MacroBusiness
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at 10:30 am on December 21, 2020 | 25 comments
During the Global Financial Crisis (GFC), the Rudd Government relaxed foreign ownership rules to make it easier for overseas buyers to purchase Australian property. This measure, which was the antithesis of a housing affordability policy, was justified on the grounds that it would support the property market and prevent a downturn.
We are experiencing similar shenanigans with the COVID-19 pandemic, with Australia’s governments offering foreign home buyers up to $50,000 in subsidies to purchase a new Australian home.
Chinese buyers are being lured back to the Australian property market by generous government rebates of up to $50,000 on a new home, with calls to extend the incentive schemes past their expiry dates next year.