Weeoo, weeoo, weoo.
The counter-contrarian signal generator known as The Pascometer is screaming “sell” to foreign property buyers:
After all the hearings and submissions, the House of Representatives Economics Committee Report on Foreign Investment in Residential Real Estate boils down to this sentence on page 86:
“Conflicting evidence has been received by this inquiry, although on balance it is the committee’s view that the benefits of foreign investment outweigh the negatives.”
…There is a need for politicians to be seen to be doing something about “barbeque stopper” issues, particularly if such an issue is in danger of becoming socially divisive, is being whipped along by the government’s tabloid media of choice and is causing some angst in the government’s electoral heartland.
…So there, something has been seen to be done, foreign buyers should be reassured as the nation needs their investment to encourage more building and the real conclusion about the impact on housing affordability is what everyone already knew – maybe a little at the margin, but not enough to worry about it.
Weeo, weeoo, weeoo.
The sell order is confirmed by the hysteria of the Kouk:
Mr Koukoulas said penalising third parties was “absolutely absurd”.
“Wanting to impose heavy fines and civil penalties for people involved – it’s not like you’re trafficking heroin, it’s just someone trying to buy a house and the house is still here, they can’t take it with them,” Mr Koukoulas told AAP.
“There are much more important issues to worry about in the housing market than a few foreigners buying a tiny proportion of our property market – I think it’s just a made up problem to be seen to be doing something.
“At a time when there’s already evidence that house prices are decelerating… this is coming at exactly the wrong time for the housing market.”
Perhaps, but the taste of freshly barbecued child sticks in the craw for the rest of us, Kouk.
