Sydney Morning Herald Saturday 27 May 2017 Foreign property investors are shifting their focus away from Victoria after several government policy changes which experts say could lead to a slowdown in the economy.
Many China-based businesses that only sold Australian properties have already closed, while some are diversifying their businesses by selling other countries’ real estate.
In the past two years alone, the Victorian government introduced a 3 per cent stamp duty surcharge for foreign buyers and then more than doubled it to 7 per cent. The axing of stamp duty concession for off-the-plan properties from July 1 for investors will increase taxes further.
A busy construction sector has been a major driver of the economy, but continuous changes in rules are set to deter the very investors who help to get developments off the ground. Read more…
