Young foreign students on visas, with no income and who have purchased $5 million properties are just some of the 500 potentially illegal foreign real estate transactions currently under investigation by the Australian government. Federal Treasurer, Joe Hockey, today provided an update of the operations from the 50 strong task-force, …
Six homes brought illegally by foreigners will be sold and a further 462 sales are under investigation with the Treasurer, Joe Hockey, telling Australians more will be forced to sell soon. In May, we reported the enforcement of legislation surrounding real estate sales to foreigners would be transferred to the …
Foreign investors who purchase existing residential dwellings illegally, and third parties who knowingly assist, will face increased penalties under a new bill to be introduced into Parliament this Spring. Coinciding a day after the Foreign Investment Review Board’s (FIRB) annual report showed a 95 per cent increase in applications by …
Applications by foreigners to purchase Australian real estate has surged in 2013/14. Data contained in the Foreign Investment Review Board’s annual report, released yesterday, show there were 23,430 applications to buy Australian real estate last financial year. This is up 95 per cent from the 12,025 applications received the year …
Following the release of the Report on Foreign Investment in Residential Real Estate from the House of Representatives Standing Committee on Economics in November 2014, the Australian Government has today released a consultation paper on proposed reforms. According to Foreign Investment Review Board (FIRB) statistics, The House of Representatives Standing …
Generation Y, Kev wants you on board. During Kevin Rudd’s comeback leadership victory speech he had a message for our young generation: Before I conclude, let me say a word or two to young Australians. It’s clear that many of you, in fact too many of you have looked at …
Transparency surrounding real estate investment by foreigners has returned with the Foreign Investment Review Board Annual Report 2010-11 showing 9771 real estate investments worth $41.5 billion was approved in 2010-11. In December 2008, the Rudd Government announced a change to legislation, it claimed, was designed to ‘streamline’ some of the …
It was December 2008. Three months earlier Lehman Brothers had collapsed – credit markets have frozen over. Two months earlier, Prime Minister Kevin Rudd announces the First Home Owners’ Boost, designed to save the housing market, or at least temporary, by encouraging first home buyers to bring forward their purchases …
With mortgage approvals in Australia falling of a cliff, and Real Estate agents reporting such a strong property market at a time when the market is flooded with near record levels of listings, one has to ask who is buying? Mortgage approvals in Australia are down 21 percent from its …
For years Real Estate agents have been saying you can’t lose with property. Despite this reassurance, Residex research shows 24% of Sydneysiders who have brought and sold property in the past five years have lost. The average shortfall has been more than $54,000 or in many cases, the value of …
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