Property experts have blasted the state government over its plan to hike stamp duty for foreign buyers, accusing it of discrimination and warning the move could undermine confidence in the local property market.
Some have gone so far as to suggest some buyers will shun Victoria in favour of Queensland and New South Wales — or even other countries — when the tax is increased from 3 per cent to 7 per cent from July 1.Chinese nationals have been the biggest foreign buyers of Australian property during the past two financial years, spending $24.3 billion in 2014-15.
…Esther Yong, director of Chinese language real estate website ACProperty.com, has hit out at the state government’s changes for being ridiculous and leaving offshore buyers uncertain.
…Property Council of Australia deputy executive director Asher Judah said this was the fourth red flag for foreign buyers looking in Victoria in under two years, coming after changes to the Foreign Investment Review Board’s fees.
…Glen Waverley agent Andrew Dimashki of Harcourts Judd White believed the government was raising taxes to show local buyers they were doing something to deter foreign buyers.
…Chinese property portal Juwai.com’s head of Australia, Gavin Norris, said foreign buyers brought many benefits, including construction jobs and taxes, and the government would be well-advised to remember that.
LOL. A finer line up of rentiers it would be hard to find!
