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?
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25-02-2015 12:24 #1
Foreign investment in Australia - what do you think?
25-02-2015 12:27 #2
Pffft, not in somewhere like Sydney!
The few extra grand will be a drop in the ocean to such people.
25-02-2015 12:28 #3
25-02-2015 12:32 #4
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.
25-02-2015 12:39 #5Senior Member
- Join Date
- Sep 2005
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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25-02-2015 12:55 #6
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.
25-02-2015 13:02 #7
Last edited by Little Ted; 25-02-2015 at 19:45.
25-02-2015 13:36 #8Senior Member
- Join Date
- Apr 2013
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.
25-02-2015 13:52 #9
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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25-02-2015 15:24 #10
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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