From the AFR:
Federal treasurer Joe Hockey’s get-tough tactics with foreign investments in residential property are making an impact on foreign investors who are “too afraid to break the law”.
While Chinese investors, the largest group of foreign investors in property, are still coming to Australia in droves many are more cautious about foreign investment rules and are no longer thinking “just because we have money, we can buy anything”, Asian property agent, House 18’s Michael Zhu said.
“The rules have always been there. In the past, there were fewer Chinese investors, and so the control of investments were not as tight. Now people especially the smaller investors are very worried,” he said.
…The Real Estate Institute of Australia said residential property demand from foreign investors has not fallen.
The REIA can only know that if they are tracking said transactions. If so, the ATO should immediately call them to obtain the details. The lobby would not want to be aiding and abetting criminal activity, surely.
