Will axing of the ‘golden visa’ hurt the property market?
At the same time as the top-end regional coastal property markets take a hit, a visa for the ultra wealthy has been axed by the federal government, with implications for the prime property market.
Has the sun set on luxury regional property markets around Australia? (Image source: Shutterstock.com)
The demise of the so-called golden visa, which was axed this week by the Australian Government, will see fewer super-wealthy buyers, mostly from China, vying for luxury property in Australia.
The significant investor visas (SIV) had been granted to applicants who could invest more than $5 million in Australia.
The program was implemented in 2012, with 85 per cent of successful applicants coming from China according to government data.
Its inte…
