Foreign demand for Aussie property running hot, but it's just a fraction of Australia's lucrative real estate market
"Chinese parents are really willing to help out, especially if the kids are willing to explore new areas or new countries," he tells ABC News.He now works as a real estate agent in Sydney and hopes to be able to buy a townhouse there in the future. Of the 5,360 purchase transactions in 2022–23, 164 registrants became permanent residents or gained Australian citizenship during the year and are included in these statistics.
"We hear it all the time that to fix housing affordability, we need to ban foreign buyers — that is completely overblown," Ms Owen said. "So now that net overseas migration is starting to normalise, we might get a little bit of a slowdown in growth in the rental market.""It comes with a lot of additional fees and states have their own additional levies for foreign buyers," she said.
"So there are a lot of different buyers coming from all over Asia. And I can say that a lot of these people are very powerful in the business space." "A lot of them may have sold a property or to overseas, and then say, 'I'm moving the money over here.'""We're seeing a lot of banks are favourable with overseas income where they might support up to 50 per cent LVR for any particular purchaser," Mr Kelepouris says.
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Source: 7NewsSydney - 🏆 16. / 63 Read more »