A recent Australian Treasury report recently found that foreign property buyers only contributed marginally to the housing price surge in Australia, reports The Australian (4 November 2016). According to the 'Foreign Investment and Residential Property Price Growth' paper, the main reasons for the surging home prices in Australia are due to a lack of new housing and local demand. Charles Pittar, Juwai.com CEO, tells The Australian that the government should welcome foreign investment, as the report confirmed that foreign property investments are, in fact, beneficial for the Australian economy and real estate market. “If we want to keep adding new homes to the supply despite that, then we need to encourage foreign buyers — rather than push them away,” Pittar said. [This article is available for subscribers only.]
