Australian property is a big draw for Singaporean investors. Foreigners are only allowed to purchase new dwellings under Australia’s foreign investment regime. Come Dec 1, new property reforms to tighten the scheme will take effect, but Singaporean interest in foreign real-estate assets remains, property agents said.
Foreign real-estate ownership in Australia will be saddled with heavier regulation come December, but Singaporean interest has not wavered, estate agents said in a report on Channel NewsAsia.
This comes after news that the country will now take a closer watch on foreign investment into the residential property market.
The reforms include additional administrative fees of a minimum A$5,000 (S$5,000) on property investment applications by foreigners, and stricter penalties for foreigners caught buying resale homes.
But Singapore buyers are unfazed, aside from curiosity over the tightening of guidelines. With the recent weakening of the Australian dollar, some estate agents have even seen sales increase.
Reapfield Property Consultants, which specialises in marketing Australian properties, closed about 12 to 15 deals in recent roadshows, up from the usual 10.
Visit Channel NewsAsia for more details.
If you enjoyed this article, you might be interested in Should you be thinking of buying property overseas? and The Forest City debacle: 4 lessons to learn buying overseas property.
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