New property taxes a ‘king hit’ to the real estate industry

The Age

Two shock new taxes on foreigners buying property in Victoria have been described as a “king-hit” to the real estate industry that will deter international investment in the state, and discourage the construction of new homes. Esther Yong, director of Chinese-language real estate website ACproperty.com.au, said the fees were reasonable but would initially slow foreign investment. “These kinds of taxes are quite common all over the world,” she said.