FOREIGN PURCHASES OF AUSTRALIA’S DEVELOPED COMMERCIAL PROPERTY NOW NEED FIRB APPROVAL … WHATEVER THAT MEANS …
-dating from 29 March 2020 for FIRB approval for investments by foreigners have been reduced to $0 for agreements entered into after this effective time
-previously a range of private purchases in Australian media, residential land sites, mining and production tenements, and vacant commercial land proposals were subject to $0 threshold rules and required FIRB approval
-temporarily FIRB approval now required for purchase of commercial property or businesses valued at less than $275M
AND MORE …
AND NOTE …
-residential property applications are usually processed within 30 days; no expectation by the FIRB that the processing times are to be delayed
LOOKS like more of the same … the sell-off of Australia’s National Estate ….
TO DATE only five foreign investment applications have been rejected …
MEANWHILE on the ‘Almost Australian’ program the story of an Afghani child orphan who made his way here alone as a refugee yet he is still on a ‘Temporary Protection Visa’ more than 10 years later … but Money Launderers are welcome in abundance … ‘what a corrupt little nation we have become’ – to quote LVO from memory!
Key Points …
–Emma Vadas from Standen Estate Agents said 90% of enquiries from Chinese have consumed her company with proposals
-these are buyers who have bought and sold 2 to 4 years ago
-real estate speak: ‘such big drops would not happen if a large number of foreign buyers swooped in to capitalise on a temporarily depressed market’
WHY does the FIRB not ensure that the property market is only open to Australian buyers esp. in a recession? Enabling Australians to take advantage of lower house prices … FFS!
YET foreign buyers who are prevented from flying here can buy Australian homes online!
WHAT sort of a government allow the FIRB, and real estate marketers in China luring parents of students studying in the US and the UK to look to Australia
-offering permanent residency with Medicare benefits and access to a range of Visas for family members
Australia a SANCTUARY … with everything they want … and they are coming for it … and you know what … you can’t blame them … BLAME OUR GUVMNT … as they languish before the CCP hoping for an enquiry as our YOUTH are condemned to a life of poverty! FFS!!
Related Article: ‘Juwai China is back in Business ahead of the World and Chinese Property Buyers are back in Australia’
AS this was an established home the buyer in such case must have already gained ‘Permanent Residency’ through buying a ‘new home’ or even a level of a residential apartment development earlier.
HOW many of these foreign buyer housing transactions involve ‘Money Laundering’ …. ‘Black Money’ aka ‘Hot Money’ … ?
HOW likely is it that there is a high percentage purchased through this means when the Morrison Government exempted the Real Estate Gatekeepers from Anti-Money Laundering Laws in October 2018 … if this wasn’t so why would the Government have made this exemption?
WITH a whole Cohort of Australians locked out of home ownership including Professionals why hasn’t the Morrison Government withdrawn this exemption? Or is there some benefit in this exemption for the Liberal Party? Its politicians?
IT might be a good idea for the people of Lindfield to ask their MP about these matters?
MORE about the unyielding Foreign Buyer invasion of the Australian Housing Market!
The FIRB Annual Report issued a week ago revealed:
–mainland Chinese property buyers investment in 2018-19 dropped to $6.1B
-down more than 50% from 2017-18; lowest since 2012-13
–Hong Kong Chinese investment of $2.8B in 2017-18 to $9.3B in 2018-19*
–Singapore buy-up increased from $7.8B to $9.8B
–Japanese investment increased from $2.2B to $3.8B
WHAT Juwai IQI executive chairman Georg Chmiel, perhaps should have said that it was Beijing Capital Controls alone that led to the drop in Chinese buying our Residential Property …
Because small percentage increases in fees and stamp duty mean little to HNW from China
UNTIL NOW … with a return of these foreign buyers to the Australian housing market … as the Capital Controls have been lifted …
-non-bank lenders are again willing to finance Asian buyers
-compare the 8% Australian stamp duty with the 20% taxes in Singapore and Vancouver
HOW are globalisation and the FIRB acting in the interests of aspiring Australian First Home Buyers?
*75% of these foreign buyers are seeking properties priced at $1M or less with the median being $610,000… competing with the Australian First Home Buyer …
-like Nicki and Jay in ‘A Current Affair’ Story ‘Foreign Buyers They’re Back’ 12 May 2020
Note: houses in Chatswood are priced from $2M; Chatswood has good schools, health services, and transport!
RECENTLY CAAN learnt that some developers are restricting sales to ‘a level at a time’ … perhaps this practice not only locks out Australian First Home Buyers but is accelerating the ‘silent invasion’ ???
WHY not make your objections to your local MPs?? Send an email message then you have a record in writing!
WHEN will the Morrison Government direct the developer sector to build affordable and social housing for Australians with a need for 200,000 social housing dwellings; affordable housing for First Home Buyers; and homes built for Firestorm victims?
IMPORTANT! In this related article from Adele Ferguson, ‘A Black Box that needs an Overhaul: How has the FIRB escaped scrutiny?’
It was revealed that:
Professor Allan Fels, a former chairman of the ACCCdescribed the FIRB as a black box and said the scrutiny was long overdue.
-that the FIRB was not a regulatory body; it was not independent, politically *
-nor transparent; conditions imposed are generally not released to the public
CHINA IS BACK IN BUSINESS AHEAD OF THE WORLD … AND CHINESE PROPERTY BUYERS ARE BACK IN AUSTRALIA … further confirmation from this report on ‘A Current Affair’
CAAN has been sharing the truth with you through Expert Reports since November 2014 …
NOW it appears it has taken the frightening consequences of the WUHAN PANDEMIC … to bring home the message to our politicians and even some of those who have prospered so much from Chinese buyers in the Australian Property Market …
WHAT will it take for the Morrison Government to implement and enforce the second tranche of the Anti-Money Laundering Laws for the Real Estate Gatekeepers?
-having exempted these gatekeepers in October 2018
WHEN the ‘flying pegasus’ presents a major security and financial risk to Australian Society … ?
ASK why has it taken so long for NINE … a major media network to tell it as it is?
CAAN will go even further than the closing comment of Robert Klaric, Real Estate Industry Advisor especially concerning Chinese property buyers …
‘They have a lifestyle, they have freedom, and they can protect their wealth from the CCP, from the Chinese Communist Party.’
Because the CCP controls all its citizens … it has been so easy for the Party not having to conduct military warfare but simply for Party members to arrive on a Flying Pegasus … in a Silent Invasion … and buy Australia’s National Estate … who can we thank for this?
Who has had the greatest hand in this?
Also view these related articles:
‘Juwai predicts Chinese Investors remain keen to buy Australian property: Are they seeking cheaper prices?’
TRANSCRIPT: FOREIGN BUYERS: ‘THEY’RE BACK’: A CURRENT AFFAIR
As our borders closed, local house-hunters thought the competition would ease. And It did for a while. But foreign buyers with deep pockets are back. #9ACA
Brady Halls, Reporter: Estate Agent James Crowe is finally back doing what he does best. (Morton Real Estate)
And Nicki and Jay have been chomping at the bit to get back into the race. The couple have been house hunting for a year now, and the Covid shutdown made their search even slower.
Nicki: It did a lot, a lot of the properties actually dropped off the market we saw; so things that we had been watching to see the prices fall were no longer on line.
Halls: But now another obstacle has popped up.
(Chinese buyers occupying auctions)
Nicki: We don’t need any more competition than there is already. We want to find something as soon as possible before the rest of the World!
Halls: And that competition is coming from where Covid began!
Lulu: We are actually busy.
Michael Pallier: Yeah, we just sold this house to a Chinese buyer, and they specifically bought it to use when they are not in China. *
Georg Chmiel, Executive Chairman at Juwai-IQI: China is back in business much earlier than the rest of the World.
Pallier: (As he looked over a balcony he indicated to Brady Halls)
New Chinese owners there, Chinese owners here, and the whole of this area is, you know, Chinese population.
Robert Klaric: What we will see is that the wealthy mainland Chinese will look towards Australia now to secure their wealth and secure their health*
CAAN: As shared previously with you … when foreign buyers buy our residential property they can gain a ‘Permanent Resident Visa’ with MEDICARE benefits thrown in!
And through Visa Manipulation, and able assistance from Migration Agents they can access a vast range of Visas including: student, investor stream, Family, Parent, Grandparent, and Guardian … the whole Family Clan may come to Australia!
Halls: Chinese money is starting to flow back into Australian property.
These new apartments in Sydney and Melbourne have reportedly seen unprecedentedsales and enquiries from wealthy Chinese taking advantage of our Covid-19 affected real estate market.
Chmiel: Chinese enquiries were only down 14% in the first quarter versus 40% for local buyers so much, much less than the local buyers.
Halls: Georg Chmiel is from Juwai, a Chinese property portel. So the demand from China has not fallen?
Chmiel: Definitely for a number of reasons on the one side Australia managed the Covid crisis really well; Australia is very attractive for students, investors and retirees, and also the market, the Australian property market is very resilient.
Halls: Michael Pallier and wife Lulu from Sotherby’s Realty in Sydney’s east vouch for that.
Michael Pallier: We have had quite a bit of interest from people from Asia.
Halls: This apartment is generating much foreign interest. And he sold another one below to a Chinese buyer only last month.
Pallier: They can’t get enough of it – clean air, clean food, great education, safe environment … it’s, it’s paradise for them.
Halls: What’s the appeal here in terms of Aussie property?
Chmiel: Chinese buyers like Australian real estate especially over UK and US real estate given the Covid Crisis has hit the UK and US much, much stronger.
Klaric: A lot of the mainland Chinese are seeing this as an opportunity to exploit a great deal because that’s what they are going to see in a property market for the next six months.
Halls: Robert Cleric is a real estate industry adviser, and he has had his share of dealings with Chinese buyers now keen to buy up our properties during this Covid crisis which he says has seen prices drop by ..
Klaric: Probably seen 10% during this period
Halls: And then there’s been the fall in the Aussie dollar making our property far more attractive to overseas buyers.
Chmiel: That’s absolutely true. It’s the Australian dollar is down 10% against some of the currency so that’s a nice buffer which people can include in their budgets.
Halls: Lulu is fielding many Chinese inquiries ..
Lulu: Yes, there’s always demand.
Halls: On this house with its lovely harbour views –
Lulu: And the Chinese people will always like Australia.
Halls: And across town James at Morton Real Estate is much the same.
Crowe: We have got lots of those clients who are certainly still in the market, and still keen to buy.
Halls: This three-bedroom terrace he is marketing just walking distance to the city has caught the eyes of both domestic and international buyers prompting frustration from this local onlooker.
Australian Buyer: The Australian property is treated as an investment not as somewhere you live; so unfortunately that has affected the market extensively.
Halls: Robert Cleric believes it’s time Australia didn’t sell its property but long term leased it like Asian countries do.
Until then he says Australia offers Chinese buyers a wonderful security blanket.
Klaric: They have a lifestyle, they have freedom, and they can protect their wealth from the CCP, from the Chinese Communist Party.
SEARCH FOR ‘FOREIGN BUYERS THEY’RE BACK’ ON ‘A CURRENT AFFAIR’ 12 MAY 2020
LAST NIGHT ON 7.30 PwC Chief Economist, Jeremy Thorpe … at about 4.30 minutes into the report … talked about:
-creating a growth economy not fortress Australia -that the growth economy largely based on immigration will put us back on track quicker, and will generate billions more
ISN’t it a shame these so-called policy influencers seem to still …
-believe in the ‘trickle down’ economy -believe in the forever growth economy
These rusted on capitalists seem to have failed to understand it is:
-not always about them and their precious never-ending desires for more
–the Earth’s resources are finite despite their best efforts to deny this reality
IT was quite clear the battle-lines are already being drawn to counter some of the prevailing views following the failures of our current structures to deal with a major health, social and economic problem caused by an imported virus
These opportunists see it as their duty to warn against Australia turning … to pivot in a direction:
–away from being completely open to the whims of foreign markets, companies and foreign governments
-that differentiates us, that we can chart a course that is about doing things for ourselves
-and not being so reliant on overseas supply chains for just about everything!
They infer dangers lie ahead if we do, even using the label ‘fortress Australia’ links any such thoughts -with a negative sentiment
–suggestive of xenophobia
-less valuable…and so on
BUT what about those who think otherwise?
THE 7.30 report didn’t cover a point of view that explained what would happen if Australia did more for itself, that there may be merits derived from having a more modest immigration intake, where was the balance?
-earlier reports about a wealthier smaller Australia
–a clever Australiainvesting in itself, that it’s not just about
.digging holes in the ground .educating foreign students .selling our domestic housing to foreigners .selling anything and everything we once owned to foreigners; the money that flows in .not being clean and our government not showing any interest in knowing about it .that our real estate continues to be an international hotspot for money launderers and still it seems THAT is being tolerated … (Real Estate Gatekeepers exemption from Anti-Money Laundering Laws October 2018)
THAT IT CAN BE ABOUT DOING … MAKING … CREATING HERE IN A SUSTAINABLE WAY!
View7.30: ‘How life might look after lockdown’ … where the discussion begins with Jeremy Thorpe, PWC Chief Economist at about 4.30 minutes in