The Great Fire Sale of Oz, Continues: All year Christmas Bargains for China! By James Reed
More depressing news about the selling up of Australia. Really, I did not know there was anything left to sell, but apparently foreigners will be paid to buy a new home. No, national suicide does not get any better than that!
“Chinese buyers are being lured back to the Australian property market by generous government rebates of up to $50,000 on a new home, with calls to extend the incentive schemes past their expiry dates next year.
Lily Chong, the Perth-based Australian head of Chinese property portal Juwai IQI, said overseas buyers had started looking past the COVID-19 pandemic and were planning for when travel restrictions eased.
“Australia will pay foreigners up to $50,000 to buy a new home,” Ms Chong said.
“Australia will pay Chinese up to $50,000 to buy a new home, Australia will pay Hong Kong-ers, Australia will pay Malaysians – it doesn’t matter where you come from. It’s all in the interests of supporting the economy.”
Western Australia currently has the most generous incentives available to non-citizens, with a 75 per cent rebate on the foreign buyer duty for off-the-plan purchases, capped at $50,000.
In Victoria, rebates of up to $27,500 are available under the land transfer duty waiver scheme.
“Because of the pandemic, most foreign buyers don’t know about these incentives,” Ms Chong said.
“When we explain it to them, their eyes pop open. Buyers are rushing for us to get their deals done before the deadline expires.”
Just ask struggling young Australians what they think about this. As I always conclude, it is time to start thinking as this article details:
“Many nations in the world don't allow foreigners to buy land or property in their country. Instead, it must be leased.
China is among the toughest, with many other Asian countries also adhering the communist rule that the land belongs to the people.
Yet here in Australia there are no such laws, just a few restrictions on the ownership of large valuable holdings that must be cleared by the Foreign Investment Review Board.
There are now calls by those in the real estate industry for us to impose the same rules and lease, not sell, our precious properties.
Robert Klaric has been working in the industry for many decades, both as an agent and working with Asian buyers to secure properties in Australia. He says the time has now come for us to rethink our foreign investment policies.
It comes on the back of news that China is back in the property buying market with their economy picking up after the outbreak of COVID-19.
With a depressed economy here, real estate sales plummeting along with property prices and a drop in the Aussie dollar, Chinese buyers are in the market to snap up cheap land and homes at bargain basement prices.”
This is what it is like to live in a “nation” with no pride, and no survival instant.
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