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By ExpatBriefing.com Editorial
01 November, 2013
A former senior banker in Australia has suggested that foreign investors in Australian property should br charged an extra 5 percent stamp duty in order to cool the property market.
Bill Moss, who formerly built a global real estate finance business as a senior executive with Macquarie Bank, told the media that he feared Chinese investment could increase tenfold. He warned of a property bubble "in a few years time," and he cited Vancouver in Canada as a location where property prices had soared due to overseas investment.
Under current rules, non-residents cannot buy an existing Australian home, and temporary residents who purchase one must sell up on exiting the country. However, there are no restrictions on purchasing vacant lots or homes that have not been completed. Last month, a real estate agency in Sydney claimed that in parts of the city 80 percent of purchases were being made by Chinese buyers.
Hong Kong introduced an extra 15 percent stamp duty surcharge on apartment purchases by non-permanent residents a year ago, although the measure has not yet received formal legislative approval. It has been suggested that curbs against property speculation in China may be encouraging Chinese investors to look abroad, and there is evidence of an increase in purchases by Chinese parents as homes for students studying in Australia.
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