Claims Foreigner Buying 11% of NSW RE ‘Bogus’

House · 16th Mar, 2017

Not surprised but good to see someone's digging around for facts. Unlike ACA!

News emerged this week that 11 per cent of NSW homes were being sold to ‘foreigners’ who were pricing out first-home buyers.

The data, which came from the Office of State Revenue (OSR) after a request from NSW Labor, revealed 2995 residential property purchases were made across the state by foreign nationals from July to September 2016.

This was then turned into headlines claiming ‘foreigners’ have priced out first-home buyers.
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“Foreign nationals” isn’t just a phrase describing cashed-up offshore investors looking for a safe-haven for their wealth.

In fact, the “foreigner” label in this context describes a very substantial part of Sydney’s population – permanent residents who have migrated from abroad, and those here on working visas.

“The data provided does include those permanent residents of Australia who are deemed foreign persons for the purposes of the Duties Surcharge, but does not separate these individuals out,” a spokesperson for the Office of State Revenue said.

The definition of those deemed ‘foreign’ for the purposes of a duties surcharge are those not in the country for 200 or more days during the 12 months before buying a property
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Over the same period Australian Bureau of Statistics data shows 3965 first-home buyers entered the property market. This is more than the 2995 “foreign buyers” that supposedly outnumbered them.

Those who have formally researched foreign investment were also nonplussed, including University of Sydney Business School professor of Chinese business and management Hans Hendrischke.

His analysis in 2015 found foreign investment was approximately 2 per cent of the market and “the figures we had two years ago still very much hold”.

And with no new information about specifically where the foreign investors are buying and how much they’re paying for these properties, “it’s disingenuous to say it would have an impact on housing affordability”, Dr Hendrischke said.
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Fact check: Claims foreigners buying 11pc of NSW real estate 'bogus'

JohnPropChat · 16th Mar, 2017

Data for one quarter. Need more data and not to mention the myriad of schemes that foreign nationals use to buy under names of family/relatives that are already a permanent resident or a citizen of Australia. This kind of data will never come out cause it is kept hush hush and simply doesn't exist.

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Claims Foreigner Buying 11% of NSW RE ‘Bogus’

House Well-Known Member

JohnPropChat Well-Known Member

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Claims Foreigner Buying 11% of NSW RE ‘Bogus’

House Well-Known Member

JohnPropChat Well-Known Member

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