Monika Tu … ‘Black Diamondz’ feels Chinese Property Buyers can get picked on

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 Very outdated reports.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 …

READ MORE!

‘Who are Pushing Back Against Tranche 2 Anti-Money Laundering Laws?

https://bit.ly/3Ce9kGC

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!

READ MORE!

‘Real estate: Chinese homebuyers ‘are getting picked on’

https://www.news.com.au/finance/real-estate/buying/real-estate-chinese-homebuyers-are-getting-picked-on/news-story/479bf0c331c794a9a759a79e4eb865ab

CAAN Takes a Look at: ‘Hong Kong firm Far East Consortium’s Mortgage Arm Eyes Market DownUnder, acquires Stake in Local Non-Banking Lender’

 

What is behind this 53% stake in the Australian NON-BANKING LENDER, Mortgageport? 

 

Key Points …

-the mortgage arm of Far East Consortium now has 53% stake in Aussie non-banking lender Mortgageport

-to create new revenue streams and to allow the developer to earn more from provision of capital; create a new earning stream for the group and to unlock the significant value hidden within
the group’s property portfolio

-BC Invest (FEC’s mortgage arm) hopes to expand in Aust domestic mortgage market; that banks have not focused on

-this Hong Kong company provides non-resident mortgages, asset management and accounting

-it is anticipated that the new capital and funding support will allow Mortgageport to triple its assets within a few years; and establish it as one of the top three non-banking mortgage managers
in Aust. domestic market

-the plan to leverage growth in its existing markets; to use infrastructure and resources to capitalize in A$2 Trillion domestic mortgage market

-BCI maintains its non-resident mortgages to be supported by adding domestic mortgages; non-banking lenders account for 10% of the market share in Aust. Domestic mortgages

-a surge of Hong Kong buyers for property in the UK, Australia and Canada

.those buying Australian property mostly opt for non-banking lenders   

WOULD that be because these lenders are not bound by the Banks Anti-Money Laundering Laws? (the second tranche of the AML Laws)?

Not surprising, is it?  When on ABC Radio (news radio) heard an interview with the CEO of Transparency International about its submission to an inquiry about:

-money laundering particularly in property

-the failure of our controls legislation

-who’s doing it here?   

View Related Article:  ‘Widespread Money Laundering in Property Locking Out Australians from Owning Homes, Senate told’

The Senate is probing the strength of Australia’s money-laundering and counter-terrorism financing laws, and heard on Tuesday from anti-corruption group Transparency International Australia and its director, former Austrac general counsel Russell Wilson.*

AND …

Transparency International Australia’s chief executive, Serena Lillywhite, said Australia had become the “destination of choice” for the flow of illicit funds, particularly for “corruption-related proceeds, which too often do end up in the property market”.

THIS is very good from Transparency International, but whether any headway will be made is another question after all SCOMO said it today … he doesn’t believe in compulsory rules (unless it suits them) i.e. in his statement about electric vehicles and the comparisons being made to the SHORTEN Policy … that he’s now largely copying … 

READ MORE!

https://www.scmp.com/business/companies/article/3155329/hong-kong-firm-far-east-consortiums-mortgage-arm-eyes-market

 

 

 

 

Cashed-Up Foreign Buyers still seek Aussie Property; A Big Factor in House Price Hike!

CAAN looks at “Cashed-up foreign buyers still seek Australian property, but are they really to blame for price rises?”

-Is the wool being pulled over our eyes?

The latest survey from the Foreign Investment Review Board (the FIRB) indicates that ‘overseas buyers purchasing activity has hit record lows’ … falling to 7,056 this year from 40,141 in 2015-16 … hm …

Foreign buyers already have their Onshore Proxies here whose clients have been flying in … in the hundreds of thousands for two decades …

So they are already here … they are ‘Permanent Residents’

During the Pandemic could real estate agents have been dealing with these Proxies, or negotiating sales online for first home buyers (FHBs) from South-East Asia? Eh?

As revealed in a number of reports shared on CAAN Australian home buyers including FHBs appear to have been set-up (wiped out) by a number of factors including the price push from this property sector, low interest rates, government grants, and wealthy foreign cash buyers pushing up prices for a very limited supply of housing!

… much of the Australian housing stock is investor-owned

CoreLogic says international buyer demand has dropped over the past six years yet Agents tell us that there is a lot of foreign money around … it does not stretch the imagination too far to figure that with the onshore Proxy that many sales appear to be Australian …(Chinese-Australian, Indonesian-Australian, Vietnamese-Australian, Indian-Australian)  … contemplate the possibility … the likelihood that through an onshore proxy that this has concealed the extent of foreign buying of what was Australian real estate …

Are International Buyers taking over?

Through visa manipulation a ‘Permanent Resident’ can buy homes for Family members

Initially having flown into Australia as a Student to purchase ‘a new home’, and gained their PR Visa, this visa holder then seeks to bring out their family through a ‘Family Visa’ and the like …

And here it is in ‘black and white’ from this article:

‘Many first-home buyers are migrants who recently acquired their PR (permanent residency), and they are highly motivated by their new access to the government’s support packages and benefits for first-home buyers.’  

It would seem they have gained this PR Visa as family migrant members.  And their adult children can then gain access to the government’s First Home Buyer benefits.

Looks like more special treatment for ‘new residents’ that Australian Taxpayers have worked to fund over decades

This decade Australians including the Tran-Smiths have had some bad experiences.

‘A real estate agent gave us a cold shoulder at a property viewing in Hurstville but treated foreign families with a completely different attitude,’ Mrs Tran-Smith said.

Others have informed CAAN where they have noticed agents engaging warmly with Asian buyers after they were dismissed … A woman told us that on arrival at an inspection the agent scowled at her, and rudely waived her to his junior.  This agent was later seen chatting warmly with a likely old Daigou …  

So blatant!  

Later this Australian buyer said she emailed this firm for a copy of the contract and Building/Pest Report the junior agent called her, and said they have been sent … with a follow up call from this agent he crazily abused her!  What is going on?

In another instance, a couple told us that one agent repeatedly wrote in his emails that he would forward the contract and link to the Building Report.  Neither document was received. They requested he forward the documents by return email.  To no avail!

Yet after the auction he then forwarded these documents!  So what is going on?

-‘Australia is the Swiss Bank of the Asia-Pacific Region’

Of course, agents and fellow Real Estate Gatekeepers blatantly prefer foreign black money because the Morrison Government made them exempt from the Anti-Money Laundering Laws in October 2018! 

And this has inflated house prices obviously … through cash side deals

Why are Aussie properties so attractive?

Of course, international buyers including South-East Asian buyers will have an amazing sense of ‘certainty and security’ when buying our real estate … it is a win/win for them as they gain ‘Permanent Residency’ on such a purchase!  And they can then go on a real estate buying spree

The FIRB advises that foreigners can only purchase a ‘new home’ and not our established housing … who took this seriously?

… So they buy a one-bedroom apartment … gain the Permanent Resident Visa … and can then purchase a number of established homes if they so desire … or more ‘new homes’ … indeed Australia is the Swiss Bank for South-East Asians. 

Desirable Foreign Buyers

It’s as though the stable economy, the legal system and safe haven for preserving wealth and comprehensive protection for property owners has been legislated for them!

Migrants from earlier programmes tell us there were no property deals like this for them!

Wealthy Chinese especially from the mainland, Hong Kong, and Singapore, investors from Indonesia and Vietnam … with Australia being the closest developed country to Asia, are lured, obviously by our blue sky, gum trees, beautiful beaches, public schools and hospitals!  Free!

And apartment blocks built especially for them … where they have been able to buy up a whole floor … with no real competition because Australians don’t have the cash to buy a floor!  Many cannot afford an apartment!  Locked out!!

Real Estate Agent, Mr Tran says he treats all clients equally yet he specialises in selling our real estate to South-East Asian buyers … it would appear that is because many of these clients are high-end, and cashed-up obviously willing to make quick decisions with the benefits attached to such a deal!

Buyers Lives are on Hold!

Taken up with exploring listings websites … in some instances driving hundreds of Kms a week  … medical and dental appointments are cancelled … gatherings with friends and family are postponed to fit in property inspections often during the week too! 

It is exhausting as these reports reveal as prices continue to rise! 20.3% over 12 months!  

It is bizarre with much of the housing on the market defective!  Buyers so pent-up … from the torture of years of a cooked market from overseas competition …

So many homes on the market with termite muddying up into the roof timbers, water penetration in lower ground rooms, loose-fill asbestos insulation, dodgy renos, and concrete cancer in the slab. 

Where will the money come from to carry out repairs after $6,000 – $8000 monthly mortgage payments?

-Prices are still Rising because Hot Money is awash in our Real Estate Market

Apart from money launderers gaining Permanent Residency, who else benefits from the price hikes?

It appears some are lawless in this sector hiding behind low mortgage rates alleging that Australians (who have been enduring the lowest wages growth) have more household savingssome may do … agree the Morrison Government incentives pushed up prices because for years FHBs have been locked out, and were desperate to take up any offer!

Why did some of these real estate agents in January 2021 pump up prices by $200,000 with $2M houses and not the guide of $1.5M as they did weeks previously with like properties?If it were not to set this price hike in train?

IT is obvious there is much foreign ‘hot money’ awash in what was Australian real estate …

Related Article: “Cashed-up foreign buyers still seek Australian property, but are they really to blame for price rises?”

https://www.abc.net.au/news/2021-10-26/international-buyers-role-in-rising-property-prices/100565494

Transparency International Australia CEO says Mystery Foreign Buyers distort our Housing Market …

’Australians trying to crack into the property market are facing the extra hurdle of competing against mystery foreign investors, according to corporate transparency experts and the federal opposition.’

There have been calls for a public register of ultimate company owners since 2016 …

BUT is that enough?

The Morrison Government has not committed to such a register!

Labor has not yet committed to implementing such a register if it wins the next election … obviously it is keeping its powder dry following the dirty LNP coalition campaign in 2019 …


The Pandora Papers have revealed how offshore business structures are being used in Australia to conceal corporate ownership. 

This is impacting our Families … and YET we need to provide more proof of identity to get a library card than what is needed to register a company in Australia.

IT is not only about multimillion-dollar purchases, but Australians are unaware of who they are competing with when trying to buy a home because real estate agents, accountants and lawyers are not required to report a suspicious transaction like the banks! 

This is because the Morrison Government exempted these gatekeepers from the second tranche of the Anti-Money Laundering Laws in October 2018!

And this invasion really distorts the market!  Treasurer Josh Frydenberg only indicated that work was underway to establish a register in the future … why be so vague?

AND despite the Pandora Papers now being public there was nothing further to add!

Shadow Treasurer Jim Chalmers said:

“Every time a wealthy, powerful, influential person gets away with these kinds of practices, ordinary working people have to pay more.

“That’s why we need to do what we can to try and stamp it out. That begins with transparency.”

Help keep family & friends informed by SHARING our questions and this article!

READ AND VIEW: 

https://www.abc.net.au/news/2021-10-05/pandora-papers-show-impact-of-mystery-foreign-property-investors/100515630

How come some Foreign Student enrolments grew in 2021 as we lost Biggest Market for Coal Barley and Seafood?

UTS began preparing for a worst-case scenario collapse between Australia and China having to assess the prospect of evacuating staff and the loss of $Ms in student fees!


The paper,
 “Distentanglement – UTS China activities worst case scenario”, was prepared by an internal China Working Group.

Stating “the most substantial challenge” would be faced by staff at risk of being detained in China and who would require repatriation.

HOW come International education has not been affected by the China/Australia trade stoush like that of coal, barley and seafood?

IS it because this is about People? 

-Chinese student commencements have increased almost 10 per cent in 2021

.currently online during the Lockdowns …

IS this because these students will gain a Permanent Resident Visa? … Not only can they attend out education institutions, but they can buy our real estate, and bring out family members on other Visas …. e.g. …. Family, Parent, Grandparent, and Guardian! 

It’s a bit like the Trojan Horse, isn’t it?

READ MORE!

Worst Case Scenario UTS Contingency Plans if Australia China Relationship collapses

https://www.smh.com.au/politics/federal/worst-case-scenario-uts-contingency-plans-if-australia-china-relationship-collapses-20210907-p58pkw.html

What happened while we’ve been distracted by incessant Covid Media?

Despite the Delta variant wreaking havoc, the majority of our key workforce of 16 to 39 year olds, and our children have not been vaccinated …

Qantas has now revealed it has had a seat at the table with Sc.mmo, and is calibrating for reopening international borders not only to benefit Qantas, but because the property titans want the return of international migration, tourists, students and Visa workers … many seeking Permanent Residency …

… also at the Table, Housing Industry Association economist, Angela LilliCRAP (we didn’t make this up!)  said population growth was pivotal for housing and the construction consortia.  

KEY POINTS!

-Qantarse has revealed its mapping for reopening our borders

-the property industry awaits full return of migration, tourists, students and workers

-in the next 18 months flights to and from Singapore, Japan, the U.S., the U.K., Canada, Fiji and possibly NZ from mid December and to Hong Kong in February

-in April Bali, Jakarta, Manila, Bangkok, Phuket, Ho Chi Minh City and Johannesburg

-the HIA economist Angela Lillicrap said population growth was key to the home building industry

population growth was said to be stagnant at 0.5% with an increase of 136,300 in 2020 … not 70,000 but 136,300  (ABS)

READ MORE!

Qantas Reveals Roadmap for Return of Migration

How come during the Lockdowns Housing is even more expensive?

WITH recent price increases having pushed home ownership beyond the reach of EVEN more AUSTRALIANS, what will make agents desist from jacking up house prices?

Mr Lawless from CoreLogic ‘expects price growth to slow even further once lockdowns end and more people list their homes for sale.’

“You wouldn’t expect housing values to continue rising at this pace for such an extended period of time.”


And many reckon the price hikes are due to ‘cheap money and high household savings’.  But is that it entirely?

It’s got nothing to do with the role those whose job it is to sell at the highest price? And … in a time now where many other businesses are going to the wall and thousands of workers have been stood down!

IT’S about ‘Buyer Beware’ … Caveat Emptor

TIPS WHEN BUYING A HOUSE … and why if you see the following you should offer less!  Much less!

We recommend you have two private inspections (at least) if you are keen on a property.

This is a guide only to help you decide whether to proceed. And if so, immediately organise for a Building and Pest Report from an accredited Inspector, before handing over a ‘Holding Deposit’ which you will lose if you do not proceed!

Have a wander around the outside and look for:

mould growing on walls; moss on concrete slabs

.there will likely be a need for expensive drainage with surface and/or ag drains

.that will cost more if concrete paths or sandstone have to be cut to install drains

-concrete and paving, garden beds up close to the edge of the concrete slab that should be exposed (hides termite entry)

-have a look at the foundations; are they in good condition? Is there moisture? Are termite trails visible?

-some newly named ‘wealthy suburbs’ of Sydney have ground water penetrating the sandstone on which foundations are built! Oh, Mongrieff Dr!

.this may very well impact whole streets of homes built on hillsides

.and water may penetrate lower ground rooms!

-look for the meter box to see if there is a notice about a termite inspection and/or treatment; note the date

.some bushland fringe suburbs of Sydney north of Wahroongah, and the Northern Beaches are more prone to termites, and by the time of settlement 6 weeks later termites may have destroyed roof timbers! Costing $100s of thousands to restore at the buyer’s expense!

Is the house located below the level of the street?

-there could be water issues

Is there a creek at the rear and near to the property?

-if the agent says the owners have not had a flood, do your due diligence!

Inside the house

Is the house musty?

-look for mould growth it may be more than about the house being shut up!

.look into the wardrobes including the top shelves and walls to the ceiling, and other cupboards

Look for deep and or long cracks that may indicate movement, settlement

Uneven floor surfaces; movement in the floor

Or have tiles uplifted e.g. in the laundry that may indicate ‘concrete cancer’ due to the application of magnesite when

the concrete was levelled!

Is there a sewer blockage? 

Does the toilet fill up and very slowly empty?

.the sewer and stormwater may need complete replacement!

How good is the water pressure at the kitchen sink?

IF you like the property despite some of these issues organise for a Building and Pest Report that will cost $550 – $650 for both the inspection and report.

But a lot less than having to do these restorations after paying too much!

RELATED ARTICLE concerning the House Price Hikes!

READ MORE! Lockdowns push house prices even higher as new listings fall

Afghan Interpreter denied a Protection Visa but wealthy Foreign Investors are Prioritised!

An Afghan Interpreter for the ADF was rejected for a Protection Visa, and evacuated to the Netherlands!

Evidently this is where we are at in 2021 … much like it was in the late 1990s and 2001 … with the Tampa Affair

https://en.wikipedia.org/wiki/Tampa_affair

‘Asad worked as a translator with the Dutch Army in the Uruzgan Province from 2007 to 2010, then with the United States Army in Kandahar, before joining the ADF as an aviation security advisor at the Kandahar airfield in 2011.

Two years later, he applied to Defence for protection under the Locally Engaged Employee visa program (LEEs) after receiving a death threat from the Taliban.’ 

Following this …

‘A serving member of the Australian Defence Force who worked with Asad and wrote a letter of recommendation which was submitted as part of his LEEs application.

“Whilst in the performance of his duties, Asad has placed his life and that of his family at risk in order to facilitate coalition and Australian success within Afghanistan,” he wrote. 

“I value this man’s integrity and friendship most highly.” ‘

Are you aware that if he were to have the means to invest in Australia’s Real Estate or business it would be a different matter?  Especially ‘Hot Money’ with the Real Estate Gatekeepers exempt from the Anti-Money Laundering Laws in October 2018 by the Morrison Government!

But CHARACTER and service to Australia and our troops evidently means ZIP!

This is what we are referring to!  It has been happening for years now through Visa manipulation.  And again recently under the Cover of Covid …

AND …

READ MORE ABOUT ASAD: ‘Afghan interpreter rejected for protection visa evacuated to the Netherlands’

FACT SHEET … Under the Cover of Covid … Singapore has bought almost $20Bn Australian Real Estate

FACT SHEET …

-Singapore, 2nd largest buyer of our Real Estate; only trails the United States

-overshadowed China with investments from large developers, and sovereign wealth fund, GIC

-2 years to July 2020 Singaporeans bought $19.3Bn: Latest FIRB data  –

Foreign Investment Review Board Annual Report 2019-20 (firb.gov.au)

-Singaporeans spent $6.1Bn more than China over the 2 years

.with an economy 44 times smaller

George Chmiel, Chair of Juwai IQI on Singaporean Investment:

-doubled in last 3 years; led by institutional investors funding large-scale projects

-and individual *home buyers also active in Australian home markets*

-Singaporean developers are selling to Singaporean buyers

.e.g. Elements at Carousel, by Jean Yip Holdings, Perth with 60% Singapore buyers

-Singapore short flying distance from Australian capital cities

-property investment likely to rise further as travel reopens

-the Morrison Govt late 2020 quietly prioritised visas for UHNW for further home buying

-over the last 10 years China is the largest investor; spent some $126Bn since 2010

.Singapore spent around 44 cents on the dollar over the same period

SOURCE: Business Insider: ‘ Singapore has bought almost $20 billion worth of Australian real estate in the last two years, eclipsing China’

Predictions our ‘Hot Property’ market could escalate further when Borders reopen!

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 muchin 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! 

https://bit.ly/3C6txPF

… 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.

https://www.abc.net.au/news/2021-08-09/wuhan-mass-virus-testing/100361016

And an outbreak that started in July has now spread to about 40 cities!

https://www.abc.net.au/news/2021-08-07/china-covid-outbreak-nanjing-wuhan-delta-variant-risks/100345914

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 .

Related article: