the measure didn’t make “a material impact on removing a source of pressure and restricting demand growth.”Australian-based economic and property experts that SBS News spoke with were not confident the ban would have any obvious effect on the Canadian housing market and did not see any reason for Australia to follow.
“The general rise in house prices can only be addressed through more fundamental means, such as increasing the density of cities and suburbs, which requires also more diverse housing options, and better tailoring housing to the needs of people,” she said. “It highlights that migration to Australia is not a bad thing, and it doesn't mean housing gets less and less affordable, it’s kind of highlighted that there are other challenges, low interest rates, or lack of supply, much bigger issues creating the unaffordable housing market, as opposed to our strong rate of population growth."The average cost of a home in Australia dropped by about 5 per cent last year to about $708,000.
Mr Kusher said while he wasn’t aware of any official data in regard to how often this happens, he said there was anecdotal evidence this was occurring.Australia has seen the biggest annual fall in home prices since the GFC. What's driving it?
Yes they should.
YES
Yes
Just be a better investor, and you will be fine...
Maybe
I thought Australia has already done that.
Yes Australia should
HShonis Yes!
Land banking has already taken it's toll
How about addressing supply. Whether foreigners buy or rent will have the same affect on property prices. And we need more people in our country to grow gdp to pay for all the debt we have accumulated and to address the shortage of available employees to fill positions.
Yes
Good job houses should only be for countries citizens
Yes
Certainly. Yes. Australia benefits only for Australians.
Definitely!
Yes they should let our properties stay Australian own.
Definitely
Yes and No. We shouldn’t close our country off entirely, so only allow international countries with reciprocal arrangements to buy in this country.
Should have done this 20 years ago. History now tells the story
Increase the foreign buyer tax and put the money into affordable housing for locals..
Yes of course we should ban overseas buyers and people
YES!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
You can’t stop greed and when it comes to selling everyone wants to make money it’s human nature to make the best deal available
Should have happened ten years ago
Should never have to happen in the FIRST PLACE
I would suggest just getting rid of Air BnB's. People would actually be able to rent where they work in Byron Bay.
NO.
ban politicians from owning massive property portfolios!
I've seen first hand the overseas investors buying up homes. Government loves their money so sadly will never be stopped. And honestly the damage has now been done. They control the majority of the market and inflating prices is just the start
Yes.
A bit late. Damage has been done. Better late than never. Foreigners shouldn't be allowed to buy any property.
Do we really want 'monkey on your back' sharks or the likes of Blackrock buying all the houses.. like Albo, and pushing up the prices ad nauseum?
Yes 👍🇦🇺👍
The root of the problem lies in making the housing market an attractive business investment. It is Australians/foreign investors profiting off the primary needs of Australians. When someone owns 18 homes with no intent to sell or rent, 17 opportunities to buy a home are gone.
Yes!
I think Australia should have stopped it decades ago.
Yes and 20 years ago
Definitely yes.
Absolutely yes
Of course. It's a no brainer if you give a shit about the Australian people.
Yes they should
Bit too late.
We need more property investors to increase supply of rental properties. Require over 36% of super be in rental housing. Cap rents at 36% of pensions. Have wealth tax and exempt rental properties. Ban fractional lending QE for existing housing. QE $200b/y to build public housing.
No brainer! Residential property should only available to Aus citizens and permanent visa holders.
What and allow the Ponzi scheme to fail? It would be political suicide.
I for one welcome the chance to isolate ourselves & close our country off to investment. History shows clearly that isolated societies that don't share knowledge, trade, technology, etc have been by far the most prosperous & never get invaded by foreign powers.....
Yes immediately
Yes
It would be a good start.
Most definitely
Yes. Commonsense.
I think it's a good idea to limit certain types of investment if you own people can't compete. The govt needs to stopmakimg properly an investment strategy this would help .....we need a combination of policy change and risk political backlash!!
Yes
I Like Turtles
So silly. Fire fin buyer especially Chinese have used citizens of other nations to hold properties in trust for them.
Australia should have done that decades ago !!
Ive said b4, Airb&b just as responsible for the housing shortage as is foreign investors. While ur there, do u call NSW,QLD & VIC investors foreign? Lets not mention all state governments selling off public housing to property developers & pushing people out 2 the badlands
Who wants to live in Australia? Nicer places and people and food in other countries.
Doesn't matter all that much considering we are allowing exponentially more mass immigration every year.
Absolutely YES
Yes
Foreign owners competing with property investors already pay foreign investors tax. This tax means tenants end up paying a higher rent so the investor can recoup on the investment. Regulation in competitive markets should be limited to health & safety issues and politics kept out
Yes, yes and yes
Sell it all to multi-national corporations and make your citizens pay for the privilege of living on THEIR planet! Isn't that what you want then, ultimately?
Yes! Absolutely. Let Aussie’s catch their breath. Give them a home first!
yes
Yes, but it will not happen under Labor, the most vile and corrupt party in the country. They do not give a shit about anyone except themselves. We need to stop immigration also which kicks Aussies out of housing and places minority ethnics in.
It should already of been done, were in a housing crisis. Affordability, Availability, Australians living here first, before overseas investors.
I think a ban should only apply to citizens of countries that have a ban on foreigners buying their land. That makes sense I think.
Hell yes. Even NZ did this some months ago as they recognized its an issue.
We definitely need to limit it. Wealthy British, Chinese, and Indians coming here, buying investment properties they'll never use; keep it to one per person if you don't live here.
Pointless ... the china bank and Arab bank own trillions. housing assets, power infrastructure, shopping centres, farming and politicos. That ship has sailed.
Yep but they won’t do it
Yes and tax Air'B'n'B out of existence to increase rental housing supply.
Australia should most definitely do the same and should have done this years ago. We would not be in the pickle we are now with housing, or at the very least, not as bad!!!!!
21% reduction from $800K to $630K in Canada from the start to end of 2022 this article states. Seems they have already had a major correction without the new rule. OZ has had a 5% drop. All for the New rule but unless negative gearing is for 1 property only it will do little.
Absolutely
YES! Absolutely.
They'd be better off limiting negative gearing, that would have a much bigger effect on housing affordability.
YES
Definitely average hose price shouldn’t be more then 600k and units more then 400k if we know that average wage is 45k a year
Yes, foreign investment drove the prices up in the first place, it’s ridiculous our kids are struggling and it’s made it impossible to get into the market.
Further development is a better idea -- but only on the condition that they bring back the affordable suburban 1/4-acre block (& the public common in those areas same isn't practical). So when SHTF you city-slickers will still have enough to eat ~ by producing as much as you can
Absolutely
Yup, Chinese families in particular but houses for their children which they should not do. Australia should be for Australians only - certainly not the Chinese
No
Absolutely.
Yes. Why do we need to allow foreign buyers to own residential property anyway?
Foreign investment review done in 2016 by Australian Federal Government.
Yes yes yes!
Yes! Gives more opportunity for Australians to purchase their first home
100%
It’s a 10k fine. Pretty sure the rich are still buying in Canada. It’s a smoke show
My son, a single parent with 2 sons just had his rent increased from $ 325 to $ 545 per week. Where is the social justice.
Landlords don’t care. They want to minimise their risk and have the tenants service the loan. Now with interest on the rise a lot of these investment properties will become to expensive to rent. Negative gearing, which should be repealed, will come up again.
No. Why handicap people that have worked hard to buy a house already. This will only bring lower gains for the people that have put in the hard work.
Yes
Experience from NZ shows that foreign ban doesn’t mean affordable housing.
Canadians don't understand basic economics, you increase supply to meet demand to lower the price. So you live in hope instead?
Shouldn't even be a question ..should never have been allowed to begin with
YES
Yes
I believe you’ll crash the construction industry and house prices and put tens of thousands out of a job. But it would certainly improve affordability in the short term.
Yes Yes Yes and make sure they are actual citizens not just residents with a visa. NO more foreign purchases of residential property or suburban commercial retail.
OzAz Australian laws already disallowed foreigners to buy landed properties long ago.
Most definitely!! Can't understand why they haven't done it before
Yes, please. There are too many Chinese in the property market.
YES!
This is just a handout to local developers. Masked as a social necessity to help affordability. LOL When was the last time that worked? LOL auspol springst
Bit late...
Yes
Housing prices has started to fall in 2022. Could it be that it is the low interest rate environment and limited suppy which actually fuelled the housing price boom? Foreigners are easy scapegoats at this stage. They don't even make up 5% of buyers market.
It’s a no brainer.
Yes
Yes yes yes 🙌
Yes.
IKts been some years since that happened in Australia.Did it help? SBSNews abcnews SkyNewsAust auspol
Yes Foreign Buyer's are scum.
Got to look after your own. I'm all for protectionism in respect to housing.
We already have. Just ask an Australian who has tried to buy a house in Italy in the past few years. Because an Italian can't buy a property in Australia, an Australian can't buy a property in Italy. The rule of reciprocity.
yes
is that really the problem? I would have thought that the out of control spread of Air B&B's was creating shortage of housing, both for buyers and renters.
What a joke , the Australian government has let us down allowing foreigners to buy property here for many years and see what’s happens most off us can’t afford and should be get rid off negative gearing as well . No one should have anymore then one property
we need to ban foreign buyers as they distort home prices Local Asians r pissed off with agents asking if they r locals or Chinese buyers The agents prefer Chinese as they can sell at a higher price In Malaysia n others foreign buyers can only have 30yr lease of land
Yes.
Albo Labor plans to bring in more than 250K immigrants PA More housing more land clearing-Habitats lost
Immigration from overpopulated countries to underdeveloped ones is the biggest genuine threat to the environment and the world. The world's two biggest contributors to climate change are China and India. A Toyota Corolla has a maximum capacity before everyone inside suffocates.
Yes
Foreigners already banned from buying houses in Australia since 2017-18, can only invest in projects/development. Housing problem now comes from Airbnb + greedy landlords.
Absolutely there should. Australian families should get priority over foreign millionaires. Make it work AlboMP
🤣🤣🤣🤣🤣🤣too late for that now!
A drastic step. This however is about helping people with affordable housing and not anti-foreign investment. The only one's to gripe will be banks and estate agents.
Yes
Absolutely. Otherwise homelessness issues will be threat Australian community and government. Homeless people getting junkies and robber. This problem biggest threat for Australia . Government must be focus that issue
Yes
Oh yes, oh yes. Surely these guys are better than those terribly elected liberal disasters. I truly believe Labor has bettered the last Government so far.
We need to undo the idea that housing is a portfolio investment and instead develop a society that views housing as a human right.
Why, the policy is to pump in 100sK so must have plenty of houses
Yes, it should have been done years ago.
They mean Blackrock & Vanguard don't want the competition for property. It is all B.S never believe the media or government narratives.
I think Australia should ban foreign buyers and also should implement 1 family can only buy 2 properties and invest your money somewhere else if you got money to buy more than 2 properties, and also different interest rates for first time home buyers and investors.
The Canadian PM is a muppet. Foreign ownership is so small in Canada it will make little difference. Playing the Nationalist card to stay popular after Covid powers over reach!
YES
yes, or look at it another way, incentivise investors to either sell (no CGT or the like) or able to buy register on a state/national rental property register (not AirBnB etc). foreigners can as long as they have minimum owner/occupier (being a resident) portfolio.
Australians can’t buy land in China and many other countries. Australia should reciprocate in kind.
The ban is new lifestyle
That won't fix the problem which is that Covid forced everyone to return to their respective countries and so the housing market was overwhelmed by demand. 300,000 Australians returned to Australia and now there is not enough housing. Foreign buyers are not the issue.
Well…….gee I don’t know🤔, what will China say?😡
They're not fixing the problem, they're just making it someone else's problem.
Yes
We should have have done this 20 years ago. Do some research and see how many absentee foreign owners there are. Way too many houses and apartments used once or twice a year
Yes yes yes
LNP never care house price, hope Labor can do something. However, the current Labor policy about house affordability only benefit part of It's voters. not for common Aussie.
yes 👍
Brilliant Australia should follow suit and tax heavily on empty properties
Hawaii's the same. You can't even buy in China.
Absolutely, though it's too late for those of us who have paid inflated prices due to foreign investors and shifty real estate agents.
Yes if not too late...?
Yes. 100%. Here is why:
People shouldn't be allowed to buy 'investment' properties while we have a homeless crisis.
BIG YES!
Absolutely!
yes
Absolutely YES
You betcha!
Albo won’t do it because he needs to protect the value of his large property portfolio
Yes
Australia should ban Canadians from buying in Australia and any other country that bans Australians.
Every immigrant needs a roof over their head! Do the math.
New Zealand already did that before Canada. Australia should not only ban foreign investors but also limit the number of properties domestic investors can buy. In addition to abolishing negative gearing. And we should have 2 interest rates, 1 for owner occupier & 1 for inverters.
YES! Are you listening AlboMP ?
YES
That boat has sailed. I'm renting from a family trust that lives overseas and has been landbanking in Sydney for years. He owns numerous properties and is a crappy landlord who won't repair anything.
Yes
Definitely 💯
YES
Not if you limit your article interviewees to the property lobby. But if you ask ordinary, common sense citizens...
ABSOLUTELY!
There are long-standing rules around foreign investment in residential property in Australia.
Bali should
Yes we should. If our young people are struggling to find affordable housing, there is absolutely no reason to be selling what housing there is to anyone other than them.
Hell yes! Let’s look after the people who pay taxes in this country
It’s only for 2 years
Central banks manipulating interest rates below the nominal and real vpi incentivises people to preserve wealth in real estate rather than bonds creating housing bubbles and creating the housing crisis in the first place. More market distortions will only make prices higher.
Nothing wrong with someone owning 50 investment properties if they're a true blue Aussie 👍
U would think so
Yes
I happen to know that Poland introduced 5 years for CGT because of Canadian investors lol
Ban is for 2 years ?
They could start by getting rid of negative gearing and discounts on CGT.
Or Puerto Rico?
Fuck yes!
Do you want to crash the Australian housing market?
Sure.
Sooo good! Wish Australia was the same!
Foreigners are already banned from purchasing residential properties in Australia without approval from Foreign Investment Review Board. Permanent residents are not considered foreigners. It has been like this for more than 30 years
Should be same in australia as they the ones who put prices out of reach for most aussies
I can just imaging the Australian Real Estate Agents squirming, crying, complaining, whinging, bitching and demanding Government Compensation for their loss of profits to but their new Tesla Toy.
jaquix173 substanceless piece of fluff
Somehow I think it's the landlords and owners of housing portfolios from Australia that hold the lions share of housing hostage. I'm much more concerned about them exploiting our need for housing than a paltry amount of international buyers.
Better would be 'homes' for communities ie long term rental. Hotels for short term rental. Then no housing left empty. Then address who might own housing.
Australians can’t buy land in China and many other countries. Australia should reciprocate in kind.
Without foreigners buying our land, how will Chinese kleptocrats launder their money? And who will rent houses to groups 12 Indian 'international students' who do vital work such as Ubereats driver?
I'd vote for this. Residential housing should be only for residents of the country. I know they pay extra fees and stamp duty etc but I don't believe foreign ownership should ever be allowed.
What a load!
Why isn’t Australia doing the same?
Cutting migration will have a better impact on the housing crisis.
RobertF23004448 Fundamental failure of capitalist system offers opportunities for pointless authoritarian power grab
They will put more money into the Australian market, making it even harder. It is not the only answer air b&b , developers only building for a certain market , public housing all need to be looked at. In Asia very few countries allow foreigners to buy land.
It absolutely would alleviate pressure on the Aus market. Our market is open to more multi-millionaires and billionaires than there are Australians, who can afford to pay above market value, and then there are those who are laundering money. The gov let them do it, corruption
Should be the same in US and Australia 🤔
Yes
Yes! Foreign citizens cannot buy property in most countries. Why do we sell everything?
Of course it would.
Yes. I know of properties in my area vacant. OS buyers owners keeping them for capital gain. Not interested in renting. Ridiculous situation with a housing problem.
SBS asks foxes about hen house security. You couldn't make this stuff up.
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