Fears one million Aussie homes could soon be owned by foreign buyers

News Corp Australia

15 FEB 2019

Australia is selling off natural resources, farmland and property to China at a “crazy” rate — putting us at risk of becoming the “24th province” of the East Asian behemoth.

That’s according to real estate expert Doug Driscoll, who warned of the urgent need to start a national conversation about foreign ownership of residential property in particular.

While interest from overseas buyers has decreased in recent years, the Starr Partners chief executive said our overall rate of foreign ownership was still alarmingly high.

• Dodgy magic number survives grilling

• Problem facing cult beauty favourite

 Ridiculous word billionaire wants banned

And he said a report released last month by Chinese international property portal Juwai.com showed there was now an “insatiable appetite” for Australian property among Chinese buyers, with our softening housing market boosting interest.

In 2017, ANZ found foreign buyers owned up to 400,000 Australian homes. Today, Mr Driscoll estimated that figure would be “close to 500,000”.

ANZ also estimated foreign investors bought between 30,000 and 50,000 new dwellings in 2015-16.

At that rate, Mr Driscoll said it “won’t be too long” before a million homes were in foreign hands, with buyers from China and India the most common demographic.

“It doesn’t take a rocket scientist to wonder what impact that could have on our economy,” he said.

“We’re only a population of 25 million with 10 million dwellings, and if we’re not careful we could be overrun quite easily.”

Read more here ==> Click

“Last year, Chinese developers acquired a third of all residential development sites in Australia”

“Last year, Chinese developers acquired a third of all residential development sites in Australia”

Like to be entertained, then rely on a trusted partner - Laissez-faire Catering (our newest SwissCham member)

Laissez-faire is a Sydney based event catering company, that began operations in 1989, with a mission to offer excellent service, high quality food and beverages. 

Laissez-faire has moved from strength to strength over the last 30 years in operation.  We have gained an outstanding reputation for organising and catering at all types of events, which has concreted our brand at the top of Sydney's event catering industry.

Laissez-faire can deliver high-end, large and boutique scale events because of our supplier and support infrastructure. We only source fresh, local seasonal produce and with this, we create the best innovative menus for your enjoyment. 

VENUES

Australian National Maritime Museum – Harbour 220 – State Library of NSW – Botanic Gardens – National Art School (Cell Block Theatre) – The Venue – Chinese Gardens – The Island Sydney

One of Australias's leading professional services firm has just joined SwissCham

About RSM

Having grown into one of Australia’s leading professional services firms over the last ninety five years, RSM Australia is committed to enabling clients through a greater understanding of what matters most to their business. In addition to the local knowledge provided by the RSM advisers in 30 offices across Australia, we draw on our international reach and scale to ensure clients stay at the forefront of the world’s best practices, technology and innovation within a rapidly changing global economy.

 

RSM is the world’s sixth largest audit, tax and consulting network. The RSM global nexus of member firms draws on more than 43,000 people in 800 offices, across 120 countries - including the world’s top 40 major business centres - to help guide clients through business challenges, both locally and seamlessly across borders.

For more info click ==> here