Cashed-up foreign buyers still seek Australian property, but are they really to blame for price rises?

Cashed-up foreign buyers still seek Australian property, but are they really to blame for price rises?

Real Estate, Housing

25/10/2021 11:52:00 PM

Cashed-up foreign buyers still seek Australian property, but are they really to blame for price rises?

Australians are struggling to enter the housing market as prices continue to soar during the pandemic. Many believe foreign demand is driving the market, but is that really the case?

Key points:CoreLogic data shows dwelling values rose 20.3 per cent over the year — the highest annual hike since 1989A real estate agent says Australian properties give international buyers a sense of "certainty and security"CoreLogic says international buyers' demand for Australian houses has dropped over the past six years

Is this proof that overseas buyers are not to blame for the inflated dwelling costs in Australia?It might come as a surprise to some, but the Foreign Investment Review Board's latest survey shows that overseas buyers' purchasing activity has hit record lows, with residential real estate approvals for foreigners falling from 40,141 in 2015-16 to 7,056 this year.

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Huge amounts of proceeds of crime money is laundered in Australia mostly by Chinese criminals who also use land holdings here as the start of buying citizenship. Real-estate agents paid a lot in donations to be excluded from money laundering law checks so they can profit from it. Realestate agent like sharks carnt get enough they all think its all about them little they do for earning it openhouse obsession you think they give care about you or i or community learnt valuable lessons in life morally shock by how majority dont care outside their square

Yes. They are a big part of the problem. Developers also building horrible dog box apartments just for Chinese investors and Asian students and post grads. Corrupt Coalition still stalling on AML reform for property transactions & Labor did nothing during Rudd/Gillard/Rudd either Tran the agent I’d obviously ignoring the rules on overseas buyers purchase of existing property, when they can only buy new ! With no policing nothing will be done ✔️

If you don't reside here (IE: Citizen/PR/Visa) then you should NOT be allowed to buy property! MANY other countries forbid it! ... whilst you're at it, remove Negative Gearing (retrospectively), and limit people to ONE residential investment property. No foreign citizen should be allowed to purchase Australian property. Those who have, should be forced to sell, at market rates. Doesn’t matter which country they are from.

Yes. Plus lax foreign owership laws, lax money laundering laws, jobkeeper, Howard era LNPCrimeFamily cuts to CGT on property, negative gearing, LNPCrimeFamily changes allowing SMSF to purchase residential property, historicaly low interest rates for investors etc. etc. etc.... Yes..and the decade long war on wages waged by neo-Liberal govt that has left the RBA no option but to set record low interest rates to keep the economy moving..resulting in any mum and dad household drawing 2 wages able to mortgage up and buy a 2nd house they wouldn't normally🙄

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Sydney property bubble at risk of bursting, new report findsA new global report has singled out an Australian city as being “under the spell of a dangerous narrative” with property prices at risk of a sudden collapse. TheHeavenlyChurch 천국 시민의 정체성은 바로 회개입니다

Dual nationals rush to book flights after parents get the nod as immediate familyWes Maljaars is one of the many foreign-born Australians planning a family reunion after the federal government decided to allow the parents of citizens and permanent residents to visit. niltiac chrishipkins Why are other Govts able to make it easier for families to reunite and you can't? niltiac Fantastic news family niltiac ...is this family reunion immigration restarting?

Australian lobster smuggling 'threatens China's national security'Australian rock lobsters smuggled into mainland China pose a national security threat for the rising superpower, Hong Kong's new Customs chief official has declared. 9News It's true! You never know what the offspring of the criminal will do. Finally an China official admits that Beijing is imposing trade restrictions on political ground. lobster is also a threat to the CCP!🤣

Mark McGowan slams ‘selfish, myopic’ NSWPremier Mark McGowan has rejected renewed calls for a review into GST, slamming NSW for viewing Western Australia as an “ATM that spews out cash and gives it to them”. Careful about those ATM'S Mark. There're connected via 5G, and you know what travels over that network. Imagine if WA just picked up and left…….. how good would that be More politics of division, atleast he’s sticking to form.

Tasmanian salmon company set for Brazilian ownershipSalmon giant Huon Aquaculture appears almost certain to become foreign controlled, after Australia's Foreign Investment Review Board green-lit a takeover plan from Brazilian meat-processor JBS. When you own a fish and the fish is the one who is in line to buy the team, you are in line to be the owner? Brazil?… Brazil?… Is Brazil the place where they are destroying vast acres of rainforest containing species which have not yet been studied and the homes of native peoples whose cries for help have fallen on deaf ears? That Brazil? Diversity

While COVID border closures hamper Australian property sales to international buyers, many Australians still struggle to break into the market because of rising house prices. Key points: CoreLogic data shows dwelling values rose 20.3 per cent over the year — the highest annual hike since 1989 A real estate agent says Australian properties give international buyers a sense of "certainty and security" CoreLogic says international buyers' demand for Australian houses has dropped over the past six years Is this proof that overseas buyers are not to blame for the inflated dwelling costs in Australia? It might come as a surprise to some, but the Foreign Investment Review Board's latest survey shows that overseas buyers' purchasing activity has hit record lows, with residential real estate approvals for foreigners falling from 40,141 in 2015-16 to 7,056 this year. And CoreLogic's research director Tim Lawless says foreign buyers have comprised a consistently smaller portion of residential housing demand in Australia over the past five or six years. "This group is now virtually immaterial as a contributor to demand for Australian housing," he says. However, for some domestic buyers seeking a home in Australia is still not smooth sailing with agents blatantly preferring foreign money. Cam My Tran-Smith and her husband recently bought their first home in the Greater Sydney suburb of Peakhurst, but missed out on so many properties that they had "lost count." The couple inspected three to five properties every Saturday for a year before they made their purchase. "We felt exhausted and wanted to give up at times because prices were bizarre." The latest statistics from CoreLogic show dwelling values in Australia have risen 20.3 per cent over the past 12 months — the highest annual appreciation since June 1989. Cam My Tran-Smith says some real estate agents neglected her family in favour of overseas buyers. ( ) Are international buyers taking over? Despite the relief of having ended their house hunt, the Tran-Smiths said some house inspections were bad experiences. "A real estate agent gave us a cold shoulder at a property viewing in Hurstville but treated foreign families with a completely different attitude," Mrs Tran-Smith said.