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.
REIWA calls on state government for reforms to stimulate property market
The Real Estate Institute of Western Australia has made a submission to the WA state government ahead of the 2017 budget, calling for a range of reforms to stimulate the WA property market.
Recent changes to stamp duty in NSW mean that foreign investors now pay almost $100,000 in transaction taxes to acquire a standard apartment in Sydney.
Agents are seeing vendors selling around the $650,000 and $800,000 price points asking to list their homes for slightly more, given that first home buyers will soon have more to spend, says Douglas Driscoll, CEO of Starr Partners.
Federal Budget initiatives go some way towards helping first-homebuyers, but a coordinated approach is key to making a real impact, says CoreLogic CEO Lisa Claes.