WHAT is luring SINGAPOREANS to the Australian Property Market? As Rents Rise for Australians …

Prime Minister Scott Morrison says builders have been integral to Australia’s economic success. NCA NewsWire/Tertius Pickard Credit: News Corp Australia

HOUSING AFFORDABILITY has only deteriorated further since 2019 …

WITH more Australians now renting crushed by low wages, even more of Our People are increasingly struggling to pay rising rents!

In February 2022 Scott Morrison said:

house prices are rising”, bluntly adding “that’s how the market works”, during an address to the building and construction industry.

https://www.perthnow.com.au/business/scott-morrison-gives-blunt-assessment-of-property-market-thats-how-the-market-works-c-5835139

Isn’t it time we were equally blunt? On 21 May 2022?

Tonight there was a report on the ABC NEWS that neither major party is addressing rising rents!

THIS was not of Labor’s making!  If LABOR wins the election they will be inheriting this Liberal mess!

The Liberals have been in power for nearly a decade!

Remember ‘The NETWORKER’ wrote the policy for the developer lobby group, the PROPERTY COUNCIL OF AUSTRALIA before it entered politics …  and obviously this very strong connection maintains …

BECAUSE Singapore, Malaysia and across Asia these foreign buyers are now picking up from where China left off …

SO why didn’t the Morrison Government in the interests of its Constituents then disallow the Foreign Investment Review Board (FIRB) Ruling that allowed developers to sell 100 per cent of ‘new homes’ to foreign buyers?

Currently houses and apartments recorded an average 6.8% and 21.9% year-on-year capital growth, respectively.” Why wouldn’t Singaporeans be tempted for this capital growth, and even more benefits?

Obviously developers all the while called for increasing the SUPPLY because they were unable to keep up with the OVERSEAS DEMAND!

AND why did the ScOmO Government exempt (exclude) the Real Estate Gatekeepers (Real Estate Agents, Lawyers and Accountants) from the second tranche of the ANTI-MONEY LAUNDERING LAWS? ….  In October 2018?? And to this day maintains this exemption?

With so much Black Money awash in our Real Estate Market – that too contributed to the escalation of house prices …  with these overseas buyers keen to gain a Permanent Resident Visa from home purchase … how many have been outbidding Australian buyers with black cash … ?

And with a flourishing short-term holiday rental market swallowing up homes for long term rental … we have a rental crisis apart from a housing affordability crisis!

WHY isn’t the NetWorker stopping this with more Australians sleeping in their cars … having to wait ten years for Public Housing, as others resort to sleeping rough in parks or railway station tunnels!

READ MORE!

Why Singaporean investors have their sights on the Austrailian property market

https://sbr.com.sg/commercial-property/news/why-singaporean-investors-have-their-sights-austrailian-property-market

‘ONE SYDNEY PARK’ by Hailiang Property Group to proceed …

PREVIOUSLY CAAN shared this with you that: 

Hailiang Property Group (HPG Australia) controlled by billionaire Chinese industrialist Feng Hailiang entered the Australian market in 2014 and acquired the site at SYDNEY PARK Euston Road from the Goodman Group in early 2015.

In the midst of Australia’s Chinese Real Estate buying spree

A win/win for HPG creating a “new neighbourhood” for their buyers to live within a 44 hectare Park, 6Kms from the Sydney CBD, down the road from Newtown and a five-minute drive to the airport.

A loss of what could have been retained as parkland for the inner West community and beyond!

NEWTOWN where our Millennial sons and daughters rent share houses … or flats …

THE first limited release of apartments at One Sydney Park was launched to the market in March 2018 prior to approval.  WHY?

…  would these apartments be 100% foreign owned? 

FIRB Ruling allows developers to sell 100% ‘new homes’ to foreigners

HPG has shaved its development from 389 to 356 apartments with the building mass pushed back from the park.  That population will impact access to transport, and rob the local community of their amenity …

What does ‘the perceived overall height of the building has been decreased’ mean?

READ MORE!

‘Green light: $700m One Sydney Park development set to proceed’

https://www.smh.com.au/business/companies/hpg-australia-one-sydney-park-700m-development-set-to-proceed-20220405-p5ab14.html

WHO in their Right Mind would allow the Government to have EQUITY in their Home?

WHO in their Right Mind would allow the Government to have EQUITY in their Home?

IN the SMH today this piece, “New hope for first-home buyers in return for giving STATE some equity”

HOWEVER … it seems the Community are onto it!

THESE are their views on Social Media

WOULD this be about boosting demand and increasing prices?  Cough … cough … Who would be the winners?  Would that be deve-lopers, and existing owners? Especially investors

EQUITY GONE!  Welcome to NSW … the equity state … for some …

AND allowing for the Status Quo to remain … by sweeping under the carpet the real causes of negative gearing … capital gains tax … super low interest rates … government grants … franking credits …

AND we must not forget the ‘Big Australia’ with millions having come to our shores seeking Permanent Residency by buying a home these numbers increase competition … pushing up prices!

AND ‘Hot Money’ is awash in the Australian Housing Market … the second tranche of the Anti-Money Laundering Laws for the Gatekeepers was shelved for more than a decade, and then the Morrison Government exempted the Gatekeepers in October 2018 … 

REMEMBER just a few months ago when this was just a conspiracy theory … Now they’re talking about parents ‘giving’ equity to the government to help their kids buy a home … and both could end up owning nothing

This is #socialism from what claims to be a #Liberal government, and would be the beginning of the end of private property ownership.

The State Government becoming a lender won’t help affordability. It will simply push up prices and mortgage repayments more. These increased repayments will push people out of the market, and lead to more defaults in the market!

So, basically we’ve spent decades distorting the property system, and now we’re going to make it worse for you to keep those property prices juiced. #auspol with a tax handout to home owners.  Isn’t this Peter Costello’s policy all over again?

The Liberal Coalition particularly with the Howard Government in the late 1990s have been distorting the property system by enticing the Middle Class Chinese to invest in our housing to gain ‘Flexible Citizenship’, and this led to a housing boom in the early 2000s peaking in 2004 … and again from late 2013 with a large range of temporary visas allowing wealthy foreigners to buy ‘new homes’ to gain a Permanent Resident Visa. This boosted demand from this high population growth 

Increasing 👏 demand 👏 does 👏 not 👏 reduce 👏 prices.#auspol

Dom_Perrottet Chairman of the Peoples Republic of State Owned Private Property. #Sydney so toxic that state intervention in the property market is the new way of subsidising #LNP donor developers 

AND this Scheme raises the question:

How many of these ‘give people money to buy a house’ policies are the government going to try before they admit that they just drive house prices up further? 

WHAT a “Proper Government”  would do … would be to start with funding Public Housing 

Oh the things they’ll do rather than release more land, neuter councils, etc.

CAAN: However, if and when the Government releases more land the Feds must desist with high immigration because what is the point of releasing more land for housing as they maintain the overseas competition? Oh, how silly of us … they want to maintain the competition to jack-up prices … and …

Until negative gearing and money laundering is jettisoned, housing will be expensive. This “idea” is S.H.I.T.

Government is doing everything they can to get people into the market. Now they want to be an equity partner with First Home Buyers who can’t afford to get in!

. Banks won’t wear it, if borrower defaults then they want all the equity including parents share! Game changer should be non recourse loans as in the US. Banks would then behave
!





Find out how they Spin that $1.5Bn Foreign Home Purchasing was Cut!

IT is not only the SMH DOMAIN that is attempting to Pull the
Wool over our Eyes about foreign buyers of Australian Real Estate but more is being spun by …

Pandemic stifled foreign home purchasing – report

Foreign spending on Australian property plummeted with the arrival of COVID-19, new figures show

https://www.mpamag.com/au/mortgage-industry/market-updates/pandemic-stifled-foreign-home-purchasing-report/323004

AND in ‘The Australian’ where this appears to have emerged …

Pandemic cut foreign home purchasing $1.5bn

The emergence of Covid-19 quickly dampened the appetite of foreign buyers for Australian residential property, as spending fell $1.5bn in the 2019-20 financial year to $6bn.

https://www.theaustralian.com.au/subscribe/news/1/?sourceCode=TAWEB_WRE170_a_GGL&dest=https%3A%2F%2Fwww.theaustralian.com.au%2Fbusiness%2Fproperty%2Fpandemic-cut-foreign-home-purchasing-by-15bn%2Fnews-story%2F349df5baf947cb1f3ff8526091ca78db&memtype=anonymous&mode=premium&v21=dynamic-cold-test-score&V21spcbehaviour=append

AND CAAN has taken a look at the like Report in the SMH

WHY would the property sector be trying to Pull the Wool over our Eyes?

MEANWHILE all over Sydney and beyond there is much excavation and construction now underway

WHO are these ‘new homes’ being built for? Cough … cough … as the media talks about the return of International Students … Visa Workers … and Migrants ….

AS our Families remain locked out … they still have not got a Pay Rise … there is talk of a 3% pay increase … three fifths of nothing … as the cost of housing continues to escalate … to be met by competing money launderers

What is the ‘New Type of House Buyer’ to enter Australia’s Housing Market?

No photo description available.
CAAN Photo: It appears Australia has been “Sold Out’ from under us!

HOW long before Domain readers join the dots? Through media reports like this we have constantly been fed that foreigners can only buy ‘new homes’ or vacant land. So how come 85.6 per cent of the properties bought by foreigners were new dwellings or vacant land yet at the same time we read or view reports of ‘foreign buyers’ acquiring Harbourside mansions in and around Double Bay in Sydney and the North Shore, or Toorak in Melbourne or expensive inner-city apartments for their offspring … ?

AND many other reports that allege because the foreign buyers have left the Australian Housing Market due to COVID-19 that they were not the cause of the 2021 House Price Boom?

HOW much longer will the property sector be able to pull the wool over our eyes?

WHODA THOUGHT that Foreign Buyers of Australian Real Estate are no longer “foreign” once they have purchased an apartment under $1M and gained a “Permanent Resident Visa”?

COULD our Property Sector led government be turning a blind eye to this? HAS this got the SCOmochio paws all over it?

AND that these overseas buyers more than likely have avoided paying extra fees as a foreigner because they applied and gained a PR Visa prior to purchase?

THAT such avenues have enabled how many thousands of ‘New Residents’ to go on real estate buying sprees for Family members … their extended families … and laundering ‘Hot Money’ because they can … afterall the Australian Real Estate Gatekeepers are exempt from the second tranche of the Anti-Money Laundering Laws since the Morrison Government introduced this exemption in October 2018

DESPITE the fact that we are seeing before our very eyes that many suburbs across Sydney and Melbourne … and obviously Brisbane … the Sunshine Coast are increasingly being occupied by ‘new residents’

WHO are no longer ‘Foreign’ but newly ridgy-didge, and that the extent – no doubt in the many $ Billions of investment in Australian Real Estate – has been covered up ….

… and the ‘new residents are staying long term’ with the added Benefits of Australian Free Education and Medicare paid for by decades of Australians … Why wouldn’t they?

Not only are they from the PRC Mainland, but Hong Kong, Singapore, India, Cambodia, Indonesia and Malaysia … and despite the Pandemic and its repercussions for the Australian people and our businesses, property prices escalated by some 30% over 2021 … as we were fed that this was due to housing shortages … low interest rates … Government Grants – all too true!

BUT what the grubment did with the support of its allied media was to feed the populace with these alleged causes of the housing price spiral, and to minimise awareness of money laundering in our property market …

IT would seem with numerous reports in DOMAIN and elsewhere of ‘foreign buyers’ acquiring Harbourside mansions in and around Double Bay in Sydney or Toorak in Melbourne or expensive inner-city apartments for their offspring that AMP Chief Economist had to concede that it would be amazing if these overseas buyers were in fact concentrating on apartments priced at less than $1M

IN FACT it appears they have it both ways!

AND what of the Australian Heritage Homes demolished, and the suburban ‘Estate Homes’ a mere 25 years of age or less that cost $1.5M or more shortly after sale are demolished? HOW many Australians would pay that sort of money to demolish? WHY wouldn’t they buy a $2M Plus brand new home in a neighbouring new estate? HOW likely this could be a ‘foreign buyer’ purchase enabling them to qualify for a Permanent Resident Visa when they build a ‘New Home’?

JUWAI – which is described as the #1 Asian and Chinese international property portal, offering exclusive access to an audience of high net worth Asian and Chinese looking to buy property – expects the Australian property market will see an upsurge of these overseas buyers by the end of this year! The avenues are student visas, international travel and inbound immigration.

Of course they are not speculative buyers who flip homes because they are buying Australian homes with benefits, and to secure the future for their families as ours are locked out! WITH even more ‘hot money’ awash in our property market … especially if the ScOmO Government is returned …

NEITHER Ray White nor McGrath, it would appear have any sympathy for the notion of Australian Sovereignty … all they appear to be interested in is pursuing wealth … no matter what!

QUESTION …. Would Expats number anywhere near the possible 4.6 Billion people/foreign buyers across Asia?

READ MORE FROM DOMAIN!

https://www.smh.com.au/property/news/property-sales-to-foreigners-down-as-new-type-of-buyer-emerges-20220124-p59qwr.html

WHAT Enticements would lead Middle Kingdom Buyers away from EVERGRANDE to Flock Aussie Housing Market?

PREDICTION that cashed-up Chinese buyers to again swarm our housing market because they can … when the border opens up …. with China’s Evergrande and other developers collapsing as oversupply hits

IT’s obvious, isn’t it, why “the Australian gatekeepers” are exempt from anti-money laundering laws in Australia?

SO that there are no investigations into where the money is coming from … how it was earned?  Was it appropriately taxed?

HOW come students earning Visa Worker rates can afford $2M homes? Then gain Permanent Residency and follow up with a ‘Family Visa’ ….

 BECAUSE if these AML laws were implemented and enforced the market share for high-rise precincts would evaporate because a whole Cohort of Australians are already locked out …. priced out …

MEANWHILE Our Community rights have gone … deve-lopers can buy up the house next door … the one behind and on the other side and soon the block is demolished, and those stranded have lost their ‘home value’ and their amenity …  Our Heritage …. Our Urban Bushlands … and Our Communities with the ‘take-over’ …

WHY wouldn’t these foreign buyers be lured here through access to the Chinese website (Juwai) for buyers of overseas property, which takes advertising from international property marketers, including developers and agents, and their Onshore Proxies here in Australia?

AND with investment in an apartment they too can gain permanent residency, and Taxpayer benefits of our public education and Medicare!  Then with a Family Visa a win/win … for their extended family!!

The Financial Times data has revealed that thirty seven per cent (37%) of 1.4 plus Billion Chinese People own more than one home!

Think about the consequences of this … as outlined above, and that this overdevelopment has obviously contributed to global warming with China the largest emitter of CO2 … because concrete, steel and glass emit CO2 in their manufacture and ongoing use …

AND more want to come here … to buy up Australian homes despite having homes in China … as our families are locked out by low wages … and this foreign money laundering competitionto further increase Australia’s CO2 emissions …

READ MORE!

Cashed-up Chinese buyers swarm Australia’s housing market as the collapse of Evergrande looms

https://www.dailymail.co.uk/news/article-10377347/Chinese-buyers-swarm-Australias-housing-market-collapse-Evergrande-looms.html#newcomment

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