Proposals to charge extra fees and stamp duty on foreigners buying property would be detrimental to house building according to the Property Council of Australia. Its executive director Nick Proud has warned that such moves would mean lower rates of building approvals with a knock-on effect for the residential property market and construction industry. Proud noted that foreign investment is “an essential ingredient” in the housing supply chain. There have been calls for further regulation of foreign investments in Australian property but there is a lack of accurate information on the scale of that part of the market.
Source: The Australian
Report calls for rethink on ageing residents
Downsizing is not the only option for Australia’s senior citizens according to a new report. The Head, the Heart and the House has been published by the Per Capita think tank and says that there needs to be a rethink of housing for the older generation. While many will retire with a mortgage-free home of their own, many others will either continue to have home loan repayments to make or will be renting. The report says that current housing policy for older people does not consider these options properly. It says that people are living longer and choosing to stay in their own homes, often in outer metropolitan areas and that there should be greater supply of affordable housing options.
Source: Sydney Morning Herald
Ten most expensive properties are in Sydney
Australia’s 10 most expensive properties in 2014 were all in Sydney. The most expensive was a waterfront mansion in Point Piper bought by recruitment expert Julia Ross for $21.5 million around 10 years ago and eventually sold after three years on the market for $39 million last year. A close second was a $37 million mansion just down the road from Ross’ home, which had been listed previously at $55 million before being discounted; the same street was also the location of the third most expensive in Australia at $30 million. The other homes in the list were for sold for $16 million or less.
Collections: Mortgage News