Foreign investors push first home buyers out of property market
There are concerns that foreign interest in Australian residential property is pushing up prices, making it harder for local first home buyers to enter the market.
Chinese interest in Australian residential property is booming, with chief executive of McGrath Estate Agents John McGrath describing it as the biggest surge from an offshore market in his 30 years in real estate.
"In some suburbs 90 per cent of new product will sell to Chinese buyers," he said.Will prime minister Tony Abbott (the "conservative") intervene to allow local buyers a chance of buying their own home? Probably not. He probably has wealthy businessmen in his ear telling him not to offend the Chinese, so they can sell their goods. Sydney will soon be a completely Asian city.
Cashed-up buyers are snapping up everything from luxury harbour-side property in Sydney to apartments bought off the plan in Sydney, Melbourne the Gold Coast and Perth.
File under: country for sale.
Considering there is a lack of housing stock in Australia for locals, I just love, "Under guidelines announced in late 2008 if a developer has pre-approval from the Foreign investment Review Board, 100% of apartments in new developments can be sold to foreigners, so some developers are building apartments simply to sell to foreigners overseas."
ReplyDeleteI was a Labor supporter but Kevin Rudd deserved everything he got as he was the one who changed the foreign investment rules and sold young Australians down the river.
Abbott won't fix this. Nor will successive governments fix the massive social problems and White on Asian violence that is going to result when Australians are given less than a fair go in their own country by their own government.
"100% of apartments in new developments can be sold to foreigners". Yeah that's literally giving the country away to foreign occupation. That's certifiable insanity.
ReplyDelete"White on Asian violence that is going to result". I don't think violence is inevitable, nor should it be talked about casually, because it might be seen as endorsement by some hot-headed reader. But your underlying point is correct: there is going to be resentment against Asians who are displacing Whites.