Australia's Properties For Sale

[lisa jones]

http://au.news.yahoo.com/today-tonight/ ... s-for-sale

September 13, 2011

One of the biggest ever 'buy Australian' campaigns is underway, and it's happening in China, targetting the country's growing middle class.

Farms, houses, apartments and vineyards - our finest Aussie assets are up for grabs.

At China's International Luxury Property Show, Shanghai, Aussie property is in the spotlight and in hot demand.

Australian real estate agents on the ground are spruiking everything from budget price apartments to luxury waterfront mansions, and the Chinese buyers can't get enough.

Melbourne real estate agent Chris Bevan from JP Dixon, is in China with a single purpose - to pitch a new apartment complex in Melbourne directly to Chinese buyers.

“It’s better buying at the moment as the market is down,” said Bevan.

He’s also hoping there'll be interest in a $20 million beachfront mansion, complete with tennis court, pool gym and sauna.

“They love the security and they also love the more spacious living, and the more spacious lifestyle, because again here the apartments are quite small.”

Compared to Australia, Shanghai is packed and polluted. Home to 23 million people, the city's property market is tightly controlled by the Government.

With rising interest rates, banks restricting lending, and only long leases on offer, it’s no wonder cashed up Chinese buyers don't flinch at Aussie prices.

For the Chinese it’s a relatively inexpensive investment in a lifestyle. By comparison, a modest two bedroom apartment in downtown Shanghai would set you back around $3 million.

Realtor Susie Goodall has helped Chinese multimillionaires embark on a shopping spree for luxury homes in Canada.

“A lot of people from emerging markets are looking for safe havens for their money,” Goodall said.

“Both property markets are very strong. Both in Canada and in Australia education is also very good.”

Three weeks ago Vivienne Liu and her family moved to Australia from Shanghai. Now happily settling into their new $1.7 million home in Melbourne's upmarket Kew, Liu says “the air is so fresh in Australia and the people are so friendly.”

A temporary resident on a business visa, Vivienne and her husband gained approval to buy through the Foreign Investment Review Board, which tightened its protocols only last year.

They dictate that foreigners can no longer buy existing Australian homes as investments. Temporary residents may buy one existing home to live in, but must apply first. Then they must sell their property when they leave Australia.

However all foreign investors can continue to buy new or off-the-plan properties without limitation, and there's still a loophole - international students who become permanent residents can buy up big.

When it comes to our farms, Independent Senator Nick Xenephon says, “internationally Australia is a laughing stock,”

Senator Xenephon is pushing for our land sale threshold to be lowered to just $5 million.

“The fact is the current threshold before the umpire, the Foreign Investment Review Board is $231 million - any farm, any agricultural enterprise worth less that $231 million isn’t even looked at,” Senator Xenephon added.

NSW farmer Tim Duddy maintains agriculture is under siege. For instance over the past two years the world’s biggest coalminer, the Chinese Government owned Shenhua Watermark Coal, snapped up 43 farms for a total of $213 million on the Liverpool plains wheatbelt.

According to Duddy they make owners offers too good to refuse.

“The incentive that they're throwing around, and have been paying, is almost up to ten times what some of that land is worth.”

But the biggest foreign raiders are actually the Americans, plunging over $39 billion into Australia, followed by the UK, China, Japan and Switzerland.

“Australia could be roughly worth just north of $8 trillion, half a trillion dollars of that comes from foreign direct investments, so without it there'd be literally hundreds of thousands of people without work,” said Australia's Assistant Treasurer, Bill Shorten.

“In the twelve months to July it appears there was $220 billion of sales of Australian land. Within Australia it looks like the foreign proportion is somewhere around five to six per cent,” he added.

The fact is though, a quarter of the Northern Territory is either foreign owned or partially foreign owned, and now there’s even an Australian website showcasing farms direct to the Chinese.

“Where is this headed? This is not just about the current generation, it’s about our kids and our kid’s kids. We should be selling the milk, not the cow, the food, not the farm,” Senator Xenephon said.

[lisa jones]

This type of BS just vexes my spirit.

We're so short sighted that we can't see we're commiting long term suicide.

[Plough]

So whats your point? I own property over seas and no one seems to care in that country. The fact is Australia is too small for this not to happen. Do you think it is the fact that it is the chinese that upsets people. If it were the British would there be such an uproar? I just think that it is the slanty eyes that is upsetting people. Stupid, stupid people.

[sook]

The only point she has is the sharp end of the syringe full of amphetiminey goodness that she shoots into her skanky arm everyday

[lisa jones]

The only point she has is the sharp end of the syringe full of amphetiminey goodness that she shoots into her skanky arm everyday

FREEDIVER .. why is this troll STILL on here?? Pffft!

[Leftwinger]

The fact is Australia is too small for this not to happen

What's that supposed to mean? There's no reason Australia needs to sell off it's own food production capacity to foreign ownership. I agree with Lisa - it's a very bad idea in the long term.

[lisa jones]

The only point she has is the sharp end of the syringe full of amphetiminey goodness that she shoots into her skanky arm everyday

FREEDIVER .. why is this troll STILL on here?? Pffft!

Bump for FD.

[boxy]

So... why has it become an issue now that the "slanty eyed devils" are the ones doing it now? Multinational corporations have long been plundering our natural resource base.

To say nothing of the "tree change" clowns, cutting farms up into small, uneconomical units that run a horse and a few goats, and grow a shitload of weeds

[lisa jones]

“Where is this headed? This is not just about the current generation, it’s about our kids and our kid’s kids. We should be selling the milk, not the cow, the food, not the farm."

- from the OP

I agree. Australia is so short sighted it beggars belief.

[Plough]

The fact is Australia is too small for this not to happen

What's that supposed to mean? There's no reason Australia needs to sell off it's own food production capacity to foreign ownership. I agree with Lisa - it's a very bad idea in the long term.

It means what it means, We are to small in population and capital for this not to happen. For people, governments and companies to get what they percive to be the value of their assets when they go to dispose of them, often international options are the only options available.