Real Estate Institutes support easing for foreign buyers
The federal government has announced it will allow foreign buyers to purchase an off-the plan dwelling when another foreign buyer has not been able to settle on it, thereby removing a significant risk to the industry.
The Property Fair at the RE/MAX Asia Pacific Convention revealed many investors in the region are still keen on investing in Australia and New Zealand, despite new foreign buyer taxes in Victoria, NSW and Queensland.
Foreign buyers accounted for 10.4% of new property purchases in the June quarter, the third consecutive monthly fall according to NAB's Residential Property Survey.
