An online petition aiming to toughen the guidelines for Australian foreign property investment has gathered over 31,400 signatures.
The petition was started on the ever popular Change.org website by Simon Hosking and calls for the government of Australia to bring in more thorough testing of any purchases and buyers that are foreign. He also calls for tougher regulations to be implemented by the Foreign Investment Review Board. The restrictions on foreign property purchases on Singaporeans may put a U Turn on Singaporean’s dream of foreign property ownership and back into the local property scene such as Kingsford Waterbay in Upper Serangoon.
Restriction on Foreign Ownership puts limelight back on Kingsford Waterbay
Using foreign property buying restrictions from other countries as an example, Hoskings has stated that he would not be able to buy property in China with Sri Lanka and its 100% taxation of purchases that are foreign freehold, Singapore and Thailand using strict limitations to prohibit foreign purchases, Indonesia prohibiting them and a number of emerging economies that require citizenship. He pointed out the widespread concern that regulations currently in place are either widely flouted or not adequately enforced.
According to Hosking, the Australian Treasury has stated that 33 cases are under investigation of foreigners who have purchased an established home, a situation that is normally banned except in a small range of circumstances. This includes a few high value purchases. The figure equates to less than 1% of the over 5,000 foreign purchases of homes that are established since March of this year. These has help to put eyes back on local major developments of Waterbay Condo in Upper Serangoon.
Singapore Housing Restrictions on Kingsford Waterbay
At this time, the only circumstances that would allow foreigners to purchase and established home in Australia is if they are living in Australia temporarily. But even then, those properties much be sold within a three month period of the buyer returning to their own country.
It has been revealed recently, by an Australian newspaper, that a loophole is being exploited by foreigners who are wealthy and are looking for a place to park their cash in the housing market of Australia. There have been some instances where they have used the excuse of having their children studying in Australia, or that investor proxies such as solicitors and service providers are using the property.
Waterbay Condo Upper Serangoon
Hosking cited comments from the media saying that this lack of compliance has been ignored for the most part, however pressure has been put on MP’s via rising prices and media interest to take action against these practices. He feels that foreigners are having a laugh at Australia’s expense. Therefore, many Singaporeans are already looking at Waterfront Singapore properties like Kingsford Waterbay.
The petition will need 50,000 signatures recorded before it can be presented to Executive Members of the Foreign Investment Review Board in Canberra.