Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
In Vancouver and urban California, housing costs are pushed up by overseas speculators, in particular, wealthy Chinese buyers. Wikipedia states that this information is unavailable in Australia due to government censorship. Anecdotally, does it seem that the Australian housing market affected by overseas investors?
There was anecdotal evidence that a fair number of New Zealanders came over here after the Christchurch earthquake and there are thousands that have relocated for work.
Incidentally, there was a report a couple of days ago saying that the lack of affordability was driving Kiwis to buy investment property here in QLD because it was cheaper, and because the banks are lending again. Cheaper Australian interest rates are also helping. I think we're paying just under 5% for our mortgage. When we were looking around for our place most of the estate agents were Kiwis (as is our bank manager) and there were plenty of them turning up to open homes.
Quote:
Property buyers eye Australia
Property experts are divided over whether first-home buyers finding the Auckland market too hot to handle should turn to Australia for investment opportunities.
The Auckland project marketer of real estate firm Remax, Mike de Seymour, said New Zealanders who invested in Australian property were usually baby boomers looking for an equity investment or a retirement opportunity on the
Queensland coast.
However, the lack of affordability in Auckland housing was driving first-home buyers looking to get into the property market to buy in Australia, he said.
Kiwis looking to get into the property market were not necessarily moving to Australia to live, but they wanted to put their money into property, and homes in Australia seemed more affordable, especially with the lower interest rates there, he said.
First-home buyers looking to Australia for a property investment was an "emerging trend", he said, adding that there were no exact statistics on the number of Kiwis buying Australian property.
De Seymour said New Zealanders were capitalising on the strong New Zealand economy to invest in properties in Queensland's Gold Coast-Brisbane corridor and suburbs to the north of Brisbane with good infrastructure, services and a convenient rail or road commute to the central city.
In Vancouver and urban California, housing costs are pushed up by overseas speculators, in particular, wealthy Chinese buyers. Wikipedia states that this information is unavailable in Australia due to government censorship. Anecdotally, does it seem that the Australian housing market affected by overseas investors?
In Australia, foreigners can only buy newly built property, not existing property. So no, I don't think it is pushing up prices.
To the OP, if you cannot get the link, it states that 13% of the established property sold in Australia is sold to offshore buyers, despite it actually been prohibited as BCC pointed out, one would think it might be higher for Newly Built homes.
BTW foreign investors can buy residential property in Australia under the following conditions.
Quote:
Foreign nationals purchasing residential real estate as joint tenant with an
Australian spouse.
Foreign companies purchasing second hand dwellings for the use of their
Australian based staff provided that they sell or rent the dwelling if it is
expected to remain vacant for more than 6 months. There is no limit to the
number of established dwellings which can be purchased, where required for
employee accommodation.
Foreign nationals being Temporary Residents purchasing An established dwelling to be used as their principal place of residence (not for
investment purposes);
Any new dwellings; and
Single blocks of vacant residential land (other acquisitions of
vacant land will require notification and will normally be approved subject to
development within 24 months).
Foreign students resident in Australia are able to purchase an established
dwelling as their principal place of residence
Redevelopment of second hand dwellings
Foreigners may apply to redevelop a second hand dwelling. Development must increase the number of dwellings and no rental income can be obtained from the existing dwelling prior to demolition. Such redevelopments are required to demolish the existing dwelling and commence construction of the new dwellings within 24 months in line with vacant land.
Why are you so fixated on Kiwis, they only make up a small percentage of foreigners or the general population.
I would assume their is nothing stopping a kiwi interested in Australian property from jumping on a plane, getting their passport stamped and buying an investment property legally?
Not that I am worried about it, I would just think that kiwis would have their own set of special rules and not be included as foreign investors, like people born in foreign countries who obtain permanent Australian visas.
Last edited by danielsa1775; 07-03-2014 at 05:07 AM..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
