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Australia investigates foreign home ownership

Posted by: In: Real Estate 18 Mar 2014 Comments: 0 Tags: ,

The Australian Government is setting up a committee to investigate whether the buying of Australian homes by foreigners is pricing locals out of the market

Chairman of the House of Representatives Standing Committee on Economics Kelly O’Dwyer, who will be chairing the inquiry, told ABC Radio that: “We know that the great Australian dream is to own your own home. And we know that that’s pretty difficult even with two incomes and lots of savings and a large mortgage. So we want to make sure that we’re not making it even more difficult.”

She and the inquiry team will be conducting public hearings in real estate hot spots, examining the laws governing foreign investment, and seeing whether foreign investment is really driving up prices. Concern has been growing that a generation of Australians is being forced into rented accommodation by rising prices, and recent report by Credit Suisse found that Chinese buyers alone are spending some A$5billion (US$4.5bn, £2.7bn) annually on Australian property – around 12% of all new housing purchases, rising to 18% in Sydney and 14% in Melbourne.

Australia already has laws that limit foreign buyers to newly-built property, laws that have been widely praised for promoting the construction …read more

Source: OPP



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