Property experts have expressed concern that a proposed new land tax on international property investors could potentially curtail the influx of foreign capital going into Australia, reports the Daily Telegraph (24 May 2016). Chinese spent a record A$24.3 billion in Australia in 2014-2015, and this new tax is likely to prompt Chinese buyers to look elsewhere if the surchage is established. According to Gavin Norris, Head of Australia for Juwai.com, the ones to feel the brunt of a Chinese property investment decline would be local Australian first-time homebuyers. “The industry says Chinese buying off-the-plan has enabled many projects to get out of the ground and thus created huge numbers of dwellings for first-time buyers,” said Norris.
