25% of all new housing construction in NSW is sold to a foreign buyer. In addition there are many sales of existing houses and apartments to the hundreds of thousands of foreign buyers temporary resident in Australia.
Unfortunately despite the wide coverage given in the media to a report on Foreign buying of residential real estate in NSW, based on a Credit Suisse Freedom of Information request to the NSW Government, no link to the actual report has been provided. Credit Suisse do not appear to have made it available to the general public.
Not one of the articles has drawn attention to the fact that ALL of the information concerning the number and value of residential property transactions involving the different categories of foreign buyers (foreign resident, temporary resident and permanent resident) should be released by Gladys Berejiklians’s NSW Liberal-National Party government EVERY month.
Not one of the articles has drawn attention to the fact that some of this information was released for 3 months at the end of 2016 and was then removed from the monthly data release by NSW Revenue.
The Glass Pyramid has covered this story regularly over the last 12 months.
The government of NSW has nothing but contempt for the people of NSW and the ‘lions’ of our mainstream media, the ones who constantly moan about social media stepping on their turf, say and do next to NOTHING.
And a big fat nothing on this issue is largely what we have received from the NSW ALP, the NSW #FakeGreens (including Ms Jenny Leong who is upset that a lot of Sydney residents are fed up with the sell off), Fred Nile, the Shooters, Fishers and Farmers and the National Party.
Rather than idly report on the contents of a private bank report that is not available to the public, they should be demanding that Premier Gladys Berejiklian and the NSW Treasurer Dominic Perrottet release the data on foreign purchases of new and existing property each month and when they fail to do so file FOI requests and make the information public.
Here is a list of the information that should be released by NSW revenue and the LTO each and every month.
(a) The number and value of new homes and apartments bought by Foreign buyers (Offshore)
(b) The number and value of existing homes and apartments bought and sold by Foreign buyers (Offshore) with approval of the Foreign Investment Review Board (FIRB).
(c) The number and value of new homes and apartments bought by Foreign buyers (Temporary residents)
(d) The number and value of existing homes and apartments bought and sold by Foreign buyers (Temporary resident) with approval of FIRB.
(e) The number and value of new homes and apartments bought by Foreign buyers (Permanent residents)
(f) The number and value of existing homes and apartments sold by Foreigners (Permanent residents)
(g) The amount of surcharge stamp duty and surcharge land tax paid by foreign buyers (all categories) and foreign owners of property
The information is being collected as a routine matter and should be released as a routine matter on a regular basis just as it was for July, August and September in 2016 before the NSW government decided it was better to keep the people of NSW in the dark about how much residential real estate NEW and EXISTING was being flogged off to foreign buyers
What about the big one – recently nationalised foreigners declaring low incomes but owning large property portfolios? That’s the real role
of (many) foreign students, as location scouts.
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A lot of the foreign students are doing more than merely location scout. They are buying in their own right, pursuant to the entitlement extended by Mr Scott Morrison, and aiming for permanent residency so they never need to divest …..assuming the ATO asks them to. Temporary residents should be limited to renting. After all we do have over a million small landlords keen for their business.
Considering the NSW government refuses to regularly publish adequate data on non-citizens buying property which they are already recording, the chances of them releasing information on transactions involving recently naturalised citizens would have to be low.
Especially as I don’t think the states are recording that information and it would involve matching Border Farce data on naturalisation dates.
I would be happy if we were at least being given timely data on all property transactions involving any non-citizens.