Grays Property Anatomy - 19 Feb 2021
Lucas McEntee, Louis Christopher, Chris Gray, Foreign Investment Review Board
If you think it’s tough getting a mortgage and trying to enter the property market in Australia, think yourself lucky you don’t live in other parts of the world. Australia has a rule that foreign investors i.e. those without Australian residency can only buy brand new properties and that is legislated by FIRB, the Foreign Investment Review Board.
What this means is that foreigners are forced to buy in new high-rise complexes or in house and land packages further out from our cities. This protects our first home buyers who are typically wanting to buy median priced, second-hand properties in the inner cities close to schools, work and leisure facilities. If we didn’t have that rule, foreigners would be buying those same second-hand properties, pushing prices even further beyond first home-buyers reach.
Across the ditch in New Zealand though, the Reserve Bank of New Zealand is taking a different tack. Under changes coming into effect from 1st May, property investors will be required to have deposits of 40%. While this may keep housing prices under control, I believe it looks after foreign investors and makes life pretty tough for the locals. In tonight’s show, I explain my logic.
Now, despite what you might think about your own home, unfortunately not everyone has exquisite taste when it comes to decorating and the longer they’ve lived there, the worse it’s probably got.
As we discussed with Charles Tarbey on last week’s show, if you want to sell your home for the best possible price, you need to present it in the best possible way. So, what can you do if you don’t have the time, money or skill to do it yourself? Joining us tonight with one possible solution is Lucas McEntee from SaleFunder.
And while the media have been all too happy to run good news stories of the sizzling property market and soaring buyer confidence around the country, not as much has been made of the rental market. Well earlier this week, SQM Research released its national residential vacancy rates for January and tonight Louis Christopher, Founder of SQM Research joins us to take a look at the drivers behind those numbers.
I hope you enjoy the show
Join Chris Gray, every Friday night at 7pm AEDT for Gray’s Property Anatomy.
19 February, 2021
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