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?
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