Scott Morrison orders more foreigners to sell property

Jan 18 2016 at 12:59 PM Updated Jan 18 2016 at 5:08 PM Letter of Invitation: I would be available to answer any queries regarding best suburbs to integrate socially, just to let you know 21 suburbs of South Australia which are red-flagged by Australian banks. I am happy to provide detail answers to any questions with reference to Property Investment, Subdivision, Development, Buying/ Selling Residential, Commercial, Rural Properties and Businesses. I am available in person (Tue/Thu at 1289 South Rd, St. Marys, SA 5042 12 to 5 p.m) or on cell to answer any questions, and concerns you have to decide about your Real Estate. (Cell: 0431 138 537, Email: Saqlain@Dukesrealestate.com) Click here to invest in South Australian Residential Commercial, Rural Properties, Schools & Businesses. I sell land on this Earth for as cheap as 10 cents/ Sq.M to a price equivalent to price of 2 Aussie Mangoes/ Sq.M. I hope tomorrow I will be selling and leasing Moon's Surface. (Earth is rising over the Moon's Surface), Source: https://www.facebook.com/RealEstateSA5000/photos/a.899877783394135.1073741829.899009183480995/920077631374150/?l=734b9eef72 Mt Waverley home at 35-37 Regent Street sold last year, forced to sell for $5.1 million Mt Waverley home at 35-37 Regent Street sold last year, forced to sell for $5.1 million by Primrose Riordan Su-Lin Tan Treasurer Scott Morrison has ordered the sale of eight more properties owned by investors he says have breached foreign investment laws. The real estate includes a $5 million property in Mount Waverley, Victoria, and other properties in Eight Mile Plains, Queensland, Park Ridge, Queensland, Blackburn, Victoria, Windsor NSW, Robertson, Queensland, Crestmead Queensland and Carlton, Victoria. They are owned by investors from Malaysia, Taiwan, the United States, India, Canada, and China, and mean the federal government has now ordered the sale of 27 properties. The $5 million forced sale was a four-bedroom home on a 4097sq m block at 35-37 Regent Street, one of the biggest sites in Mount Waverley. Sold in September last year at auction to a Malaysian buyer, the sale attracted attention as a record deal for the area. It was struck at the height of the housing boom in Sydney and Melbourne. The forced sale at $5.1 million would mean a loss of about $900,000 to the buyer; $5.1 million was the last sale price from May 2014. The home has a swimming pool, spa and tennis court as well as a study, powder room and a four-car garage. It was advertised as having the potential for redevelopment into multiple townhouses. Jellis Craig's Paul Polychroniadis and Stephen Huang sold the home. Both agents could not be reached. This Mt Waverley home was forced to be sold. Mr Morrison said the 1500 cases have been referred to the tax office who is now looking after investigations into illegal purchases and 800 of these cases are still being looked into. He said the government amnesty period meant the owners of the eight properties would escape criminal charges. "The foreign investors either purchased established residential property without Foreign Investment Review Board approval, or had approval but their circumstances changed meaning they were breaking the rules. "Under the reduced penalty period announced in May, the investors linked to the eight properties now have 12 months to sell the properties, rather than the normal three month period, and will not be referred for criminal prosecution," he said. The sales follow forced divestment orders the Treasurer issued on more than $9.7 million in residential real estate in November, including a $5.2 million mansion in Hawthorn East in Melbourne bought by Chinese businessman Li Jian Guo. Usually illegal purchases of property can lead to fines of up to $135,000 and/or three years' imprisonment for individuals; and up to $675,000 for companies. Investors will also be deprived of capital gains made on the sale of illegal purchases under new rules. The federal government is reviewing foreign investment laws after a Chinese Company with links to the People's Liberation Army was allowed to lease the Port of Darwin by the Northern Territory without formal scrutiny by the Foreign Investment Review Board. A senate inquiry is currently examining the foreign investment review framework, prompting ANZ Bank to urge the government against dramatic legislative change. "In ANZ's view the current legislative framework strikes a balance between realising the benefits of foreign investment and protecting the national interests," the bank said. Read more: http://www.afr.com/news/politics/scott-morrison-orders-more-foreigners-to-sell-property-20160118-gm82i3#ixzz3xn4ruyFD Follow us: @FinancialReview on Twitter | financialreview on Facebook ------------------------------- New Zealand named most expensive country in the world to buy property Alexa Rae Johnson January 14, 2016, 1:25 pm  Share      Video 2015 New Zealand Home Of The Year New Zealand is the most expensive country in the world to buy property on a price to income basis, a new report by Fitch ratings agency states. New Zealand and Australia are expected to remain costly this year due to low interest rates that in turn elevate house prices. New Zealand's expensive reputation is not only due to Auckland's exorbitant prices, as seen in results from a Quotable Value (QV) report. Home values in Wellington rose 4.3 percent in the last three months, a record rate since 2007, according to QV. Fitch also offered predictions for other markets, such as the United States, where homeownership is sitting at a 25-year low. House prices in the US are 20 percent below peak levels but are expected to boast a 4 to 5 percent average price growth this year. The three countries the agency expects to see a drop in prices are Brazil and South Africa, due to their struggling economies, and oversupply in the case of Singapore.