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Inquiry into Australia's foreign investment policy as it applies to residential real estate

In 2013 foreign investors obtained permission from the Victorian government to build or to buy 4,500 houses, amounting to some $18b worth of approvals. Numbers of houses falling into foreign hands are increasing, with the Chinese the biggest buyers and builders, followed by the Canadians, Americans and Singaporeans. There were 12,025 applications to invest in Victorian real estate according to an annual report for 2012-2013. Not one was rejected. On Wednesday 19 March 2014 the Treasurer, The Hon Joe Hockey MP, asked the Economics Committee to inquire into and report on Australia's foreign investment policy as it applies to residential real estate.

Although the date for submissions seems to have passed, the committee is still receiving them. Since most submissions have come from professional organisations with a financial interest in promoting more houses, there is a great need for members of the public who cannot afford housing to make submissions. Submissions

The Committee invited interested persons and organisations to make submissions addressing the terms of reference by Friday 9 May 2014. However it looks as if they are still accepting submissions.

Inquiry Status

Accepting Submissions


How to make a submission

The committee invites individuals and organisations to send in their opinions and proposals in writing (submissions)

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Comments

Australia already has some of the most expensive housing in the world, propped up largely by high immigration. Now, there's a slow-down in buying due to unaffordable prices, so foreign investors are now invited into Australia, to invade the market, to keep the property bubble inflated! What other reason, except high prices and a flow of foreign money?

Australian household debt has hit a record 177 per cent of disposable income, with residential property prices equating to 4.3 times annual incomes and 28 times annual rent.

Read more: http://www.smh.com.au/business/is-it-a-bubble-16-key-housing-market-questions-20140409-36cjb.html#ixzz33Px66GAe

We've become slaves to the banks, and money lenders, through long and heavy mortgages. It's the ideal and non-violent way of draining salaries and earnings from the pockets of families and individuals into the already over-flowing banks.

The skew in the immigration intake towards skilled migrants is accentuating the impact on the housing market. Skilled migrants are typically cashed up when they arrive and quickly add to housing demand. The so-called "skills shortages" is more about luring more people into the housing bubble than any real skills shortages - not with our rising unemployment rates, the trashing of TAFE courses and apprenticeships, and the massive increases predicted by university fees!

With little diversity in our economy, and the mining boom going off the boil, housing has become a real, no-brainer, government money-spinner. Just import people, and they buy into housing! It's easy to recognise a Ponzi scheme!

The costs of population growth are solved by importing more people and thus we end up with an addiction to growth! And, if housing continues to fail, the next step is invite more foreign investors, and keep building apartments and towers to confine the "fillers" who'll need somewhere to live. (ignore the homeless)