Digital Finance Analytics (DFA) Blog
"Intelligent Insight"
From The New Daily. The New South Wales government is considering increasing stamp duty paid by foreign investors to help first-home buyers get on the property ladder. The news comes as figures reveal more than one in 10 residential properties sold in NSW are being snapped up by foreigners, with a third of them bought by … Continue reading “Push to increase stamp duty for foreign buyers”
From The Real Estate Conversation. Though the big four banks have clamped down on lending to foreign nationals, other lenders have moved to fill the gap, and the share of properties bought by foreign nationals in the Australian market ticked higher at the end of 2016 Other lenders have moved to fill the gap, including … Continue reading “Other lenders fill the gap as big four clamp down on foreign borrowers”
From Australian Broker. The government has forced a number of foreign nationals to sell 15 Australian residential properties after breaching the foreign investment framework. “We’ve taken further action on ensuring that Australian home buyers get a fair go when it comes to buying whether it’s their first home or subsequent home by ensuring that … Continue reading “Foreign investors forced to sell $100m of property”
According to the latest NAB Quarterly Australian Residential Property Survey, Q4 2016, foreign buyers increased their market share in both new and established housing markets for the first time since late-2015. In Q4, foreign buyers accounted for 10.9% of all new property purchases (10.2% in Q3) – the highest level since Q1’16. In established housing … Continue reading “Foreign Property Buyers On The Rise”
The Treasure released a working paper today – “Foreign Investment and Residential Property Price Growth“. This paper explores the relationship between foreign investment in Australian residential real estate and property prices. They take the number of foreign approvals (with exceptions), and look, at a postcode level for differences in purchase price, between those with high … Continue reading “Treasury Modelling Suggests Foreign Property Investors Have Only Small Impact”
From The Conversation. The government is proposing changes to the foreign investment framework that will allow a foreign real estate investor to purchase an off-the-plan dwelling when another foreign investor has failed to reach settlement. In announcing the changes, Treasurer Scott Morrison deployed a familiar narrative about foreign investment increasing housing supply and making “housing … Continue reading “Changes for off-the-plan foreign buyers rely on a broken supply argument”
From AAP. The government is bringing in changes to foreign investment rules to protect developers who are left in the lurch when a settlement falls through. The changes will allow foreign buyers to purchase an off-the-plan dwelling when another foreign buyer has failed to reach settlement, meaning developers won’t be left out of pocket. It … Continue reading “Foreigners can buy failed off-the-plan”
Globalisation has opened up property markets around the world, with cashed up investors from China in the market snapping up overseas homes at an accelerating pace. They’re also venturing further afield than ever before, spreading beyond the likes of Sydney and Vancouver to lower-priced markets including Houston, Thailand’s Pattaya Beach and Malaysia’s Johor Bahru; according … Continue reading “Australian Property Just One of Many Markets Of Interest To Foreign Investors”
In a statement today, the Treasurer highlighted further forced sales and fines imposed on foreign investors who have purchased a residential property. The body count is 46, with 400 still under investigation, so the number of actions, and amounts involved are very small, when compared to the whole market. Treasurer the Hon. Scott Morrison has … Continue reading “Government Trumpets Foreign Buyer Clampdown”
ASIC says Westpac Banking Corporation (Westpac) has recently refunded approximately $20 million to around 820,000 customers for not clearly disclosing the types of credit card transactions that attract foreign transaction fees. Following a customer complaint, Westpac notified ASIC that customers may have been incorrectly charged foreign transaction fees for Australian dollar transactions processed by overseas merchants. Because … Continue reading “Westpac refunds $20 million in credit card foreign transaction fees”