Foreign buyers of residential property
Posted by: khushi
7th May 2023 05:31pm
One of the reasons for the tremendous increase in house prices through out Australia has been the unrestricted buying by foreign buyers? They have access to easy money in the form of ready cash and they are willing to pay any price for Australian properties. Because of that, they don't have to worry about mortgages and interest rates! In my street alone there are at least two houses, whose owners had paid inflated prices for the houses and are sitting overseas? They are charging exorbitant rents from the locals. Isn't it time that Australian government ban such overseas buyers? Only citizens and permanent residents should be allowed to buy any residential property through out Australia.
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Comments 3
KennethS
Totally agree, and this used to be the rule in Australia, but our inspired political leaders., decided that the additional foreign exchange that changing to the current open slather arrangement made the potential of harm to the average Australian first home buyer worth opening up the market. We need to revert to a protected Australian Residential Market, rather than providing a safe haven for foreign money, with existing non residents and non citizens being required to divest these properties within 5 years, they are welcome to put their money in out stock market. There are obviously casualties from any reversion, people who bought at the top of the market could get burned when property prices drop to a more reasonable level - pity that, but the greater good should come first.
pauline50
I think this is so unfair as my 2 Adult kids living in Perth have been outbidded by potential buyers who offer a lot more then the asking price who obviously have cash and want to use the property for making money and asking high rents.
I think there should be a law that gives our younger generation a chance to buy there Australian dream a house.
My kids are in there 30s and are getting overlooked even though they have good jobs pay heaps of tax and have saved enough deposit for There-own homes.
Seems unfair and something needs to be done .
They are paying high rents to probably overseas investors already.
jtmorri
I did see a statistic in the form of a % just the other day, however I can't remember the figure. I did however think it was high and that it needs to be reduced. I had thought regulations had made it harder for foreign investors to buy property, so I was very surprised to see the figure.
(Currently 7.9% apparently)
https://www.news.com.au/finance/money/wealth/experts-reveal-why-australia-is-the-place-to-be-for-foreign-property-buyers/news-story/f951ec820f70042743cb7aad1757c765