The reinstated Turnbull government should appoint a federal Minister for Housing to oversee housing affordability, supply and demand, foreign investment and property taxes, says LJ Hooker CEO, Grant Harrod.
Foreign buyers accounted for 10.4% of new property purchases in the June quarter, the third consecutive monthly fall according to NAB's Residential Property Survey.
It is impossible to tell whether or not there has been additional foreign investment into established property illegally, but what we do know is that $61 billion worth of foreign housing sales was approved by FIRB in the 2015 financial year - and, not only is that number unprecedented, it’s more...
The current WA real estate market is behaving quite differently to markets on the East Coast, so for us it was critical to look at the impact tinkering with negative gearing would have locally.
Investors as well as property owners can now breathe a big sigh of relief knowing that there will now be no changes to negative gearing as a result of the election of the Coalition Government.
The need to re-establish the Australian Building and Construction Commission is very real and we urge the government to find a legislative pathway to deliver this important reform.