Foreign investment will save Australia

Discussion in 'Property Market Economics' started by Ummm, 2nd Apr, 2020.

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  1. Ummm

    Ummm Well-Known Member

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  2. The_Billy

    The_Billy Well-Known Member

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    I wouldn't be surprised, while we have had an small economic crunch due to COVID 19, as a country we are not as affected as other parts of the world. I bet there are millions of Chinese or Europeans wishing they were in Australia right now - this will really affect peoples perceptions moving forward as this generation has never seen an event like this before.
     
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  3. tonyvooz

    tonyvooz Active Member

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    It was recently announced that all foreign investment require FIRB approval, regardless of value to prevent foreign party from taking advantage of our vulnerability.

    Changes to foreign investment framework | Foreign Investment Review Board
     
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  4. Simon Hampel

    Simon Hampel Founder Staff Member

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  5. Omnidragon

    Omnidragon Well-Known Member

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  6. Simon Hampel

    Simon Hampel Founder Staff Member

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    Does residential property come under FIRB as well?
     
  7. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Yep.
     
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  8. frankjeager

    frankjeager Well-Known Member

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    sorry if this sounds naive but does this mean all residential property is available for foreign purchase or its not available ?
     
  9. berten

    berten Well-Known Member

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  10. hieund85

    hieund85 Well-Known Member

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    Foreigners not living in Australia can only buy new properties. Foreigners living in Australia may be able to buy existing properties with some conditions. That's what I know.
     
  11. Tony3008

    Tony3008 Well-Known Member

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    Key rules (check the link below for the small print)

    Foreign non-residents will normally be allowed to purchase new dwellings in Australia without being subject to any conditions. There is no limit on the number of new dwellings a foreign non-resident may purchase, but approval is generally required prior to each acquisition. .............

    Foreign non-residents cannot purchase established dwellings as homes, for use as a holiday home or to rent out.

    Residential real estate - foreign non-residents [GN3] | Foreign Investment Review Board
     
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  12. Melbourne_guy

    Melbourne_guy Well-Known Member

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    Such naivety. The figures in the UK were relatively low only a few weeks ago yet on a single day this week, 500+ deaths were recorded. I'm sure the number of deaths were low in Spain and Italy at one time as well. If Australia come through this with a low amount of casualties I will be extremely happy and that is great but complacency will be the undoing of the effort so far.

    Small economic crunch? I can count and I don't think it can be considered as that. I'm glad you're not my maths or economics lecturer:D
     
  13. Jana

    Jana Well-Known Member

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    Not available
     
  14. The_Billy

    The_Billy Well-Known Member

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    Big and small is just a perception. Somebody employed with 1 property that is and will remain employed forever might think nothing has happened. Somebody living solely off investments may feel like the world has ended.
     
  15. Ummm

    Ummm Well-Known Member

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    Just do what everyone else does, buy an existing residential building with plans to build a new dwelling on the site and bulldoze the old one. Application approved and a great way to shift your dodgy money into Australia. No checks on the source of funds as the government refuses to implement the Basel requirements the rest of the world uses for anti money laundering... it's ok though because it's real estate and everyone thinks it is their path to wealth so wouldn't want to expose the dodgy dealings..
     
    Last edited: 2nd Apr, 2020
  16. Tony3008

    Tony3008 Well-Known Member

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    No, you need to put two or more dwellings on the site. The rationale for the FIRB policy is to increase the housing stock which 2+ does.
     

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