Leading agents say more than 30 per cent of their stock is bought by families from mainland China...
... Some agents say the boom grew when the Federal Government eased foreign investment rules on property last year.
"There's been an incredible surge from Chinese buyers since the rules for foreign ownership of real estate were relaxed by the Government to allow foreign citizens to buy established homes worth more than $300,000," buyers' advocate Mal James said.
"You could say that's the key driver and single reason for the property boom in Victoria especially for homes in the $1 million-$4 million range and it's also the catalyst for so many Chinese buyers."
Mr James says his clients are facing competition from cashed-up Chinese buyers, especially in Kew, Canterbury and Balwyn. There is also Asian interest in Toorak, Malvern and East Malvern.
He says the Chinese are attracted by areas with quality private schools.
The Asian buying spree is pushing up prices and adding to the housing shortage.
"There's no doubt it's adding about 15 per cent to prices and creating a shortage because the buyers are not selling out of an existing home," Mr Patterson said.
Australia permitted 4015 foreign investors to buy homes worth an estimated $2.97 billion in 2007-08, Foreign Investment Review Board research shows.
Victoria had the highest approvals of any state, soaring to 2238 last year, almost double that of the year before. A rise is expected for 2009.
Source.
It is a historical fact, beyond all reasonable doubt, that when a State begins selling its own territory to foreigners, it has completely betrayed its people and must be removed. The Australian State has been following the logical progression of betraying the Australian people for a long time:
- allowing unsustainable mass immigration,
- sending men and women to fight wars for foreign imperialists,
- lifting protection from foreign imports,
- handing the economy to international financiers and finally,
- lifting restrictions on foreign investment in local real estate!
As the article states, more than 30% of Real Estate is going to Chinese overseas. Real Estate isn't just a share in a company, it is the physical ownership of land with the rights and protections that come with such private property. These Chinese owners can now choose who lives on the land, can largely decide what to do with the land and any profits or rent made with the land will go overseas. These foreign owners will now be making profit without labour, from assets Australian workers have fought and died for!
Socialists, Anarchists and radicals of all shades and ideals have fought for centuries to protect the worker from being exploited by private property. In almost all other historical cases, the exploitation was similar but either came from a feudal lord or capitalist investors that were, at the very least, their own "countrymen." To have the basic exploitation of workers through private property come from rich foreigners is not only an insulting reality, but a fearful one.
Without any doubt, Australian workers must wake up and realise that our Government has no intention to protect our interests. Every Government we have had for decades, has been complicit in the betrayal of our people to global capitalism. The only way to protect ourselves, our property and our future generations from this utterly corrupt system is to resist, rebel and revolt. It is time to release ourselves from the domination of the system and take back what is ours, our land does not belong to those with the most cash, our land belongs to those that live upon it and work it to the benefit of our own communities. Fight back!
