If you watch a game, it’s fun. If you play it, it’s recreation. If you work at it, it’s golf.
If the estimated ten million wealthy Chinese wanting to move into Australia for a ‘clean environment and better education for their children’ get their wish then Australia’s demographics will change permanently. According to a report in The Herald Sun, a parliamentary committee reviewing foreign investment in Australian real estate has been told that there has been a surge in real estate investments by overseas Chinese.
Melbourne has come into focus for these rich Chinese desiring the ‘Aussie lifestyle’ with ‘crowds buying in Melbourne’s most exclusive suburbs’ according to experts quoted in the Herald Sun.
“Suburbs close to private schools and the CBD were the most popular, with Toorak, Brighton, Hawthorn, Albert Park, Middle Park and Deepdene in high demand. And 36,000 new apartments bought by foreign investors are currently being built — more than half of them in Melbourne and some of them wholly bought by foreigners,” notes the report.
The trend has resulted in a parliamentary inquiry investigating foreign ownership of residential properties. The concern is that wealthy foreigners, particularly from China, are buying homes in Melbourne and Sydney and pricing out locals.
First National Real Estate’s Stewart Bunn told the committee that as many as a quarter of all home buyers in the top end of the Melbourne, Sydney and Queensland markets are mainland Chinese.
Asian investment group CLSA presented research showing almost half of China’s 70 million wealthiest people wanted to emigrate, and 10 million had Australia in mind.
“The top two reasons are clean environment and better education for their children…This intention and the belief Australian real estate brought big gains was driving investment which had boomed in the past two years’ senior analyst Andrew Johnston told the Herald Sun.
According to Australia’s Foreign Investment Review Board rules, there are no restrictions on foreigners investing in new homes in Australia, but they can only buy established homes if they have a valid visa. Once that expires, they have six months to sell.
The Herald Sun notes that those who had been found wrongly renting out Australian properties after returning home had been made to sell up but were allowed to keep their rental “windfall”.
Mr Bunn said realtors felt some were lying about their visa circumstances when buying and regarded the potential $85,000 fine as “low risk”.
Last modified on Tuesday, 02 September 2014
A little about me and my expertise – video
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Investment Properties in Phoenix.
View my listings and my profile at:
Please go to my web-site and get all the newsflashes and updates in Commercial Investment Real Estate in Phoenix and Commercial Investment Properties in Phoenix daily
Check out my professional profile and connect with me on LinkedIn.
Follow me on Facebook:
Follow me on Twitter:
Follow Me on Google+
Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial Investment Real Estate Broker in Arizona now for 20 years and I worked with banks and their commercial REO properties for 3 years. I am also a commercial landspecialist in Phoenix and a Landspecialist in Arizona.
WHETHER YOU LEASE OR OWN
NOW IS THE TIME FOR YOU TO EXPAND, UPGRADE OR INVEST.
we are at on the a rise of the cycle in Commercial Real Estate. so there is only one way and it’s called we are going up and now is the time for you to expand, upgrade or invest in Commercial Properties in Phoenix. The prices on deals I may get you will not be around forever.
If you have any questions about Commercial Investment Properties in Phoenix or Commercial Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion in Commercial Properties in Phoenix or Commercial Properties in Arizona with you.Obviously I am also in this to make money, but it could be a win-win situation for all of us.
Please reply by e-mail firstname.lastname@example.org or call me on my cell 520-975-5207 or Office:480-948-5554
Walter Unger CCIM
Associate Broker, West USA Commercial Real Estate Advisers
7077 E. Marilyn Road, Bldg 4, Suite 130
Scottsdale, AZ 85254
Office : 480-948-5554
View my listings and my profile at:
a little about me and my expertise – video
Delivering the New Standard of Excellence in Commercial Real Estate
- Commercial Real Estate Scottsdale
- Commercial Real Estate Phoenix
- Commercial Real Estate Arizona
- Commercial Investment Properties Phoenix
- Commercial Investment Properties Scottsdale
- Commercial Investment Properties Arizona
- Land Specialist Arizona
- Arizona Land Specialist
- Land Specialist Phoenix
- Phoenix Land Specialist
- Land For Sale Phoenix
- Land for sale Arizona
- Commercial Properties For Sale Phoenix
- Commercial Real Estate Sales Phoenix
- Commercial Properties Phoenix
- Commercial Properties Arizona
- Commercial Land Specialist Phoenix
- Commercial Land Phoenix
- Multifamily land Phoenix
- Retail Land Phoenix
- Industrial Land Phoenix
- Land Commercial Phoenix
- Land Retail Phoenix
- Land Industrial Phoenix
- Land Multifamily Phoenix
- Industrial Land for sale Phoenix
- Land Industrial
- Investment Real Estate
Disclaimer of Liability
The information in this blog-newsletter is for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.