Anyone Watch C7 Sunday Night Last Night about Foreign Buyers?

Interesting documentary last night, anyone else see it. I'm amazed at the prices waterfront homes in Sydney are selling for now 50m+ and the apartments on the coast at 20 m for the penthouse. I need to stop eating avocados too and maybe find a Chinese girlfriend.

You can watch it online

Link:
MEET THE WEALTHY FOREIGN BUYERS SNAPPING UP AUSTRALIAN REAL ESTATE

 

I didn't watch. It's the TV equivalent of click bait. I streamed Dr Who on iView. Strange episode.

 

Strange compared to what?

 

Last week's episode?

 

So it was "normal" then?
I thought the beauty of Dr Who was the compelling strangeness of the storyline.

 

Yep, loved the Chinese buyers coverage and insight. Just sent an email to Black Diamondz as a feeler to see if they might be able to sell my entire Mona Vale unit block in one lot for the magical $5M. I could then put a few M into LICs and retire to the Med. Can't take it with you!!
Cheers,
Michael

 

Maybe a preview of the next episode of the Apprentice with contestants fighting for the best gold coast apartment sale?

 

It is morphing into a currant affair trash.

I did start type a thread but ill jump in here and share my disgust at the "dum aussie " view on the "Chinese buyers"

In the episode there were 2 things going on.
1 big spenders buying premium property in elite areas
2 they tried to carry those sales in to the suburbs and that the Chinese buyers are snapping up all the house from the aussies!

Mark bouris summed up the "Chinese buyers" in the burbs by saying. ... they're aussie!! (Ffs!) They have Chinese backgrounds and obviously willing to pay a bigger premium for the properties they want

If i was Chinese I'd be pretty ****** at the way Chinese people are sterotyped with regards to property. Id even go further and say that "old mate token aussie" would be painting all Asians as "chinese buyers", And how they're stealing their houses! It's racist and the media is fueling it.

Anyway. If your Chinese/Asian please go to the next auction or open home and play the "Chinese investor" card and scare the **** out of the competition with big numbers and talk of buying the whole street!

Disclaimer : if i was to be sterotyped by appearance, i'd be the dum aussie bogan!

 

Only problem... Once I open my mouth, I speak with an accent sounding just like most Aussies. That's what happens when you're born here and don't learn how to fake an accent...

 

how are these foreigners still able to buy multi million $$ homes? thought they could only buy new builds?

 

Some of the "foreigners" are locals!
And others are cashed up gazillionaires who buy what they want!
The others may buy otp

 

This could be one way... (taken from Australia's new visa opens door to international primary school students and their guardians)

"From July 1, students aged six and above would be able to apply for student visas regardless of their country of citizenship - and their guardians can also apply for Guardian visas (subclass 580).

Currently, the system assesses applications based on immigration risk and most Chinese students are ranked at level three, the highest risk, requiring the most evidence to support applications.

These visa-rule changes, which were announced during Prime Minister Malcolm Turnbull's visit to China in April, also mean non-residents can buy several new properties or one existing property.

Dave Platter, from the leading Chinese international-property portal Juwai.com said there has been a nearly 20 per cent jump in inquiries for properties in Australia since Mr Turnbull's announcement."​

 

Add to that, you can buy existing property if you are a resident as long as you live in it and not rent it out. This is enforced by the FIRB which is a toothless organisation ...

 

I thought they said properties over 5 million had no restrictions but I'm not sure if I heard that correct?

 

Unlikely, this famous case of Sydney point piper mansion that cost millions was force sold by the FIRB.
Forced sale of $39 million Point Piper mansion could result in bargain basement price

Unless these guys are buying after getting granted the 4yr temp subclass 188 visa.

Or the 15million subclass 888 permanent visa, in which case they cant really be considered foreigners.

It is still possible there is still some sort of trust or structure which they are using to buy but i think the recent addition of ATO to FIRB to root out these illegal purchases should be discouraging enough for future buyers.

 

maybe it was that, they talked about it in the video. the link to the video is in my first post if anyone wants to watch it again and update us!