RE: RE : House prices7 Sep 2020 09:08
Re: LEVIS Today 03:12 Post
'The property bubble has reached Sydney influenced by the Chinese.
SE Asia's largest economy, property bubble was 2014 and hasn't recovered. It all started with dried up corrupt Asian funds being investigated.'
I went to Perth in 2003, seeking to buy a block of Land-to build a retirement home,
It was BOOM time, everyone was a Real Estate Agent, I could get 5 ACRES for £35k
CAVEAT
Foreign Investors in Real-estate MUST buy and commence building within 12 months
If you do not do this, the Australian Government can SELL your property-and you only get the Purchase price !
So unlike Australians, who can pop to England, buy some land, and commence a build whenever they feel inclined.
RATIONALE
This all came about when CHINESE Investors bought a Block on Shoreline Land, gradually the neighbouring lands were developed, and the local Council-invited the Chinese to 'Commence Building their Land'
The Chinese refused-'it's OUR LAND, we can do what we want, when we want'
So Australia amended their LAWS !