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澳洲悉尼房地產概要 Sydney Australia Market Overview

澳洲悉尼房地產概要 Sydney Australia Market Overview

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Market Overview

The Sydney property market continues to perform strongly, with prices gaining 75% in the past five years, ranking it globally behind only Hong Kong for price growth.  In the past year alone prices have risen 13.1% to a median property price of AUD $1,151,565.

Australia has relatively strong population growth for an advanced economy. A large component of this reflects relatively high immigration compared to comparable countries. Higher immigration rates have added to demand for housing, especially as immigrants tend to be young adults.

The property market is currently defined as a ‘sellers-market’ with more buyers than homes available for sale. This high demand is fueling a large number of new developments; however the underlying demand is so strong, that a recent article by The Sydney Morning Herald suggested that even if the population growth stopped, it would take three years to build enough homes in Sydney. 

There is little doubt that the Sydney property market offers a solid medium to long-term investment opportunity.

Almost every day. Our global network, Leading Real Estate Companies of the WorldTM sees us connected to over 550 leading agencies in over 64 countries – a true global team.

Our unmatched network provides us with a unique perspective to understand expat and global buyers, and the ability to “translate” the purchase process from your home to ours and to help you understand the process for foreign investment in residential real estate. 

The laws around buying Australian property using a foreign income have recently changed, so here’s what non-residents need to do to invest in Australian property. 

In recent years, the Australian residential property market has been a popular destination for foreign investors, particularly Chinese buyers. Australia’s economic stability, combined with a property market relatively unaffected by the volatility of speculation, has made Australia a safe choice for these overseas investors.

Legislative changes that took effect in 2015 have tightened the rules surrounding foreign investment in Australia, and it’s now more complex than ever to use foreign income to purchase Australian property.

 

Foreign investment regulations

Unlike some other countries that place few or no restrictions on foreign buyers, Australia has always taken a regulatory approach to overseas property investors. In December 2015, following growing concern that non-resident buyers were driving values up and pricing first home buyers out of the property market, the Australian Government introduced new laws to make it tougher for overseas investors to purchase Australian property.

Under the new laws, non-resident buyers can only purchase new properties, not established ones.

Non-residents who purchase property in Australia without first seeking approval from the Foreign Investment Review Board (FIRB) also face fines of up to $135,000, three years’ imprisonment or both.

Companies breaching these rules can be fined up to $675,000, while buyers’ agents and real estate agents who help foreign buyers violate these rules also face stiff penalties.

In addition to these strict conditions, foreigners who want to buy an Australian investment property must pay an application fee. This fee is $5,000 for properties valued under $1 million, and $10,000 for properties over $1 million. It then increases by $10,000 for each additional million dollars in property value. Paying this fee does not guarantee that a buyer will be able to purchase the property they want. 

 

Stamp Duty & Foreign Buyers Duty

At the same time, other regulatory changes have also had an effect. For example, on purchasing a property in NSW the purchaser is required to pay stamp duty (tax) based on the purchase price.  The NSW government has now also levied an additional 4% Foreign Buyers Duty on non-resident purchases. 

As a guide, a $2,000,000 purchase will attract Stamp Duty of $95,490 plus Foreign Buyers Duty of $80,000 – a total of $175,490; a $5,000,000 purchase will attract Stamp Duty of $290,490 plus Foreign Buyers Duty of $200,000 – a total of $490,490.

 

Home loan restrictions

Over recent years, legislative changes have seen the Big 4 Australian Banks, ANZ, Commonwealth Bank, National Australia Bank and Westpac, all cease to offer home loans to non-residents.

While there are some mezzanine style financiers that will offer non-resident finance, these financiers require a deposit of at least 40% and will charge higher interest rates, sometimes up to 10%.

We higher recommend that non-resident buyers organise their finance in their country of residence.

 

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