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Saturday, October 06, 2018

Australia slips from top-five for Chinese property buyers in Golden Week holiday

Post to Facebook on 6/10/2018 at 4:57 PM
Commenting on “Australia slips from top-five for Chinese property buyers in Golden Week holiday”
https://www.domain.com.au/news/australia-slips-from-topfive-for-chinese-property-buyers-in-golden-week-holiday-20181005-h168i1-770367/


I'm departing Zagreb Airport, Croatia after a few weeks' absence. I read the attached article about the Chinese investors are definitely not coming to Australia which is no longer the flavour anymore.

I did make a statement that this past phenomenon is once in living history and will not repeat.

This is good news for Australian home buyers, but not for sellers. Those who bought or gambled on properties as investment during the hype-up period should have learnt a lesson.

The flow on effect of this downturn has many serious negative impacts, and buyers must sieze the opportunity before it is too late.

The lack luster market means disaster to government stamp duty, a windfall that enables the state government to announce all the ambitious projects. These promises will not be able to fulfill.

The federal government will also suffer from other taxes related to overseas investments. With the shortfall, the first buyers grant and other state grant will be reduced or even removed.

Until I return to Melbourne, stay safe and healthy!

Thank you for reading.