Victoria to Increase Stamp Duty and Land Tax for Foreigners

Yet in USA and there are no restrictions for foreigners investing in property, no stamp duty and potentially no CGT, property is for sale to the world and everyone is taking a BIG FAT BITE.

If you have $1,000,000 invested in US you can potentially apply for a visa.

MTR

 

i would say melbourne and sydney would be similar to what vancouver is in canada to foreign buyers.

 

Personally... I haven't seen any foreigner friends buying apartments in Melb, not even OTP. Most people I know who have bought are foreign migrants who actually have permanent residency in Aus. The problem is many media saw these Asian faces showing up in auction or OTP and thinking that they are all foreigners. Many of these foreigners don't mind to hand their cash to their kids (who have permanent residency) to snap up apartments and houses.

 

yep, not whitey, must be evil foreigner!

 

I thought the foreign investors tend to prefer the land-content properties (houses) versus apartments?

I know of some OTP (apartment) developers having marketing struggles right now with their mainland-Chinese advertising campaigns, as demand and response from these audiences has reduced since the Chinese gov capital outflow controls tightened up.

 

depends what types of buyers. Uni buyers tend to prefer apartments in CBD where melbourne rmit, or hawthorn in swinburne.

THe more wealthy ones and who have kids prefer to be close to schools and universties. these kind of buyers have kids in uni or high school and are 富二代 or the 2nd generation rich buyers. Most of these kind of buyers originally go to LA or vancouver and now more are coming to Australia.

This weekend, the most expensive sale in melbourne came from a chinese buyer in balwyn.

Chinese visas drive top end property sales

 

Interesting.

Vancouver though has changed its foreign ownership policy back in late 2014 I believe it was. I'm not sure though if this was BC-only legislation or national? I know Chinese interest in Toronto and to a lesser degree Ottawa, is still high.

LA I don' know much about in regards to foreign ownership there.

 

Try Arcadia- known as the Chinese Beverley hills