GENERAL NEWS
TO keep up with the current challenging market, real estate businesses need better governance, systems and a renewed focus on talent retention to...
Treasurer Jim Chalmers and Minister for Housing and Homelessness Julie Collins said the changes to the foreign investment framework is aimed at boosting rental stock...
Under the new changes, the government will triple foreign investment fees for the purchase of established homes and double the vacancy fees for all foreign‑owned...
The measures will result in a six‑fold increase in vacancy fees for future purchases of established dwellings...
The government will also enhance the ATO’s compliance regime to ensure foreign investors comply with the rules, including selling their residence when...
Foreign nationals are generally barred from buying existing property but can do so in very limited circumstances such as when they come to live here for work or study...
The treasurer said these changes further encourage foreign nationals to buy new property instead and help to ensure that those who do get approval follow the rules...
He added that the higher fees for established dwellings is aimed at encouraging foreign buyers to invest in new housing developments...
“We welcome foreign investment because it plays a crucial role in our nation’s economic success. These adjustments are all about making sure foreign investment aligns with...
However the proposed measures do not go far enough for Nationals leader David Littleproud, who said Australia should ban all foreigners from buying residential homes...
“Why wouldn’t we just take the step not to allow somebody to have the luxury to allow somebody to have the luxury to fly in and stay in a home for a couple of...
Meanwhile the build-to-rent sector will receive a further boost with the government lowering the foreign investment application fees for BTR projects are at the lowest commercial...
Currently BTR investors can be subject to different, higher fees if their projects involve particular kinds of land, like residential land...
Chalmers said lowering the fees for these investments will help to ensure the foreign investment framework is consistent and predictable for all BTR investors...
The Property Council welcomed the BTR changes, chief executive Mike Zorbas said this will boost the investment appeal of new rental housing supply that offers well-located...
“Build-to-rent has the potential to create 150,000 homes over the next decade, but the settings must be right,” he added...
“That is before you account for thoughtless but popular state foreigner taxes on new homes and State Treasurers’ devil-may-care attitude to investment-stunting quarterly tax...
“It is clear that changing property investment rules week in and week out, evident most recently in taxes rushed through by the Victorian and NSW governments, will...