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Australia ‘will pay foreigners up to $50,000’ to buy a new home


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Australia ‘will pay foreigners up to $50,000’ to buy a new home as Perth market set to boom

https://www.news.com.au/finance/real-estate/buying/australia-will-pay-foreigners-up-to-50000-to-buy-a-new-home-as-perth-market-set-to-boom/news-story/21eebff2400bce7bad548c656aa491a4

 

What can you say, this is about criminal as you can get, if this doesn't make people sit up and wonder what the hell is going on nothing will.

 

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Australia ‘will pay foreigners up to $50,000’ to buy a new home as Perth market set to boom

https://www.news.com.au/finance/real-estate/buying/australia-will-pay-foreigners-up-to-50000-to-buy-a-new-home-as-perth-market-set-to-boom/news-story/21eebff2400bce7bad548c656aa491a4

 

What can you say, this is about criminal as you can get, if this doesn't make people sit up and wonder what the hell is going on nothing will.

 

Madness. I can imagine something similar here post-Brexit. A visa for buying off-plan new builds.

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Like importing 600,000 HK Chinese in the next two years?

Is that true though, or even close to the truth?

If it is, that's not too much of a biggies as HK Chinese should be okay anyway. They've only had one generation of authoritarian nastiness and like us, should be happy and able to succeed with our new found freedom!

"Chinese people" aren't fundamentally the problem. China is.

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Is that true though, or even close to the truth?

If it is, that's not too much of a biggies as HK Chinese should be okay anyway. They've only had one generation of authoritarian nastiness and like us, should be happy and able to succeed with our new found freedom!

"Chinese people" aren't fundamentally the problem. China is.

Immigration is the problem.

Offshoring the UK's manufacturing base to the Far East is the problem.

Runaway deficit consumption is the problem.

An echo housing bubble subsidised with public money is the problem.

Rattling your chains to keep up morale... is the problem.

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Immigration is the problem.

Offshoring the UK's manufacturing base to the Far East is the problem.

Runaway deficit consumption is the problem.

An echo housing bubble subsidised with public money is the problem.

Rattling your chains to keep up morale... is the problem.

Many, many, many more problems than that even!

Including China.

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Immigration is the problem.

Offshoring the UK's manufacturing base to the Far East is the problem.

Runaway deficit consumption is the problem.

An echo housing bubble subsidised with public money is the problem.

Rattling your chains to keep up morale... is the problem.

Neo-liberalism is the problem

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Many, many, many more problems than that even!

Including China.

We can always substitute Earthenware for China.

More seriously, the Australia story is about waiving taxes rather than handing out money, per se. While I understand being unhappy with the practise (the inequitable application of taxes is unjust) I think the article is being sensationalist.

 

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Aus has skewed the market with new build incentives for decades now, but I didn't realise this applied to foreign buyers as well. My last memory of Perth was being constantly covered in flies (perhaps I should wash more often). It was 39C the hotel room air con didn't work. 

Perhaps Aus and the UK should allow all the Uighurs to relocate. They're Chinese too.

 

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The headline is sensational and inaccurate. It is a rebate/deduction on stamp duty, rather than a government grant. It is applied to anybody, not just foreigners. You only get the $50,000 savings if you buy a $1.5m apartment. We can argue whether it is right or wrong, but the facts are important.

"Western Australian government will take up to $50,000 less in tax when buying a home" is more accurate.

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There is a reason many countries like Thailand, Philippines and yes China don't allow foreign nationals to buy land and established property.

If your citizens and government don't own the country and its land - it is no longer your country.

As has been pointed out here the WA state government aren't paying non Aussies to buy property just charging less tax on the purchase.

Australia does of course have restrictions on foreign buyers as does NZ - but we of course are quite willing to allow anyone to buy anything including gangsters, criminals drug dealers and firms linked to or owned by oppressive regimes laundering their ill gotten gains. Money no morals.

Selling your soul and country to the highest bidder - but once its sold its gone.

Edited by MARTINX9
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The headline is sensational and inaccurate. It is a rebate/deduction on stamp duty, rather than a government grant. It is applied to anybody, not just foreigners. You only get the $50,000 savings if you buy a $1.5m apartment. We can argue whether it is right or wrong, but the facts are important.

"Western Australian government will take up to $50,000 less in tax when buying a home" is more accurate.

14 posts before someone actually read the post and made a sensible summary.

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The headline is sensational and inaccurate. It is a rebate/deduction on stamp duty, rather than a government grant. It is applied to anybody, not just foreigners. You only get the $50,000 savings if you buy a $1.5m apartment. We can argue whether it is right or wrong, but the facts are important.

"Western Australian government will take up to $50,000 less in tax when buying a home" is more accurate.

True. But it still ought to be shocking. It's designed to keep a basic essential expensive. If the price of food or electricity had risen tenfold in a decade and the state stepped in the keep it expensive people should be outraged.

In fact, that's a good plan for the BOE. Now that housing costs are incredibly expensive they could increase our porsperity by making food incredibly expensive too. It's right up their alley. Along with 'if everyone spends all their money we will all be rich' we can have 'if everyone is homeless and can't afford to eat we will achieve prosperity.'

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Three time’s we’ve migrated to Australia, and three times we’ve failed. The last straw was when a lady from vetassess called me at work (in oz) to tell me “you no colify come live stalia”. I had to ask her to repeat herself, she could barely speak English!

The Aussies are a bit slow, but they are now realising the Chinese are slowly but surely taking over.

Edited by MarkD
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Is that true though, or even close to the truth?

If it is, that's not too much of a biggies as HK Chinese should be okay anyway. They've only had one generation of authoritarian nastiness and like us, should be happy and able to succeed with our new found freedom!

"Chinese people" aren't fundamentally the problem. China is.

Chinese money is a problem.  100,s of thousands of houses and apartments have been sold to them over the last couple of decades for eg: https://eliteagent.com/almost-20-of-new-victorian-homes-are-sold-to-overseas-buyers/

Australian housing is one of the worlds go-to destinations for money laundering. There are almost no checks on the pedigree of money coming in so long as its for real estate,  estate agents and solicitors have no requirement or obligation to check the source of money.   Foreigners are technically not allowed to buy used property unless they get prior approval and like all laws designed to protect locals, it is just there for show and in reality a rubber stamp whereby Chinese in particular with a few million to hide away out bid locals time after time, pushing up prices as they go. Just like the points system for immigration is just for show (or for Brits who follow the rules and dont have a back door to side step procedure like some employer sponsored immigrants have)

The commonwealth and states are always handing out first home buyer or first home builder grants but increase them when they think prices are about to fall.  They had a Royal commission report into banking practices a few years ago which recommended tightening up lending criteria, that has now been thrown in the bin and its back to the races with 5 or 6x combined couples wages being the norm, regardless of what they pretend otherwise. Just have to go to a mortgage broker.

Tax breaks for BTL are also on steroids which negative gearing, ie you run your BTL at an apparent loss (when you take things like interest and depreciation into account) then put that loss against all other income,  This is a big deal for higher income people who want to get their apparent income bellow a particular threshold for tax.  Capital gains on selling BTL is 1/2 of normal capital gains.     Just about every politician in the current right wing nut job LNP government is up to their necks in BTL so have no incentive to change things.  In fact worse, as far as they are concerned, prices must go up for ever.

If you think the UK has an overpriced 'house price' economy, then multiply it by 3x for Australia where even the nastiest house in the nastiest suburb full of drug addicts and violence will cost you $500K and often much more in Sydney and Melbourne not far behind.

Edited by steve99
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If you think the UK has an overpriced 'house price' economy, then multiply it by 3x for Australia where even the nastiest house in the nastiest suburb full of drug addicts and violence will cost you $500K and often much more in Sydney and Melbourne not far behind.

Aka my old neighbours 😂

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Chinese money is a problem.  100,s of thousands of houses and apartments have been sold to them over the last couple of decades for eg: https://eliteagent.com/almost-20-of-new-victorian-homes-are-sold-to-overseas-buyers/

Australian housing is one of the worlds go-to destinations for money laundering. There are almost no checks on the pedigree of money coming in so long as its for real estate,  estate agents and solicitors have no requirement or obligation to check the source of money.   Foreigners are technically not allowed to buy used property unless they get prior approval and like all laws designed to protect locals, it is just there for show and in reality a rubber stamp whereby Chinese in particular with a few million to hide away out bid locals time after time, pushing up prices as they go. Just like the points system for immigration is just for show (or for Brits who follow the rules and dont have a back door to side step procedure like some employer sponsored immigrants have)

The commonwealth and states are always handing out first home buyer or first home builder grants but increase them when they think prices are about to fall.  They had a Royal commission report into banking practices a few years ago which recommended tightening up lending criteria, that has now been thrown in the bin and its back to the races with 5 or 6x combined couples wages being the norm, regardless of what they pretend otherwise. Just have to go to a mortgage broker.

Tax breaks for BTL are also on steroids which negative gearing, ie you run your BTL at an apparent loss (when you take things like interest and depreciation into account) then put that loss against all other income,  This is a big deal for higher income people who want to get their apparent income bellow a particular threshold for tax.  Capital gains on selling BTL is 1/2 of normal capital gains.     Just about every politician in the current right wing nut job LNP government is up to their necks in BTL so have no incentive to change things.  In fact worse, as far as they are concerned, prices must go up for ever.

If you think the UK has an overpriced 'house price' economy, then multiply it by 3x for Australia where even the nastiest house in the nastiest suburb full of drug addicts and violence will cost you $500K and often much more in Sydney and Melbourne not far behind.

China is a problem. And has been for ~20 years.

 

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