Arab Today, arab today foreigners to pay fees penalties on australian real estate
Last Updated : GMT 13:50:10
Arab Today, arab today
Arab Today, arab today

Foreigners to pay fees, penalties on Australian real estate

Arab Today, arab today

Arab Today, arab today Foreigners to pay fees, penalties on Australian real estate

Cashed-up foreigners
Sydney - AFP

Foreign investors will have to pay new fees to buy Australian real estate, Prime Minister Tony Abbott said Wednesday, under a proposal which includes a crackdown on illegal purchases.
Cashed-up foreigners, many from China, have been blamed for driving up prices in Australian property markets, particularly Sydney and Melbourne, and placing home ownership out of reach of many locals.
"Part of the Australian dream is owning your own home and we certainly want the dream to continue," Abbott told a press conference in Sydney.
He said the current rules, under which foreigners are only allowed to buy new dwellings and are barred from purchasing existing residential property, had not been enforced in recent years.
"Under the former (Labor) government, for six years there was not a single legal case against a foreigner buying a home," he said.
"So what we're on about is ensuring that the long-standing rules are enforced.
"Yes, foreign investment has been very, very good for Australia but it's got to be the right foreign investment... and it can't disadvantage Australian home buyers," he added.
The government is proposing charging an application fee on all foreign investments, similar to a scheme already operating in New Zealand. The charges are likely to be more modest than those in places such as Hong Kong and Singapore, Abbott said.
Under the plan, any foreign investor who wants to buy a residential property worth less than Aus$1.0 million (US$784,500) will have to pay a Aus$5,000 application fee.
This would rise by Aus$10,000 for every extra million dollars in the purchase price.
If an investor broke the law by purchasing existing property, Treasurer Joe Hockey said they could then be fined up to 25 percent of the value of the property and be forced to sell it.
"These integrity measures are absolutely essential for reassuring Australians that when they go to an auction they are on a level playing field, that they are not being taken advantage of," Hockey said.
The treasurer added that the government intended to establish a small, specialised unit to ensure compliance and identify breaches and would also set-up a register of foreign ownership of residential and agricultural property.
He said the fees were expected to raise more than US$200 million a year.
Earlier this month, the government said it would tighten scrutiny on overseas investment in farmland, following concerns about valuable agricultural and mineral assets passing into foreign hands.
It announced on Wednesday a new Aus$55 million screening threshold for foreign investment in Australian agribusiness.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today foreigners to pay fees penalties on australian real estate Arab Today, arab today foreigners to pay fees penalties on australian real estate

 



Arab Today, arab today
Arab Today, arab today Rabia Fatima reveals role of "Facebook" in her career

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: عقارات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday