I am sure every one is cautiously curious what it means to the current property market. Most important, is this addressing REAL problem of property shortage or is just another policy made up on the run with very little forward thinking. In fact it is not a new policy but trying to put a band-aid on badly implemented policy in 2008. Given the very bad record current government holds on new policy making chances are that this one will mess up property market beyond recognition. I am not against or in favour on foreign ownership but it makes me wonder what else this government is able to put on its head to win few votes. Australian Federal Government gets tough on foreign ownership rules | News.com.au
Well I think we can all agree it definitely won't increase demand or drive prices higher... But being the person that was always suspicious of the degree to which foreign buyers were in the market (based on what I was seeing at open houses and auctions I attended) not to mention that evidence was mainly anecdotal made me think the tighter restrictions won't make that much of a difference... As in it won't be enough to pop the Australian housing bubble...
From my experience, foreign buyers aren't affecting the market to have any real impact on prices. I've been led to believe that they only make up a very small portion (around 2%) of the buying public anyway.
Jacque Yes they are not that big a % but they increase demand in an already heated market so we could do with less competition
