Owning property in Australia

[northernjohn]

I see in the paper that shall not be mentioned as it is not completely nutsy. That Australia has laws against foreign ownership also. Not as stringent as Thailand's how ever they are going to be tightening them up as they are very concerned about the amount of Chinese money being poured into their property for homes.

Apparently their (Foreign Investment Review Board) has done nothing to enforce the existing laws and it is now becoming a huge problem driving land costs up.

Maybe Thailand is not so bad as some would have us believe.

Look at the costs on Condos where foreigners can own 49% of them as compared to the cost on houses where the foreigner can not own the land. Bubble or no bubble the costs are up there.

The Australian government has called it's enforcement of existing laws "severely lacking".

[CodyB]

That's all crap.

Real estate values are propped up by pro-boomer politics (the biggest constituency and the majority of elected representatives). The only ones with capital to get finance are the boomers themselves who are benefitting from low interest rates and negative gearing. They also expect my generation to

A) Work meaningless insecure jobs

Pay their pensions

C) Buy their overpriced properties when they retire

Foreign ownership will need to be relaxed over the coming years if the baby boomers' expectations are going to be met. I don't blame them, it's only natural to want to make as much money as possible and I would do the same if I was in their situation. Chinese are coming in and buying properties with dirty cash but they are only a small portion of all buyers.

[northernjohn]

That's all crap.

Real estate values are propped up by pro-boomer politics (the biggest constituency and the majority of elected representatives). The only ones with capital to get finance are the boomers themselves who are benefitting from low interest rates and negative gearing. They also expect my generation to

A) Work meaningless insecure jobs

Pay their pensions

C) Buy their overpriced properties when they retire

Foreign ownership will need to be relaxed over the coming years if the baby boomers' expectations are going to be met. I don't blame them, it's only natural to want to make as much money as possible and I would do the same if I was in their situation. Chinese are coming in and buying properties with dirty cash but they are only a small portion of all buyers.

Basically I was wondering how soon the but you can't own property in Thailand would be here. Apparently it is not that big and you have very little support for your point of view.

I think your item C backs up what they were talking about. It may be dirty cash but that is in all nations. China does not have a patent on it. As you say they might only be a small portion of the buyers. What you neglected to mention was that they could buy large portions of land.

[tim armstrong]

There is also the fact that 37% of Australian citizens have parents who ere born in Asia or who were born there themselves - mostly Vietnamese, or Chinese. Australia isone of the few multicultural countries in the world and has been since the early 1800's.

[fudyurka]

they are very concerned about the amount of Chinese money being poured into their property for homes.

this is all about xenophobia and nothing else. if vast amounts of money flow into a country the foreign exchange rate rises. AUD fx rate is heading multi year lows so this story is pure FABRICATED BS for some other nefarious purpose.

Edited December 4, 2014 by fudyurka

[chelseastarr]

My personal experience says that yes it is diificult for Australians to acquire property but then it also depends on the real estate lawyer you are consulting. In my case the legal experts helped me and in this way I was sucessful in buying two propertis.