Australia Considering Restrictions On Foreign Real Estate Investment

Frontier Real Estate Investment Corp (8964.T)

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Having bought AU$24 billion (US$21.80 billion) of housing over the last seven years, Chinese buyers are likely to purchase AU$44 billion (US$39.97) worth of Australian residential property by 2020, according to a recently-released report by investment bank Credit Suisse. Although only an estimated 12% of all new properties in Australia are now being bought by Chinese investors, the ratio is higher in major cities. Chinese investors are estimated to be buying 14% and 18% of all new dwellings in Sydney and Melbourne respectively. Some apartment blocks in the two cities are believed to be having 100% ownership and occupancy by Chinese nationals. The committee would look into the current foreign investment framework to assess how it accords with real estate and whether it’s driving up prices…The great Australian dream is to own your own home and we know that’s pretty difficult even with two incomes and lots of years of savings and a large mortgage so we want to make sure were not making it even more difficult,” said O’Dwyer. She added that the original mandate check out comments on the elevation group for foreign investment in residential real estate was to increase dwelling stocks and add jobs in the Australian construction industry, and the inquiry will determine whether those aims are still being achieved.

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