Tan Kin Lian's Blog: Foreign ownership of Australian property

Saturday, April 24, 2010

Foreign ownership of Australian property

Dear Mr Tan,

I just read on bloomberg that Australia is going to toughen rules on non-citizen ownership of australian property. The boom in commodities and natural resources, plus lots of liquidity coming from rich Chinese have escalated their property prices over the last year or so.
Seems like the australian govt is pretty sensitive to local concerns and high property prices, even though some statistics indicated only less than 1% are foreigner buyers.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aZMzrVOOWWow

My comments
An important duty of any government is to make sure that housing is affordable to the population. The government should prevent property prices from being inflated by foreign buying, especially if prices are pushed up and the profit is taken away by the foreigners.

5 comments:

Anonymous said...: Australian government sounds like one that protects its own.

The Singaporean government is only interested in making friends with "useful" neighbours, leaving its own citizens to hang high and dry.; April 24, 2010 10:45 PM
Anonymous said...: In other countries, govts are sensitive to concerns of high property prices and its effect on locals. This is because there is healthy political competition with alternatives and no such thing as 50% election walkovers. Hence voters have choices and there is no climate of fear. Only the incumbent govt fear being voted out.

But in Singapore what is the situation?

So is it any wonder why there are high property prices, foreigners displacing locals, million dollar minister pay, voters labelled daft, will end up as maids in other countries, PR and citizenship easily given to foreign "talent" Joes and Janes, etc etc.; April 24, 2010 11:00 PM
Anonymous said...: whatever.........CHANGE is a MUST in the next 6 to 12 months!; April 25, 2010 7:41 PM
Anonymous said...: The move by Australian Government is just for show. Foreign buyer constitute less than 0.7 percent of the total.

The major problem is there is not enough houses in the market.; April 26, 2010 8:50 AM
Anonymous said...: Precisely why Australian govt is pro-citizen and willing to impose tougher regulations even when foreign buyers are just less than 0.7%.

In singapore, even we have 25+% PRs buying HDB, the PAPpies just tell you don't be daft, still affordable, why you so choosy? Just shut up and be cheaper better faster.

Mr Horse also talk cock sing song. First he say HDB only got 5%, even when property firms doing the actual transactions are saying got over 25% to 40% are PRs. Then a few days later Horse suddenly say 20% of buyers are PRs. So he doesn't even know his numbers and just switch here switch there?!?

In Singapore even if PRs form 25+% of HDB buyers and can get into the news for spending $650+K for HDB flats, the PAPpies still say hey you sinkaporean chief complainers hah? Still affordable what! Cannot buy we just lock you up in Angsana Home next to Woodbridge Hospital. You die your business.; April 26, 2010 3:44 PM