Australia's biggest state hikes taxes for foreign property buyers
Move by New South Wales is aimed at Chinese investors and to appease voters worried about housing affordability
Sydney
AUSTRALIA'S most populous state will double property taxes for foreign buyers, the New South Wales treasurer said on Thursday, a move aimed squarely at Chinese investors as well as to appease voters worried about housing affordability.
The push comes amid a raft of regulatory action to cool a hot housing market, especially in the country's east, and as concerns grow that foreign buyers have priced many locals out of the market. The new charges, effective from July, come just as the frothy sector is already showing cracks, with prices slipping in Sydney and Melbourne last month.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Airbnb promises to combat sex work in rentals during Paris Olympics
Hong Kong property deals hit three-year high in April
More homes planned in Media Circle to support housing demand
Qatari Sheikh sells London mansion to fellow royal for £39 million
Toronto home sales fall for third month in April; prices rise
Far East Shopping Centre owners in private talks after close of S$928 million en bloc tender