Foreign Buyers article of interest

more on the current topic of Foreign Investment))

ljgrealestate

Foreign Buyers article of interest 27-2-2015

The Federal Government is proposing to charge foreign investors a fee to apply to buy an Australian residential property. The fees start from $5,000 for property sold under $1m & increase by increments of up to $10,000 for each additional $1m in property value.

Large fees are also mooted if overseas buyers, or those selling property to them, breach these new rules.

These new proposed fees are a lot less than those originally suggested in last year’s parliamentary inquiry into foreign investment.

The real estate industry has, predictably, slammed the current proposal, which I find quite comical, given that many within the property industry have been arguing (some heatedly with us) that foreigners represent only a tiny proportion of sales & have not materially influenced the market.

Now they are claiming such fees will have a detrimental impact on housing demand, prices & construction.

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