Australia probes hundreds of home purchases by foreigners
AFP
August 8, 2015, 4:29 pm
Australia probes hundreds of home purchases by foreigners
Sydney (AFP) - Australia is cracking down on foreigners who unlawfully own residential properties, investigating hundreds of cases ahead of the introduction of tougher penalties, Treasurer Joe Hockey said Saturday.
The government announced in May it would increase penalties for illegal purchases to rigorously enforce rules under which foreigners are only allowed to buy new dwellings, and not existing residential property.
Hockey said he had ordered the sale of six properties illegally owned by foreigners who had so far come forward on their own, but officials were working on hundreds more cases.
"Through the information provided by the public together with our own inquiries, we now have 462 cases under investigation for breaches of the law by foreign nationals in the purchase of residential real estate," he said.
"I expect more divestment orders will be announced in the not-too-distant future," he told a press conference in Sydney.
Australian real estate prices, particularly in Sydney and Melbourne, have soared in recent years, with concerns growing that cashed-up foreigners, particularly from China, have helped inflate the market.
Hockey said the majority of cases being investigated came from New South Wales and Victoria, the states of which Sydney and Melbourne are the respective capitals, as well as Western Australia.
"There is significant foreign investment in residential real estate. It has certainly increased over the last few years," the minister said.
"Australia wants foreign investment, we need foreign investment, but we need to make sure that foreign investors comply with the laws."
Hockey said he would introduce legislation into parliament in the coming weeks to ensure that the reporting requirements, enforcement and penalty regimes for foreign investors who broke the rules were tougher.
As already announced, foreigners who illegally buy Australian real estate will face up to three years in jail or fines of Aus$127,500 (US$95,000) for individuals and Aus$637,500 for companies.
In relation to civil penalties, investors will lose whichever is the greatest of the capital gain made on the property, 25 percent of the purchase price or 25 percent of its market value.
AFP
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Australian real estate prices, particularly in Sydney and Melbourne, have soared in recent years, with concerns growing that cashed-up foreigners, particularly from China, have helped inflate the market.
And WHAT do YOU think about this article:
‘Rally against the Chinese real estate invasion!’
May 13, 2015
By Nick Folkes
26 Comments
Australia is under attack from greedy foreign intruders who are rapidly acquiring Australian residential property pricing locals out of the market. Aussie battlers are being pushed to the fringes of our cities while foreign intruders are reaping the benefits of hard working previous generations. The price of housing in Sydney and Melbourne has skyrocketed crushing the dreams and aspirations of young Australian families who are increasingly dispossessed. The new dispossessed or forgotten people will one day be remembered as the ‘stolen generation’ priced out of the market by invading overseas Chinese colonising our suburbs and cities.
READ MORE: http://www.nick-folkes.com/2015/05/13/rally-against-the-chinese-real-estate-invasion/
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