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Michael Mata is a content marketing specialist, editor and writer. He is a former journalist at Your Investment Property Magazine.
Property investors are clearly on the losing end following the release of Victoria’s state budget on Tuesday, with some investors potentially having to reconsider the future of their investments due to the introduction of a new tax and the closing of an existing loophole.
More than 11,000 “migrant millionaires” helped fuel growth in the booming property markets of Sydney and Melbourne last year, with high net-worth Chinese nationals now commuting in and out of the country to enjoy the Aussie lifestyle while continuing to work offshore.
Less affluent Australians have the most to lose if house prices collapse and cause an economic downturn, warned Shadow Treasurer Chris Bowen.
