Australia Triples Fees on Foreign Home Buyers, Further Deterring Chinese and Dampening Market
-
Australia has tripled fees for foreigners buying existing homes and doubled fees for vacant homes, to preserve supply for locals. This is expected to further scare off foreign buyers.
-
Chinese buyers previously dominated Australian property but their interest has dropped 80% from the 2014 peak due to rising fees over the years.
-
Other foreign buyers like those from India and Vietnam will also likely be deterred by the new higher fees. Many may opt for Dubai instead.
-
Developers may build fewer new units without foreign demand, reducing supply for locals. Markets like Gold Coast, Brisbane and Melbourne that relied on foreign buyers will likely be impacted.
-
Chinese property "shoppers" during Lunar New Year have dwindled in recent years due to rising fees over time in Australia.