Foreign buyer fees under microscope as property investment withers
At a time when Australians are facing the worst housing shortage in living memory, Damian Collins, Managing Director of Momentum Wealth, says it’s time to reconsider the foreign investor surcharge.
Despite perceptions, foreign buyers represent only a small fraction of Australia's total residential property sales. (Image source: Shutterstock.com)
It’s no secret Australia is facing a serious housing shortage and the situation looks set to get a lot worse before it gets better, with the shortfall of new homes set to exceed 100,000 dwellings.
The National Housing Finance and Investment Corporation (NHFIC) is forecasting around 148,500 new homes (net of demolitions) to be built in 2022-23. This is expected to fall to 127,500 new homes in 2024-25.
On the demand side, NHFIC says more than 1.8…
