The Foreign Investment Review Board's annual report revealed a 67% fall in residential real estate approvals last financial year - down from 40,149 approvals to 13,198. (are we surprised by this or should we be surprised - no that's what the Government intended to do)
The value of FIRB approvals also plunged from $72.4 billion to $25.2 billion in fiscal 2017.
(Still a lot of money but wow it certainly has plummeted)
The report reveals 18% of approvals to foreigners were for residential real estate in Queensland in 2016-17. (lucky them eh)
With the introduction of state-based taxes on foreign investors, the FIRB said weaker demand from China was another factor behind the decline in approvals granted.
Investment in new apartments from mainland Chinese investors dropped significantly in 2016-17. (I dont think this is a bad thing, personally I think they should be slowing down on building all these apartments - we are not China we dont need to house millions of people)
Sydney should be starting to feel the pinch now with apartments not selling as fast as they were, the development of land has been skewed towards apartments for investors and too little towards the types of medium-density dwellings that people want to reside in (no its all about the greed, developers normally do not care really what is best for the community they care about the bottom line).
I feel that Perth has been going in the same way, there is just far too much building of apartments going on which is affecting all suburbs and their sales. Yes sure we need some alternatives to buy rather than the old ones on offer (which are so cheap now its ridiculous) but too have thousands of them?? I just dont know where their heads are at seriously.
I would rather buy location, older style and renovate it then go out further to get these brand new ones that are in buildings of 100+ or more.
MAKE UP YOUR OWN MIND AND GIVE IT A REAL GO!!
SELLING MOSMAN PARK & THE WESTERN SUBURBS!!
KEEPING IT REAL IS OUR MOTTO!!
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