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Agents and politicians back foreign buyer restrictions

01 Dec 2014 - http://www.rebonline.com.au/features/8435-agents-and-politicians-back-foreign-buyer-restrictions

"Agents have put the national interest first by supporting government restrictions on overseas investment in local real estate.

A parliamentary report on foreign investment that was tabled last week recommended that overseas buyers should continue to be limited to buying off-the-plan properties.

...

According to the parliamentary report, China was the leading source of foreign investment in Australia real estate in 2012/2013.

China provided 15.8 per cent of the investment, followed by Canada with 13.2 per cent, the US with 11.8 per cent, Singapore with 5.4 per cent and the UK with 4.5 per cent.

New South Wales received 33.3 per cent of housing approvals, followed by Queensland on 22 per cent, Victoria on 21.7 per cent and Western Australia on 11.3 per cent.

The report concluded that foreign investment had played a “vital” role in boosting supply and that it had not distorted the first home buyer market.

“This is because foreign investment levels are not large enough to do so overall and because overseas buyers mainly operate at a different price bracket from first home buyers and buy different types of properties,” it said."

 

The above is an excerpt from the article at: http://www.rebonline.com.au/features/8435-agents-and-politicians-back-foreign-buyer-restrictions (Real Estate Business, 2014)

Michelle Wang

Four C Realty