Foreign interest in Australian housing has dropped by more than 50%

[Shajida Khan]

PR does not change anything because you are not a Australian Citizens, bank still see PR as flight risk and you will need a Citizen to co-sign your loan, of course, unless you can pop up about 70% for deposit, PR does not mean anything now.

Thats an interesting piece of knowledge. Of course it makes sense.

 

[C130]

why the F is China buying all the real estate, but isn't building freaking large cities in Australia like do in China and Africa
http://www.businessinsider.com/chinese-built-ghost-town-kilamba-angola-2012-7

I read no one can freaking buy a house because it's too expensive.


build large cities and rent it out $$

 

[Shajida Khan]

why the F is China buying all the real estate, but isn't building freaking large cities in Australia like do in China and Africa

I read no one can freaking buy a house because it's too expensive.


build large cities and rent it out $$

Welcome to the modern economic growth pal!

It is essentially flipping the hat from one person to another with a hope that there will be some poor sod to buy it at a higher price that what you paid for. When that does not happens they call it a bubble burst or market correction. Funny thing is that no one actually lives in these houses.

Chinese are doing it for a number of reasons. Till very recently, it was one way to get your money outside of China and away from the influence of CPC. Many bureaucrats did that to move their money in a safer place.

It made sense when the EMI was less than rent, but now that is not there. Also, in the upside down world with negative interest rates, real estate in Aus is/till recently was seen as a safe place to park your money and even grow it without doing much.

 

[C130]

Welcome to the modern economic growth pal!

It is essentially flipping the hat from one person to another with a hope that there will be some poor sod to buy it at a higher price that what you paid for. When that does not happens they call it a bubble burst or market correction. Funny thing is that no one actually lives in these houses.

Chinese are doing it for a number of reasons. Till very recently, it was one way to get your money outside of China and away from the influence of CPC. Many bureaucrats did that to move their money in a safer place.

It made sense when the EMI was less than rent, but now that is not there. Also, in the upside down world with negative interest rates, real estate in Aus is/till recently was seen as a safe place to park your money and even grow it without doing much.

Chinese are doing this also in Canada. freaking buying houses and letting them sit empty.

freaking Chinese are scared the government is going to seize their wealth or something

the natives are going to be living in little cubicles like the Japanese/Hong Kongers in the future

 

[Shajida Khan]

I read no one can freaking buy a house because it's too expensive.

I think in near future there will not be any home owners in expensive places, those homes will be owned by Rich Real estate corps and you can rent it out or will have to share the rent with a number of other folks.

the natives are going to be living in little cubicles like the Japanese/Hong Kongers in the future

Tell me about it. Same is happening in Seattle at a smaller pace compared to Toronto or Vancouver in the past. I think I will never work in Vancouver or Seattle or Sydney but will head for Victoria (Canada) or Brisbane once I am done with my studies. Heck, I am saving from right now (I am 19) so I can make a down payment for a place to live. Being young is no longer the fun times.

On a side note though, Spain is looking a better place to buy a home, if you have a job and a work visa. I can still buy a decent place in Madrid without making a downpayment of 400K Euro/USD.

 

[C130]

I think in near future there will not be any home owners in expensive places, those homes will be owned by Rich Real estate corps and you can rent it out or will have to share the rent with a number of other folks.



Tell me about it. Same is happening in Seattle at a smaller pace compared to Toronto or Vancouver in the past. I think I will never work in Vancouver or Seattle or Sydney but will head for Victoria or Brisbane once I am done with my studies. Heck, I am saving from right now (I am 19) so I can make a down payment for a place to live. Being young is no longer the fun times.

No a side note though, Spain is looking a better place to buy a home, if you have a job and a work visa. I can still buy a decent place in Madrid without making a downpayment of 400K Euro/USD.

Pacific North West is beautiful shame how the Chinese are soaking up the real estate.

I use to laugh about gentrification, but I can see how blacks feel now.

 

[Shajida Khan]

Pacific North West is beautiful shame how the Chinese are soaking up the real estate.

I use to laugh about gentrification, but I can see how blacks feel now.

Oh it truely is. I feel really bad for the families who had to leave their native places in San Fransisco because of HUGE surge in property rates due to tech boom. I know folks who are travelling 5-6 hours a day in all to their workplace because they live THAT far off. Not looking up to the time when I graduate and enter into work force.

I am from a design + computer science background and I just want to make my career independent of my location. I do not want to live from paycheck to paycheck while paying off a HUGE mortgage.

 

[Mista]

I wish I am wrong. I looked into history, seen prices moving from 200-300K to 1 million, 1.2 million. You should see some of the prices in Canary Warf etc, already in 10s of million and we are talking about town houses here.

Well you are talking about Canary Wharf. Of course it's gonna be expensive. The median house price will not reach 50million in 10 years time.

 

[patero]

Its called investment. Something you simpleton dont understand nor have the guts to do except complain on a online forum and your useless government

I deal with Chinese real estate investors quite often, they tend to be very considered and methodical. There is more involved in the process than many people realize, they work hard to succeed. The ones who leave their houses empty (for reasons noted above) do tend to make rushed purchasing decisions, and are likely to over pay for their properties.

The area that I have concerns over are the Chinese developers of apartment buildings in foreign countries, they carry undisclosed risks. We advise real estate investors and buyers to steer clear unless they know the developers personally.

 

[C130]

Its called investment. Something you simpleton dont understand nor have the guts to do except complain on a online forum and your useless government

investment??
http://www.zerohedge.com/news/2016-...arket-buy-one-third-all-vancouver-homes-sold-
seems like money running from the CCCP.


tbe capitalist bourgeois Chinese are taking all that hard earned money and stashing it in Australia,Canada,U.S, and U.K.

 

[Jlaw]

I deal with Chinese real estate investors quite often, they tend to be very considered and methodical. There is more involved in the process than many people realize, they work hard to succeed. The ones who leave their houses empty (for reasons noted above) do tend to make rushed purchasing decisions, and are likely to over pay for their properties.

The area that I have concerns over are the Chinese developers of apartment buildings in foreign countries, they carry undisclosed risks. We advise real estate investors and buyers to steer clear unless they know the developers personally.

Chinese developers need to follow our guidelines. They are held fully responsible for two years after occupation. In fact i can tell you the crappiest builder in my part of Canada is a Canadian builder with over 50 years of building residential houses and apartments.
When people buy a house the only people who really care about whether a house is empty or not are jealous white folks who cannot afford the houses. Minorities are not the ones complaining. The point is if i purchase something i own it. What's it to anyone else if i only live there for two months out of one year. Again these issues are white people's concern. BTW i m looking to buy a 700k condominium today for investment but I was one step late as it was sold an hour before i called the agent.

 

[patero]

I'm not really referring to the builders, they are usually local, so are the architects and planners. Its the developers that often have structural and governance issues that I am referring to.

Again these issues are white people's concern.

Hmm. I'll give you the benefit of the doubt, but this isn't really a race issue (I'm not white BTW, but that's also irrelevant). The problem with untenanted housing in tight property markets is quite obvious. Yes you are correct to a certain extent, what you do with your property is largely your own business. But it is a societal problem, and one that society itself will address. For example the Australian state governments are introducing a tax for untenanted properties to discourage the practice (usually by off shore investors).

 

[jhungary]

Hmm. I'll give you the benefit of the doubt, but this isn't really a race issue (I'm not white BTW, but that's also irrelevant). The problem with untenanted housing in tight property markets is quite obvious. Yes you are correct to a certain extent, what you do with your property is largely your own business. But it is a societal problem, and one that society itself will address. For example the Australian state governments are introducing a tax for untenanted properties to discourage the practice (usually by off shore investors).

The problem is not as much as these people leave their home vacant, but more a social term. And very oblivious not about race because all social spectrum are affected in this behaviour and most likely it would be new immigrant that was affected the most, since most "White" folks have their house bought long before these shit hit the market.

The issue here is by leaving these house abandoned, the house cannot perform what they should do in the market as an investment real estate, which is to satisfy the rental market. On one hand you have people buying up properties and leave it abandon to save for turnover (Renting in Australia would require 6 months to 1 year contract and you cannot sell your home within that duration), on the other hand, people cannot rent them, thus putting pressure on Rental Market. At the same time there are no enough buyer to take over the market as the entry now is being more expensive.

The Australian government is now forbidding overseas investor to invest in Australian Housing market.

Any project that above 3 millions will need to pass thru FIRB and Foreign investor cannot own more than 1 property in Australia.