Positive news from The Urban Developer this morning

This caught my eye today, about currency conversion counteracting the various states' taxes on foreign buyers investing into Australian property.


Article by DINAH LEWIS BOUCHER TUE 16 JUL 19

Melbourne Top Investment Choice for Chinese Buyers

Australia has been losing Chinese buyer interest to other parts of the world due to increased taxes and banking restrictions.

But Australia's hefty state foreign buyer taxes have been counterbalanced by its weakening dollar according to the latest Juwai.com report, which has seen it drop around 11 per cent of its value against the Chinese Yuan since mid-2018.

“The plummeting Australian dollar, which has lost 11.1 per cent of its value against the Chinese Yuan since July 2018... [That] compares to the 8 per cent rate of the highest foreign buyer taxes, which are in New South Wales and Victoria.”


Melbourne Top Investment Choice for Chinese Buyers

 

Let me calculate. Latest from Google.
16 July 2019 1 AUD = $4.82 Yuan
16 July 2018 1 AUD = $4.96 Yuan
$0.14/$4.96 x 100= 2.80%

How did we get 11.1% ??

 

last year or so it has become increasingly difficult to get money out from china (heavy gov clamp down on black route means as well), has this changed?

 

Nope. If anything it's gotten much harder as China's economy struggles. The government is very worried about capital flight.