Foreign buyer taxes have domino effect on rentals, property development
Foreign buyers are often seen as the bogeymen of the property market but the tax and surcharge hikes that have been applied to them have had a cascading effect that revenue-hungry governments seemingly didn't see coming.
Foreign investment in Australian property has nose-dived in the past decade. (Image source: Shutterstock.com)
Less than ten years ago, foreign buyers of Australian property were treated no differently to locals in terms of taxes and charges.
Today it’s a very different picture and one that is impacting the rental market in particular.
Established properties now attract an application fee of $44,100 for a property under $1 million, rising to $88,500 if value is between $1 million and $2 million. It lifts each additional million in value thereafter by $8…
