I'm reading this article and it kinda gets me worried a bit. I know the article is about luxury properties in Toorak, but surely there will be other Chinese buyers snapping up property in different areas.
Currently a renter and it feels like buying my first property will be out of reach for a long time.
https://www.news.com.au/finance/real-estate/melbourne-vic/nu…
news.com.au.. why am I not surprised.
Any land or houses owned by non-citizens should be nationalized by State governments and turned into public housing (or sold and used to build public housing). The same should apply to housing purchased by student using the money of their cashed up overseas parents. Put Australians first.
Chinese shouldn't mind. They are Communists. Communist don't believe in private property.
umm, that would mean taking property from permanent residents, of which there are millions in this country. How do you think that would look to anyone thinking of migrating to Australia? Also I'm not sure where governments would get the money to buy out all these people, or are you referring to confiscation instead? Wonderful way to ensure no one ever invests in Australia again.
Public housing is almost entirely sectioned off by every state government as properties rented out at a tax payer subsidized amount to illegal immigrants, drug addicts, victims of domestic abuse form the Aboriginal community & multi-generational families filled with the life-long unemployed.
How is that going to help ordinary Australians enter the property market, or at all ?
Wait till WWE comes to Perth
someone chinese be my rich parent and just buy me a mansion by the beach, my dms are open and I'm a guy :)
best part is that a breaching anti money laundering laws in transferring money into australia, even better is they are not citizens or residents and commie andrews had his govt sponsor visas of these billionaire so they can be perm residents….all pushing up property prices and covering the sell up by investors who will not take the tax hike (investors) and the sell up of PPOR of home owners who are faaarked from the rate rises. All while aussies go broke and go on welfare as immigration sky rockets and the govt debt is out of control.
i wish a rich china man adopted me
WHO SOLD THEM?
These bait articles have been occurring as far back as 2010
There are no clear numbers on every day purchases that affect you and me, ie established property for then 700-1mil mark
People keep making up assumptions like they buy it through relatives etc
Fact is they can't buy established property, students can, but they have to sell when they leave. The question is how many are… I doubt in any significant %,
Before China took over as the biggest property buyer the top two were the UK and Singapore… do you think the average person can tell the difference between Chinese and Singaporeans…. mind you most Singaporeans ancestry is from China
I've been going to auctions for a long time, the people I came across at most Auctions were old people looking for somewhere to park their money… I noticed recently most buyers come across as first home buyers or renters, feels like investors are leaving the market for apartments but there is a huge backlog of Australians trying to buy
The increase in migrants, doesnt mean all of a sudden we have 500k migrants with a million dollars
No most of them are going to be renters… even the ones who are earning 200k
The biggest issue Australia is facing is rent,
The new issue we're facing is Australians buying property to live in from investors, which is reducing supply of rental property
I feel letting so many overseas students back had a bigger impact on rent than migrates
I think negative gearing makes the property market harder to get into for first time buyers. Plenty of auctions I've been to had investors everywhere.
I did see a Chinese woman write down her bids to the real estate agent, it was like she had unlimited money, but who's to say it was from an illegal source? and she could very well be an extremely hard working local.
Property market in Melbourne is bonkers because the population has dramatically increased and supply has not matched it, nor has our infrastructure. Congested roads aplenty.
investors are leaving the market, especially for apartments, despite high rents, the rents are too low relative to the cost of property. Easier and safer to put it into a bank account. Reliance on capital growth is disappearing as wage growth is stuttering.
We have big back log of home buyers
The market is not as hot as the news is making it out to be. I follow a lot of property, the last half year a lot of property are either being sold before Auction or the price is not revealed. Those are signs of a weaken market
The reason prices are still so high is because of out back log of home buyers
We also have expats who post covid have been bringing in a lot of money back into Australian real estate… my cousin is one of them
news.com.au … need I say more ???
this has happening in the property market in WA … even way in back late 1990's + early 2000's.
Only thing I'd like to add … when some of these families then went back to their home country - they simply left the houses unoccupied … Weeds were getting overgrown out the front / etc … no-one living in house for months on end.
Ascot, WA - is where I personally saw this … multiple houses too.
International investors should pay 200% stamp duty. So first home buyers pay no (or minimal) stamp duty.
Hell, make it 250% and extend it to all property investors
Australians love all things China… why not become Chinese?
Chinese money is fuelling the Australian economy and also the property scene too
They should make teaching Chinese mandatory in all classrooms
Australian sellers also love Chinese buyers
South Park should do a special called
Australia the China panderverse
Australia a Chinese success story
Chinese goods are so nice that Australians kowtow
Chairman Xi for PM
If Dan was PM in an alternate universe this would have happened lol
Why doesn't the article target the people selling to Chinese buyers for their panic-porn? The sellers are the real problem.
It's been out of reach for a long time now and Chinese "investors" have little to do with it. Negative gearing and other taxpayer funded investing programs are to blame.
Back in the 90s there were people who made substantial money holding seminars telling people how they too could have 90 investment properties.
This was the start of the "Australian Dream" to build wealth through investment properties and now we are reaping what was down.
Chinese people buying properties in Toorak and Balwyn are buying them to live in, not to rent out or to sit empty.
Our biggest problem is with the huge amounts of taxpayer funded investments owned by local investors, not overseas ones.
Overseas investors can of course increase pressure on local markets, but they are not the overall problem.
Cant wait for Dutton (rolling 10+ properties deep) to point the finger at migrants.
Pollies are reaming you hard.
Wrong leader.
Prime Minister Anthony Albanese is the one currently with a $6million rental unit portfolio and ownership plus director positions with two investment companies. That's just what is currently public after he shifted most of his investment holdings over to his wife & assorted family members, too.
In this context of racist dog whistle, Dutton is going to be the first one bleating.
So the leader is spot on.
In this context of racist dog whistle
Our current PM Albanese is the rental unit slum lord though & it's literally his current government pointing the finger at Chinese investors…….. which is one of the rare examples of the current government actually being honest and up-front about something.
Nah you're wrong. He's got his family home that he's renting out plus an investment property. Hardly out of the ordinary.
Well the Australian Dollar is Weak and it's like dirt cheap even with all the foreign taxes. They can easily fork out an extra 200- 300k to outbid you. You just can't win.
Tell the polies to sell their millions of properties to Aussies, not foreigners. I bet they won’t. Problem starts from the top
The US had their Chinese Exclusion Act in the past and today Florida have a similar law to stop the Chinese and other Asians from owning land. In Australia we had the similar Immigration Restriction Act 1901.
https://www.naa.gov.au/explore-collection/immigration-and-ci…
Easy to put the blame on the Chinese. Whole system is fcked. But couldn't care less, work harder and smarter. No use complaining.