From The Australian:
In the first four months of the year visits by potential Chinese buyers to RealEstate.com.au’s listings took a nosedive, in a sign the biggest group of overseas buyers are losing interest.
Views from China-based users on listings in New South Wales have slumped 25 per cent from a year ago, while views on Victorian houses fell 8.9 per cent and Western Australian views tumbled 35 per cent in the same period.
It’s a combination of factors causing the decline in views, according to REA Chief Economist Nerida Conisbee, who says interest from Chinese buyers is still high but legislation changes are making it a more difficult process.
“There’s cumulative factors taking place. I think the capital controls in China are starting to take a hit, the federal taxation changes that have been made for price points over $2 million and state-based changes, like the stamp duty increase and land tax in Victoria,” Ms Conisbee told BusinessNow.
“It’s not like one visit is one buyer, it’s nowhere near that. But it does raise concerns. You don’t want to be pushing too hard on tax increases and restrictions to finance, because if you do it could have a pretty major impact on the Australian market.”
Zaijian!
