Foreign Investment rules change for property investors
If you’re a foreign buyer looking to purchase a residential property in Australia, these are the changes you will need to know, according to Daniel Ward of Knight Frank.
Chinese national Qi Yang confirmed as buyer of Melbourne's $40m Toorak mansion
The agent for the deal, Jeremy Fox of RT Edgar, told SCHWARTZWILLIAMS, the sale is a positive for everyone - the vendors, the tax office, builders, and architects - and helps to keep the whole market moving.
Capital gains withholding tax too low for foreign residents says REIA
The threshold for foreign-resident capital gains tax withholding has been reduced to an unnecessarily low level, subjecting agents and conveyancers to additional red tape and costs for no good reason, says Malcolm Gunning of the REIA.
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.
Treasurer orders foreign buyers to sell another 16 properties
The Treasurer Scott Morrison has forced the sale of another 16 residential properties that were bought illegally by foreign nationals, worth in total more than $14 million.
George Clooney report links South Sudanese corruption to Australian real estate
A $1.5 million Narre Warren property is in the headlines after a report by The Sentry Group showed the South Sudanese political elite amassed huge fortunes while the country battled civil war.
It is impossible to tell whether or not there has been additional foreign investment into established property illegally, but what we do know is that $61 billion worth of foreign housing sales was approved by FIRB in the 2015 financial year - and, not only is that number unprecedented, it’s more...
