The Australian Prime Minister took action, and foreign taxes on housing purchases may be promoted!
In early spring, the Australian Prime Minister has big news! This time, Australian Prime Minister Tony Abbotian made it official, following a record wave of migration that triggered a housing crisis.
The Australian Labor Party, led by the current Prime Minister Anthony Albanes, announced: raise taxes on foreigners who buy houses in Australia!
There are also many restrictions for international students!
Rudd said that in order to buy property in Australia and obtain permanent residency, foreigners must be Australian citizens and be able to prove that they live, work and study in Australia.
The prime minister is more concerned about the housing crisis, and he wants to increase the housing stock by cutting the number of homes on the market, and instead encourage foreigners to buy new homes, which will make it more difficult for foreigners to buy the homes they already have.
In the last fiscal year, there were 51A record 80,000 migrants have migrated to Australia, and Labor has tabled a bill on Wednesday to add new homes.
In November, Australia's vacancy rate fell to a record 1%, mainly due to the influx of international students and newcomers to Australia to compete with local residents for housing, thus inflating the number of homes.
Last year, Sydney, Brisbane, Perth saw double-digit growth in housing**, despite the RBA raising interest rates for the 13th time in the last 18 months, to a 12-year increase of 435%。
Under the new 2024 Act, the number of homes purchased by foreigners will be doubled, and the number of homes purchased by foreigners will be doubled, while the number of homes purchased by foreigners will be doubled.
The Act applies to people who bought a home before May 9, 2017.
That is, a buyer who buys a renovated house with a value of less than $1 million must pay $4. to the Foreign Investment Review Board$230,000, which is 1$41 000.
For those who bought a vacant house but did not rent it out, the annual cost doubled, rising from $423,000 to $846,000.
Both price increases depend on the value of the property and can reach up to $40 million. This was highlighted by the Australian Treasury in its mid-December report on the economic and fiscal outlook.
Treasury Secretary Jim Chalmers and Housing Secretary Julie Collins said the two measures are to ensure that foreign demand for housing is in line with plans to increase the supply of affordable housing.
They said:"This reform further encourages expatriates to purchase new homes, while also helping to ensure that licensees comply with the relevant regulations.
Raising the cost of completion will encourage foreign buyers to invest in new residential projects, creating more housing stock and construction jobs, thereby stimulating economic growth. Foreigners who want to pay less can opt for the build-to-lease option.
How are foreign students affected?
Under the new rules, international students can buy a house in Australia, but if they don't have a green card, they must sell the house within 6 months after graduation!
Pauline Hansen, president of the One Australia party, said the move was not enough, though.
Senator Hansen said, "In implementing these new rules, very few resources have been used.
"Temporary visa holders and international students should sell their homes when they leave Australia, but this rule is not being followed, hindering the development of the housing market and making the housing crisis in Hong Kong even worse," she said. ”
Temporary residents, foreigners in Australia, and short-term visa holders can purchase investment property and also live in it if approved by the FIRB.
In addition, in order to ensure that expatriates are compliant, Australia** also stipulates that foreign buyers can sell their property if necessary.
A spokesman for Australia's tax department said foreign investors had been forced to sell 672 Australian properties between 2015 and 2023, with a total value of up to $700 million.
Expats who are not resident in Australia can only buy a new home.
In August last year, ** and Ebonyi announced that they would build 1.2 million homes in five years from July 1, 2024, but many construction companies have gone bankrupt and it will not be easy to achieve this goal.
The reason is that since 1989, interest rates have been sharply raised, and the prices of building materials and craftsmen have increased their prices, all of which have posed a test to the survival of those who rely on price limit contracts.
According to Corelogic statistics, as of January this year, the median price of housing in Sydney has risen by 128% to 139$90,000 due to a shortage of homes** and a population growth rate of 2 by 2022-234%。
Brisbane's median house price rose 15% to $888,628 due to an increase in interstate migration; Perth's median house price is $708,335, up 17%.
Even in the capital where housing prices are low, a mortgage rate of 20% is unaffordable for a full-time worker with an average income of $95,581.
According to new data from the Australian Department of Statistics, the cost of living for commuters will rise by 6 in 20239 per cent, while pensioners will rise by 4 per cent.
There is no doubt that Australia is facing an economic crisis and a housing crisis, and this series of initiatives taken by Australia is exactly what the Australian Labor Party has done"Blows"A series of initiatives made by foreign home buyers (including Chinese home buyers) at the same time"Blows"The term also appears in Australia**'s coverage of this series of crises. The word "hit" is one of a series of reports on the crisis in Australia.
For expatriates, housing prices are significant, while their ability and rights to buy a home are restricted.
Locals believe that the houses bought by foreign buyers are empty, which is the root cause of the crisis.
For now, Chinese buyers are still flocking to Australia's Chinatown.
This decision is a big blow to Chinese investors, as they are an important part of foreign buyers!
Long before the incident, discussions about housing in Australia had begun.
Late last year, the leader of the One Australia Party, Paulina Hansen, said that immigration could stimulate the economy, while Harvey Norman, the head of Enterprise Australia, also called for an increase in the number of immigrants because the sales of immigrants would be larger.
But Mr Hansen said Australians were struggling to afford their homes, with hundreds of people queuing up to rent a house.
Migration is good for ** and big companies, but not good for Australians and their standard of living".
*Action will continue. It continues to support the Labour Party and the Liberal Party, while the latter continues to support large numbers of immigrants.
I've been saying since 1996 that I'm going to talk about migration at the national level, and that there has to be a managed and balanced approach so that we have the infrastructure to deal with it.
Senators responded to new data showing that the number of immigrants coming to and from the United States this year is much higher than the May budget projected.
As of August, the number of migrants has reached 413,530, which is close to a record high and well exceeds the 2023-24,000 migration projected in the Australian Treasury's May budget.
Abdul Rizvi, the former deputy minister of immigration, expects the number of migrants to reach a record high of 500,000 by September this year. He said the number of migrants in Australia would reach 500,000.
Senator Hansen said, "Every 1,000 immigrants need 550 homes.
At that time, Hansen proposed that people with temporary visas should not buy property, but must be permanent residents!
However, there are still very few students studying abroad in Australia.
Agencies say that although they also have some Chinese clients, less than 10 percent are international students.
In addition, it is difficult for foreign students to apply for loans, so unless they buy a house now, their barriers will always be high. Statistics show that in the last financial year, only 168,231 private housing units were built in Macao, including both villas and apartment buildings.
One of the main reasons Australia is currently facing a severe housing crisis is that there are so few new homes.
What do you think about the above issues?