Apologies for the procession of articles on foreign property buying today, but I have only just come across the below article from Robert Simeon on Property Observer claiming that the Abbott Government is seriously considering putting the clamp on foreign property buying in this year’s Budget:
…we are hearing strong rumours that in the May Budget the government will shut down the Chinese property splurge. Which many will argue is a good move for the long-term property markets given the overseas buyers are paying over and above the expected market price. More particularly with the Abbott government fighting opinion polls, such a move could vastly improve its consumer ratings.
…such a move would open the property markets up again to the first home buyers who have been swamped by the overseas buyers and investors…
The simple reality of our property markets are that stock levels are at all-time lows which place that responsibility firmly at the state and federal governments where significant policy changes will need to be implemented…
What remains to be seen is whether or not the Treasurer Joe Hockey has the fortitude to make such a decision? My tip is that yes he will.
I’ll believe it when I see it. Since gaining power, the Coalition has displayed next to no interest in housing policy. It has not appointed a Minister for Housing, and all we have heard so far from Treasurer Joe Hockey and Prime Minister Abbott are ringing endorsements of Australia’s housing quango, which pumps demand and chokes supply.
