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Except, the FIRB does not collect adequate data to truely monitor the acquisition of housing by non-Residents, and these regulations are easily to get around an

by Khaine 10y ago

Except, the FIRB does not collect adequate data to truely monitor the acquisition of housing by non-Residents, and these regulations are easily to get around and are often flaunted.

a_bonobo 10y ago
Do you have any proof for either statement? All I could find is the 2014 report on the FIRB which said they would never initiate court proceedings; http://www.abc.net.au/news/2014-11-27/foreign-buyer-rule-enforcement-needs-to-be-strengthened/5921518 http://www.abc.net.au/news/2014-11-27/foreign-buyer-rule-enf... I have no clue how much has changed there since then, and I don't assume anything will change. This still doesn't mean that any of my original points are wrong, the entire system is bad and IMHO Chinese foreign investment is just a scapegoat (if you look at the report, at that time Chinese investment was already the highest but back then very close ($5.9 billion) to US ($4.4 billion) and Canadian ($4.9 billion) investment: Why did no-one complain about either?)
- Khaine 10y ago
  Seriously? The government held an inquiry into it, and this is the first key thing in the report: "First, there is no accurate or timely data that tracks foreign investment in residential real estate. No-one really knows how much foreign investment there is in residential real estate, nor where that investment comes from." See http://www.aph.gov.au/Parliamentary_Business/Committees/House/Economics/Foreign_investment_in_real_estate/Tabled_Reports http://www.aph.gov.au/Parliamentary_Business/Committees/Hous... http://www.rba.gov.au/publications/submissions/housing-and-housing-finance/pdf/inquiry-foreign-investment-in-residential-real-estate.pdf http://www.rba.gov.au/publications/submissions/housing-and-h... http://www.canberratimes.com.au/federal-politics/political-news/abs-has-patchy-figures-on-foreign-investment-in-homes-20140625-3atp4.html http://www.canberratimes.com.au/federal-politics/political-n... http://theconversation.com/little-hard-data-in-the-hard-area-of-foreign-investment-28893 http://theconversation.com/little-hard-data-in-the-hard-area... Secondly 4 Corners did an investigation into it http://www.abc.net.au/4corners/stories/2015/10/12/4327525.htm http://www.abc.net.au/4corners/stories/2015/10/12/4327525.ht... and https://www.crikey.com.au/2015/10/14/why-are-chinese-buyers-snapping-up-so-much-australian-property/ https://www.crikey.com.au/2015/10/14/why-are-chinese-buyers-...

by Khaine 10y ago

Except, the FIRB does not collect adequate data to truely monitor the acquisition of housing by non-Residents, and these regulations are easily to get around and are often flaunted.

a_bonobo 10y ago

Do you have any proof for either statement? All I could find is the 2014 report on the FIRB which said they would never initiate court proceedings; http://www.abc.net.au/news/2014-11-27/foreign-buyer-rule-enforcement-needs-to-be-strengthened/5921518 http://www.abc.net.au/news/2014-11-27/foreign-buyer-rule-enf... I have no clue how much has changed there since then, and I don't assume anything will change. This still doesn't mean that any of my original points are wrong, the entire system is bad and IMHO Chinese foreign investment is just a scapegoat (if you look at the report, at that time Chinese investment was already the highest but back then very close ($5.9 billion) to US ($4.4 billion) and Canadian ($4.9 billion) investment: Why did no-one complain about either?)

Khaine 10y ago
Seriously? The government held an inquiry into it, and this is the first key thing in the report: "First, there is no accurate or timely data that tracks foreign investment in residential real estate. No-one really knows how much foreign investment there is in residential real estate, nor where that investment comes from." See http://www.aph.gov.au/Parliamentary_Business/Committees/House/Economics/Foreign_investment_in_real_estate/Tabled_Reports http://www.aph.gov.au/Parliamentary_Business/Committees/Hous... http://www.rba.gov.au/publications/submissions/housing-and-housing-finance/pdf/inquiry-foreign-investment-in-residential-real-estate.pdf http://www.rba.gov.au/publications/submissions/housing-and-h... http://www.canberratimes.com.au/federal-politics/political-news/abs-has-patchy-figures-on-foreign-investment-in-homes-20140625-3atp4.html http://www.canberratimes.com.au/federal-politics/political-n... http://theconversation.com/little-hard-data-in-the-hard-area-of-foreign-investment-28893 http://theconversation.com/little-hard-data-in-the-hard-area... Secondly 4 Corners did an investigation into it http://www.abc.net.au/4corners/stories/2015/10/12/4327525.htm http://www.abc.net.au/4corners/stories/2015/10/12/4327525.ht... and https://www.crikey.com.au/2015/10/14/why-are-chinese-buyers-snapping-up-so-much-australian-property/ https://www.crikey.com.au/2015/10/14/why-are-chinese-buyers-...