Australia Raises Fees for Foreign Home Buyers

www.reuters.com...

Australia will triple fees on purchases of existing homes by foreign buyers, Treasurer Jim Chalmers said on Sunday, as part of measures aimed at increasing the supply of affordable housing.
The fee hike comes after Chalmers last year doubled the fees for foreign investors buying assets in the country, which the government said would generate A$455 million in extra revenue over four years.

so zis mean a bunch of people are leaving their home countries and flocking to Australia, or at least buying fallback places?

apparently, like a lot of places, they are dealing with housing shortages.

No, foreigners buy up the houses (and land) and just hold it like stocks. The whole housing market is treated like the stock market these days. Huge problem everywhere but especially in Australia, New Zealand and Canada.

Chinese people are especially responsible since it makes those who do it fantastically wealthy but you can't actually speculate on property in China, because of Communism. But they're free to do it to western countries.

Personally I don't really think non-citizens should even be allowed to own property in a country that isn't their own. Housing should be to live in and not some artificially inflated investment.

originally posted by: Ohanka
No, foreigners buy up the houses (and land) and just hold it like stocks. The whole housing market is treated like the stock market these days. Huge problem everywhere but especially in Australia, New Zealand and Canada.

Chinese people are especially responsible since it makes those who do it fantastically wealthy but you can't actually speculate on property in China, because of Communism. But they're free to do it to western countries.

Personally I don't really think non-citizens should even be allowed to own property in a country that isn't their own. Housing should be to live in and not some artificially inflated investment.

remember what happened after 2008, I do. Real estate investments turned out to be not so wonderful.

a reply to: network dude

Yup. I named wealthy foreigners but investment banks are doing it as well. Since they faced zero consequences after 2008 they did the exact same thing a second time, but worse.

Australia on Monday said it would tighten visa rules for international students and low-skilled workers that could halve its migrant intake over the next two years as the government looks to overhaul what it said was a “broken” migration system.
Under the new policies, international students would need to secure higher ratings on English tests and there would be more scrutiny on a student’s second visa application that would prolong their stay.

“Our strategy will bring migration numbers back to normal,” Home Affairs Minister Clare O’Neil said during a media briefing.

www.scmp.com...

Australia is a great place, and it wants to keep it that way.
I don't blame them. I've always thought of retiring there but I doubt they'd let me in

New Zealand dealing with 'migration'

www.scmp.com...

New Zealand’s record level of immigration is unsustainable and the government expects it to slow, Prime Minister Christopher Luxon said.
The net annual immigration gain of 118,835 people in the year through September “doesn’t feel sustainable for New Zealand at all”, Luxon told Radio New Zealand on Monday in Wellington. “We understand that there is a little bit of catch up that has been needed to fill some shortages that have existed since the lockdown periods. We expect that to be slowing month on month.”

there seems to be pushback in the West over this issue. it might derail the Democrats in the US elections in 2024.

Redistribution of property to citizens only, oh I do sup0porrt that, but here on ats, that ,ight sound like communism.

We have enough land, get out of the cities.

originally posted by: Coelacanth55
www.reuters.com...

Australia will triple fees on purchases of existing homes by foreign buyers, Treasurer Jim Chalmers said on Sunday, as part of measures aimed at increasing the supply of affordable housing.
The fee hike comes after Chalmers last year doubled the fees for foreign investors buying assets in the country, which the government said would generate A$455 million in extra revenue over four years.

so zis mean a bunch of people are leaving their home countries and flocking to Australia, or at least buying fallback places?

apparently, like a lot of places, they are dealing with housing shortages.

It's a way of discouraging people from moving to Australia.

It's funny how any and all measures that disadvantage or slightly inconvenience immigrants in the US are "racist" but other Western nations do all kinds of things to protect their natural born citizens and it's perfectly fine.