Higher federal government fees and tougher penalties for breaches of foreign investment rules that started December 1 have not deterred foreign investors in the property market.
…”We don’t think there will be a slowdown in the market because of FIRB, if anything, it should give buyers more confidence in the Australia market,” said Chinese property website ACproperty.com.au’s director Esther Yong.
“The Chinese thinks this way, “If I need to pay for it, it must be good”.”
The biggest foreign property buyers are the Chinese followed by a distant second, the US, according to the FIRB.
Ms Yong did report a temporary rush on property contract settlements as Chinese clients treid to beat the Tuesday deadline.
