Melbourne Property Market Update – June 13th, 2015
By Peter Sarmas on 13 Jun 2015
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Who’s to blame for Australia’s unprecedented house price bubble? There’s only one party to blame for Australia’s unprecedented house price bubble. And it’s not buyers, vendors, developers, immigrants or local councils restricting new approvals. Martin North of Digital Finance Analytics looks at an insightful article written by Chris Joye in the AFR.
Dozens Of Foreign Investors Come Forward
From December 1, individual foreign residents who breach foreign investment laws will face fines of up to $127,500 or three years in prison, while companies will face fines of up to $637,500. A statement from the Treasury Department this week said 24 declarations had been made to the FIRB as foreign investors take advantage of an amnesty that will see them escape prosecution if they come forward before November 30. Read the full report from Your Investment Property.
The Hidden Victims Of Rising House Prices
“Sadly, we punch well above our weight in international measures of poor housing affordability, and increasing numbers of Australians can’t afford their rents or mortgages. Even a modest increase in house prices will make things even tougher for these Australians – but importantly, do we reliably know who they are, where they live, and how extreme their affordability problems are?” Martin North of Digital Finance Analytics shares this important article from The Conversation.
Sydney’s Luxury Homes The Fifth Most Expensive
According to Luxury Defined, an annual report put together from prestige real estate firm Christie’s International, Sydney has only the fifth highest priced luxury residential properties in the world. Which countries are ranking above Australia? Find out in the report from Your Investment Property.
Australia Becoming a Nation of Landlords – AFR
Australia is becoming a nation of landlords as record-high real estate prices force house-hunters into buying and renting investment properties rather than becoming owner-occupiers. Martin North looks at The AFR report.
Scrapping negative gearing would save $2.9bn: Greens
The Greens have proposed to remove negative gearing for new investment properties and to invest the savings in social and public housing instead. According to the Greens, the Parliamentary Budget Office (PBO) estimates the policy would save almost $2.9 billion out to 2017-2018. Read how they plan to use the revenue in this article.
