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Opinions mixed as foreign investment comes under review

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Your Investment Property | 18 Mar 2014, 11:07 AM Agree 0
‘‘A generation of Australians are being priced out of the property market. Many face a lifetime of renting.’’
These were the words, spoken by Credit Suisse analysts Hasan Tevfik and Damien Boey, that contributed to calls for a review of foreign investment protocol.
  • Sara | 18 Mar 2014, 04:38 PM Agree 0
    Being Australian and a first home buyers in Sydney we completely agree with the theory that we are being ‘squeezed out’ by Chinese investors. In fact we are being more than just squeezed!

    We have tried to take advantage of the First Home Scheme and have a double (more than average) incomes and no kids and still are unable to get on to the property market. This scheme has put us in the same market as the Chinese investors who buy property based on their economy – not ours.

    Apartment developers proudly boost about properties being advertised and sold in China even before coming onto the market here in Australia. This leaves us, Australians, renting of Chinese investors.
  • Bill | 18 Mar 2014, 09:58 PM Agree 0
    Under no circumstances should non-citizens be permitted to own any property or land, including farm land and mines, in Australia. If foreigners want to "invest" in this country, then they can take a lease up to 99 years. There should also be a limit of 49% share ownership of a company. It's hard enough even to get some Aussies to care about what happens in this country, so you can be pretty sure that foreigners care even less. Holden and Qantas are the 'writing on the wall'. Before too long Parliament House will be put on the market and our own government will have to lease it back from an overseas owner.
  • Rav Shrot | 20 Mar 2014, 06:23 AM Agree 0
    The problem is not the foreigners buying property but lack of available property- The Australian government does not release land and has created an artificial shortage that has resulted in lack of affordable housing. New construction is so difficult because of red tape with permits etc that no ordinary person can attempt to build new. Yet the Australian government is looking for foreign cash investment and pricing its own native white population out of the affordability range.
  • Madam | 01 Apr 2014, 06:44 PM Agree 0
    Worst of it is they buy apartments "off the plan" and so don't even pay stamp duty. There's a big oversupply of older apartments in many areas. We should be looking at ways to reduce the population to protect the environment and future food production - limit influx of skilled migrants when uni graduates can't get work in their area of study and stop paying Centrelink benefits linked to the number of children because wages don't work that way.
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