Australia To Ste Up Probes In To Illegal Foreign Home Buyers

Australia To Ste Up Probes In To Illegal Foreign Home Buyers

Investigations into foreigners in Australia who are purchasing residential properties illegally are being beefed up, said Treasurer Joe Hockey on Wednesday, in a move which many analysts see as a way of cooling down one of the world’s hottest property market.
The Wednesday announcement by Joe Hockey comes just days after a Chinese owner was ordered by the Australia government to sell his mansion in Sydney which is valued at $31 million within 90 days or face legal measures.

Chinese money in the Australian real estate market is not a new topic but the recent increase in the number of Chinese investors who are investing their money in Australia just as Beijing starts cracking down on corruption seems suspicious.

In Australia, foreigners are only allowed to buy new properties which have been recently build, but a widespread abuse of the system was discovered by a parliamentary committee inquiry.
When speaking about the matter, the country’s Treasurer said that he will be stepping up investigations in areas where there is strong evidence of wrong doing.

"I mean, we are not going on a witch-hunt and we don't want to create an atmosphere of xenophobia or anything else," Hockey told reporters.

"We want to be in a position where ... Australians, wherever they go, any Australian that goes to an auction needs to know that they are competing on a level playing field with people that are lawfully able to acquire the property."

 

Featured Articles

What's Trending

What's Trending

What's Trending

What's Trending

What's Trending

What's Trending

What's Trending

What's Trending

The Spot Light

Travel to Lisse where you can see 7 million blooms in spring

Travel to Lisse where you can…

Why You Should Travel Green

Why You Should Travel Green

What you should know before traveling to Turkmenistan

What you should know before…

Packing Tips for Travelling

Packing Tips for Travelling

Welcome To One World Trade Center

Welcome To One World Trade…

The Editor's Choice

Cottagers at Crooked Lake, Manitoba facing 700% rent increase

Cottagers at Crooked Lake, Manitoba facing 700% rent increase

In 2007, Grant Singer signed a $757-a-year lease with the Sakimay First Nation for an undeveloped lakefront lot on Crooked Lake, just 140 kilometers ease of Regina. There, he lived quietly with his family for years, having already spent an estimated $45,000 moving an old farmhouse onto the property,…

Five Things a Realtor Wants You to do so Your House can be shown

Five Things a Realtor Wants You to do so Your House can be shown

Most home sellers think that selling a house is a simple process that the realtor will take care of, and that they just need to be there for signing the papers. In reality, realtors need a lot of help from your side if you want to sell your home as soon as possible and for the best possible price.…

Why Should a Realtor Send Out a Newsletter?

Why Should a Realtor Send Out a Newsletter?

Email marketing has evolved over the years, and it might not carry the same weight as it did a decade ago, but it is still worth the effort. A realtor should not overlook the effectiveness of sending out newsletters to his or her clients, but there is need to rethink what goes into the newsletter,…

Flooded and ruined properties in California may never rebuild

Flooded and ruined properties in California may never rebuild

Flooding has been a major problem in California for years. The power goes down after a major storm, drinking water becomes contaminated, and boulders clutter the area from damaged buildings. There are some locations and structures that may never get rebuilt after damage, due to lack of funds. Parts…

What and where is the Occidental Grand Papagayo?

What and where is the Occidental Grand Papagayo?

Occidental Papagayo is a beautiful and modernized resort that is ideal for couples. It is located in Guanacaste, Costa Rica and attracts millions of tourists from all across the globe. Unlike other hotels in this region, this inclusive resort only offers its services to adults seeking a mix of…

Visit 1984 Isgyvenimo Drama

Visit 1984 Isgyvenimo Drama

There are several attractions to visit if you ever travel to Lithuania. 1984: Isgyvenimo Drama (or 1984: Survival Drama) is a reproduction of an actual Soviet bunker built in the 1980s. To get more information about the site and its attractions, you can visit their website at sovietbunker.com. When…

Weeki Wachee Springs

Weeki Wachee Springs

Weeki Wachee Springs is a great attraction that the whole family will surely delight in visiting. It's actually one of the 22 first-magnitude springs located in Florida. What makes the Weeki Wachee Springs a tourists' favorite are the activities it has for the guests. To name a few of the…

Visit the Karni Mata Temple, Deslinoke, India

Visit the Karni Mata Temple, Deslinoke, India

Visiting India as a tourist provides an opportunity to absorb experiences far different than we are used to in the West. Even walking in the streets can be an example of what it’s like to be immersed in a completely different culture. Many of the tourist spots reflect this as well,…