in Australia.
An opportunity to accommodate their students in a closed environment where they control it!
Our universities had a proposal to begin flying in small groups of international students from July … 300 were set to fly to Canberra to be quarantined in hotels. The ACT along with South Australia planned to get this off the ground with other states to follow ….
HOWEVER with the current outbreaks of COVID-19, it would seem that those pushing this are those that have the most to lose in their business model based on fee paying foreign students
It is a worry, just goes to show what depths these Edu-entrepreneurs will go to … to have tax payers subsidise foreign students even though they say the student pays, every other cent spent by the University is ultimately sourced from the public purse.
Singapore-listed developer Wee Hur Holdings has moved one step closer to realising its Australian student accommodation ambitions, appointing Intergen Property Group to manage a $700 million Purpose Built Student Accommodation fund.
ORANGE and the surrounding villages and towns. Canowindra hot air ballooning
WHY are MILLENNIALS Moving to Australia’s Regions … and Big Towns?
Of course, many Millennials are now moving to the regional cities … big towns that have the infrastructure …
SYDNEY for one has lost its appeal to many … the fuglification … the congestion …
IS it just real estate prices, or is it because Australians have had to compete with foreign ownership?
… over this period from 2011 to 2016, and up to the CoronaVirus Pandemic … during the terms of the Liberal Coalition in NSW …
KEY POINTS … from a Report determining population growth and movements …
-between 2011 and 2016 regional millennials are moving to other regions; not to capital cities
-Sydney lost more to the regions
-they were more aware of the benefits of living in the regions
-with a move to Orange there was no longer a two hour commute to work but an 8 minute drive
-able to buy a home
-they are seeking mid-sized towns with a hospital, airport, university, jobs and lifestyle!
-the regions attracted 65,000 more than they lost to capital cities
THIS no doubt reflects the very pooor policies of the NSW Liberal Coalition …
Turning our SYDNEY Town into what the Foreign Buyers have fled …
LET alone the nasty consequences for our Australian Society with a whole Cohort locked out of Sydney by not only competition from foreign acquisition … but the loss of livebility … the long commutes … that many have sought an attractive lifestyle in the Regions!