Foreign buyer surcharges adding up to 10 per cent to the cost of a new apartment are putting investors off and prompting them to wait until they have permanent residency, real estate agents and developers said after official figures showed a fall in China and Hong Kong purchase applications.
The value of applications for residential property purchases by non-residents slowed to $1.5 billion in the September quarter from $2.4 billion in June, Foreign Investment Review Board figures published on Friday show.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
