Chinese buyers in particular believe they have been “singled out” by governments across Australia, says real estate agency... Investors warned of misleading conduct...
Chinese buyers unlikely to turn away from Aussie real estate anytime soon
Malcolm Gunning, principal of Sydney based real estate agency Gunning, this week claimed that while the taxation and regulatory changes aren’t particularly onerous, Chinese buyers in particular believe they have been “singled out” by governments across Australia.
“The message that has been picked up in China and seconded through our client base is that Australia doesn’t want Chinese investment,” Gunning said.
“While the changes to stamp duty, land tax and increase in compliance powers granted to the ATO as well as rules to ensure foreign residents meet their capital gains tax liabilities aren’t unreasonable the message is what is of concern,” he said.
Gunning believes that perception could have a serious impact across the property market in Australia, in particular the apartment sector which could see projects “mothballed” as Chinese buyers take their money elsewhere.
Investors warned of misleading conduct
The offer of free real estate services should be seen as a “red flag” by investors according to Australia’s peak buyer’s agent body.
The Real Estate Buyers Agents Association (REBAA) has hit out real estate companies it believes are misrepresenting themselves as buyer’s agents and in the process harming the industry’s reputation.
“As Australia’s largest alliance of independent buyer’s agents, we always get concerned whenever we see mention of anyone advertising ‘free buyer’s agent services’,” said REBAA president Rich Harvey said.
“Red flags instantly start waving when words like “the seller pays the fee not the buyer” and “we will find your perfect investment property for free” appear on websites,” Harvey said.
While the idea of a free service may be appealing to buyers, Harvey said buyers need to be aware that those offering such services are unlikely to act in their best interests.
“Calling yourself an independent ‘buyer’s agent’ while selling property is simply dressing up the wolf in sheep’s clothing.
(Your Investment Property)
Malcolm Gunning, principal of Sydney based real estate agency Gunning, this week claimed that while the taxation and regulatory changes aren’t particularly onerous, Chinese buyers in particular believe they have been “singled out” by governments across Australia.
“The message that has been picked up in China and seconded through our client base is that Australia doesn’t want Chinese investment,” Gunning said.
“While the changes to stamp duty, land tax and increase in compliance powers granted to the ATO as well as rules to ensure foreign residents meet their capital gains tax liabilities aren’t unreasonable the message is what is of concern,” he said.
Gunning believes that perception could have a serious impact across the property market in Australia, in particular the apartment sector which could see projects “mothballed” as Chinese buyers take their money elsewhere.
Investors warned of misleading conduct
The offer of free real estate services should be seen as a “red flag” by investors according to Australia’s peak buyer’s agent body.
The Real Estate Buyers Agents Association (REBAA) has hit out real estate companies it believes are misrepresenting themselves as buyer’s agents and in the process harming the industry’s reputation.
“As Australia’s largest alliance of independent buyer’s agents, we always get concerned whenever we see mention of anyone advertising ‘free buyer’s agent services’,” said REBAA president Rich Harvey said.
“Red flags instantly start waving when words like “the seller pays the fee not the buyer” and “we will find your perfect investment property for free” appear on websites,” Harvey said.
While the idea of a free service may be appealing to buyers, Harvey said buyers need to be aware that those offering such services are unlikely to act in their best interests.
“Calling yourself an independent ‘buyer’s agent’ while selling property is simply dressing up the wolf in sheep’s clothing.
(Your Investment Property)
