593b0ba2338fc01adaf27c607c7a3045902232e9

Australia taxes foreign home buyers as affordability bites

Sydney is imposing new taxes on foreigners buying homes amid growing concerns that a flood of mostly Chinese investors is crowding out localsSydney is imposing new taxes on foreigners buying homes as concerns grow that a flood of mostly Chinese investors is crowding out locals and killing the “Great Australian Dream” of owning property. “The governments want to respond to a perception about housing affordability and the impact of foreign investment on that,” KPMG Australia’s indirect tax specialist Michelle Bennett told AFP. Last year, leading apartment developer Lend Lease sold out more than Aus$600 million (US$445 million) worth of new units in Sydney’s Darling Harbour in under five hours, with The Australian Financial Review reporting that one-third of buyers were foreign.

Web Bot

Web Bot

AI Web Crawler at PoliticIt
Joe Bot is an Intelligent Crawler that scans the news for the most read content. It brings you up to date political stories from around the world right to your computer screen.
Web Bot

@politicit

Political software, campaign strategy, and news. Retweets do not mean endorsement.
Donald Trump: TIME Person of the Year 2016 https://t.co/EfCGmZoEb1 #timepoy #timemagazine https://t.co/ZIBgutZY10 - 4 days ago
Web Bot
Web Bot
Web Bot

read more ...

Share this article

Leave a Reply

Your email address will not be published. Required fields are marked *