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Real Estate News Releases
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(EstateNewsWire.com, March 16, 2013 ) Prahran, VIC -- A new law within Australia and other states could have a potential boost in housing sales, as Chinese investors will be given a higher level of incentive in order to search 'down under' for their property purchases in the future.
This month, the Chinese government official announced a proposal to step up the enforcement of the capital gains tax on profits earned through home sales. The government also noted an increased deposit size for those who looked to buy a second property.
“Turning the screws on property speculation appears to be aimed at limiting a potential asset bubble in China,” said Angus Raine, CEO of Raine & Horne.
”The upshot is that Chinese nationals could look to foreign property markets, which will surely mean more money flowing into Australian real estate.”
The Chinese investors have been showing a general interest in Sydney and Melbourne properties in the past years. Now is a natural time to make a conserted move for those investors with the new rules in place for domestic purchases. The recent introduction of Australian “Significant Investor Visa” being established, which allows fast-tracked migrant visas to help investor that add in over $5million in local investments, it is the perfect storm for the Aussie property market.
“We have received significant interest from Chinese buyers,” said Barry Goldman of Raine and Horne Double Bay.
“The laws will surely mean more money finding its way into the eastern suburbs.”
For those agents within the already popular buying areas, such as the north shore, there is an expected flood of new investments and expansions in the near future.
“Around 30 per cent of our Chinese buyers are overseas investors, so we expect that any restrictions on real estate in China will flow through to our markets,” said Hugh Macfarlan of Raine and Horne Chatswood.
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