Aussie overseas buyers in the spotlight


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28/03/2014

Australian property purchases made by overseas buyers are in the spotlight amid fears that local buyers are being priced out of the market.

A national parliamentary committee is examining the increase in overseas property buyers and investors, particularly those from China.

Earlier this month, Credit Suisse predicted that Chinese property investors could inject more than AU$40 billion into Australia’s residential market over the course of the next seven years, with higher prices being a direct result.

Overseas property buyers in Australia are only allowed to purchase new homes. Credit Suisse said Chinese buyers accounted for 12 percent of all new housing throughout the country last year.

House economics committee chairwoman Kelly O’Dwyer said now is the right time to re-examine rules on foreign investment.

“We will establish the facts in the inquiry, see whether or not the discussion is supported by the evidence and have an opportunity to discuss these issues with all affected parties. No one is against foreign investment. This is not an inquiry that is saying in any way that foreign investment is bad.”

The committee is accepting submissions until May 9 through its website. Submissions can be made by any interested party.

To make a submission, visit the Australian government website http://www.aph.gov.au/Parliamentary_Business/Committees/House_of_Representatives_Committees?url=documnts/howsub.htm#who

 

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