Sydney may be leading price growth, but it's Melbourne that's attracting the most foreign investors in Australia, according to the Foreign Investment Review Board. Foreign investment approvals in Victoria rocketed to $10.41 billion for development in 2013-2014, more than double the previous year's figure. In NSW foreign investment approvals for
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
Australia's foreign investment rules have been under scrutiny, with the Foreign Investment Review Board (FIRB) proposing higher fees for offshore purchasers and jail time for those who solely advertise their projects offshore. Esther Yong, director, ACproperty.com.au, commented that Australia needs to improve the enforcement process of the current FIRB framework.
Chinese buyers swooping on top-end homes, and often paying well over reserve to do so, is a popular observation on most weekends. Real estate agents report to Domain that international buyers have been very active in their area. In fact, we were told there were a number of them bidding
Some Chinese home-buyers will pay tens of thousands of dollars more for addresses containing the number eight, but shun those with a four. ACproperty.com.au estimated Chinese buyers spend an annual $4 billion on Australian properties Ñ and as much as a quarter of those transactions could involve a range of
Chinese investors use the fast food back door. Fast food stores are at the top of the menu for hungry Chinese investors. ACproperty.com.au spokeswoman Esther Yong said that group has been approached by Chinese migrants asking to buy a business, which can help fast-track applications.
RESERVE Bank governor Glenn Stevens says that wealthy Asian investors are bidding up Australian home prices, with inner-city areas feeling the greatest pressure - and specialist estate agents confirm it.They have revealed the Melbourne suburbs on rich Chinese buyersÕ hit lists.A Chinese language real estate website, ACproperty.com.au, which is based
CHINESE property investors are expected to gallop into the Year of the Horse thanks to the year's encouraging symbolism of immediate success. In anticipation of sales growth, real estate agencies are launching websites exclusively at the Asian property market. One of Australia's largest Chinese property portals, ACproperty.com.au, last week launched
Werribee and Truganina have emerged as unlikely hot spots for Chinese investors
According to AustraliaÕs foreign direct investment laws, non-residents can purchase new dwellings directly from developers. They are also able to purchase single blocks of vacant land to build a new home, so long as they commence continuous construction within 24 months of receiving approval. The same conditions apply to buying