Back-flip on foreign ownership.

Thanks for highlighting this.

I found this article (I don't bother watching the news anymore) http://www.smh.com.au/national/foreigners-face-tighter-rules-on-property-ownership-20100423-tj3q.html

Should be interesting to see what happens. There is no actual reporting system to show what foreign investors are purchasing or how much. This is because the govt took out reporting for this. I think the actual figures will come out eventually and the govt will have to pull the plug on this of face a backlash of titanic proportions. REA are making a killing so no one is going to kill the cash cow by blabbing.

This should be an interesting wait and see. KRUDD has obviously made a pretty good deal with China, you guys buy all our metal and buy as much property as you can. He will get slaughtered at the next election though if mummy, daddy, susie and johnny think that they wont be able to buy a house because everyone who lives overseas owns them.

D

Duckster, it is sad to think that greed will win the day…especially this weekend.

 I saw a snippet on aca or tt (and yes i know it isn't the most accurate journalism) and they highlighted the fact that many higher end properties in good locations were bought by foreign owners who have never lived in them. These properties have been vacant since they day they were purchased.

Australia needs immigration. We have a unique country and we need to import workers who will keep the economy running. These people as well as the current 20 odd million people need somewhere to live. If there are empty houses…….and empty for 10 years, 20 years…..

The houses where I rent have gone up 500k in 6 mths. So you tell me. A million plus neighborhood is not first home buyers. Ok so property can double 7-10 years. The price has doubled in four years with much of the movement in the last 6 mths.

Fine so not everyone can afford or buy blue chip property but…..

Are these OS buyers falsely inflating the market?

Will the price drop when KRUDD flips and changes the laws back?

Are we paying for interest rate hikes that do not need to happen, due to false inflation signals triggered by outside buyers?

At first I was like buh, OS buyers whatever. Now I am watching my particular market get to a point where the median price may well be 2 mil next week.
There has been a sharp spike in prices here and I think the lack of reporting is meaning that the Australian public are being kept in the dark on this.

Time for KRUDD to go. The silence and cover up BS needs to go, along with his Internet Censorship as well.

D