Crazily hot, 28% of Melbourne apartments bought by foreigners

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audI went to Perth in November 2014. Until today, I have yet to exchange back the remaining AUD into RM. the reason is because RM is slightly stronger than back then. How could that be when RM is supposed to be pointing towards a crisis in Malaysia? Haha. No comments about that here. Please refer to the latest for RM vs AUD image.

According to a report in an Australian online site, Reserve Bank of Australia said that the current depreciation of the Australian dollar is inadequate. This is however welcomed by the many foreign investors buying into Australia. Their target? Melbourne. According to latest stats, 28 percent of all new apartments in Melbourne were sold to foreigners! Until today, Malaysia’s number for foreign buyers remain at a low single digit. I personally hope this number stays almost the same for many more years. On an overall basis, 16 percent of all apartment sales in the new property market were accounted for by foreign purchasers. (Source: National Australia Bank)

Oh yeah, despite the current uncertainty, as long as the foreign investors still see Australia property as attractive, the number of transactions is likely to spike up. This is because beginning December 1, 2015, non-resident buyers will pay a fee of $5,000 for property under $1 million, with increments of $10,000 for every $1M thereafter. A 3 percent stamp duty on foreign buyers will be levied beginning July by the Victorian government.In fact, if you buy and leave the property empty, you are liable for holding land tax. Haha. Yes, all these meant up to an additional AUD50,000. (RM140,000).

Ready to push that 28 percent foreign buyers into 30 percent? Happy buying if your next target is Melbourne. Some recent happenings: Up in Sydney and Melbourne, Down for Perth or this one: Sydney properties? Opportunities soon, maybe

written on 25 July 2015

Next suggested article: Australian property? Take note of ‘what if’ 2017 bubble bursts is everything about property related writings and news. Enjoy reading with a latte.

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