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  1. #1
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    Default Foreign investment in Australia - what do you think?

    Do you think an extra $5k - $15k is really going to deter foreign investment enough to help make family homes affordable, to well, families? Or is the government just making money out of foreign investment now and leaving families in the exact same position?

    http://www.9news.com.au/national/201...erty-investors

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    Pffft, not in somewhere like Sydney!

    The few extra grand will be a drop in the ocean to such people.

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    Quote Originally Posted by Mod-Degrassi View Post
    Pffft, not in somewhere like Sydney!

    The few extra grand will be a drop in the ocean to such people.
    This.

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    That's what I think too. We're constantly being out-bid - by only about $20k, but it still takes us out of the game. House prices keep rising faster than what we can save and we've already increased our offer amount by $70k in under a year to no avail.

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    I think it's disgusting that so much foreign ownership takes place. What about us Aussies? Just don't get me started...

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    beebs  (25-02-2015)

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    I don't see how it's going to make a big difference given the limited amount of money.

    There are already rules regarding foreign investors ONLY being able to purchase new - not pre-existing - homes.

    Add to that the fact that purchasing and renting out multiple properties is such a socially acceptable form of investment within Australia...it's not only the foreign investors driving up prices but plenty of Australians.

    If you really wanted to address housing affordability, why not go after negative gearing, "mum and dad" investors etc?....oh right, because then you'd potentially lose votes, and noone wants to risk that.

  8. The Following 4 Users Say Thank You to Renn For This Useful Post:

    Mod-Degrassi  (25-02-2015),NoteToSelf  (26-02-2015),Pusheen The Cat  (25-02-2015),TheGooch  (25-02-2015)

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    Quote Originally Posted by Renn View Post
    I don't see how it's going to make a big difference given the limited amount of money.

    There are already rules regarding foreign investors ONLY being able to purchase new - not pre-existing - homes.

    Add to that the fact that purchasing and renting out multiple properties is such a socially acceptable form of investment within Australia...it's not only the foreign investors driving up prices but plenty of Australians.

    If you really wanted to address housing affordability, why not go after negative gearing, "mum and dad" investors etc?....oh right, because then you'd potentially lose votes, and noone wants to risk that.
    We are constantly going through homes with cashed-up Baby Boomers making investments. They are buying up large family homes. The RE Agents will often seek their attention but ignore buyers like ourselves. The low interest rate is only further promoting this type of investment at the moment. We have savings which are worthless to invest and yet can't afford the pushed-up priced homes with low-interest rates.
    Last edited by Little Ted; 25-02-2015 at 19:45.

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    I sat on the airplane from Singapore. The local newspaper was advertising condo, off the plan housing in melbourne, Sydney and Perth.

    We were quite shocked to see many old buildings in our suburb being demolished in the last two months. They put up a big sign with high rise apt for sale. Guess what? I saw the exact advertisement on the net in Indonesian. They are doing the exhibition there. I won't be surprised if it is also advertised widely in Asia.

    Kinda feeling sick that all our properties are targeted at foreign investors. Sure, not that I can afford a million apt in my suburb (renting at the moment) but this is kind of indicating that only the rich can own a place near to the city and the first home buyers have to go and live in a stick with a postage stamp house.

    To add, someone filed a fake foreign investment application and it went through easily. This was exposed on the news a while back. My friend, who is a first home buyer, took her 3 times to get her application approved. All silly thing like forget to tick a box. They made her refill the application each time.

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    What defines a foreigner and Australian? Is an Auatralian an Australian permanent resident or an Australian citizen.

    I think house affordability is a combination of MANY factors and foreign investment is probably less of a worry than others given they can only purchase brand new properties. If it were all properties they could purchase a measure like this wouldn't make a difference.

    Also there is that attitude of 'foreigners buying at well above market value at auctions' isn't exactly a fair thing to say given many Australians look foreign, but are actually not so that attitude / observation is often not as common as people make it out to be.

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    Renn  (25-02-2015)

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    I'd have to look it up, but from memory permanent residents can purchase any properties provided that they sell them within 3 months should they leave the country.

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    A-Squared  (25-02-2015)


 

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