Australians say too many property investors are coming over to their country and pushing up property prices out of reach of ordinary Aussies. In response, Canberra is tightening investment laws.
Nearly 5000 property purchases worth USD14.9 billion were made by foreigners in 2009, with Victoria attracting most investment, followed by Queensland and New South Wales. Singaporeans led the foreign investor pack followed by Americans and Britons in 2008/09.
UAE buyers had been the third biggest group of foreign buyers in 2007/08 before Dubai's debt crisis broke. Britons and Americans were the biggest buyers in that year.
Eighty per cent of foreign investment last year went into brand new flats and houses, 20 per cent into existing homes. From now on, the approval process will be more stringent and foreigners who leave Australia must sell their homes. Critics want tighter curbs, so if you want to buy a place down-under do so fast before more restrictions come in.
http://globalpropertynews.blogspot.com
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