Analysts said the investment fee hike by Australia for foreigners may be untimely considering the heightened risks of inflation, global recession and declining home prices in the country.<\/p>\n
Canberra doubled the Foreign Investment Review Board (FIRB) application fees on Friday last week, with the maximum set at A$1.045 million (US$730,000) for deals worth more than A$2 billion.<\/p>\n
Investors from the United States, Singapore, Canada, China<\/span><\/span> and Germany were the largest foreign buyers of Australian assets last year, according to Juwai IQI, which markets properties to Asian buyers. Annually, foreigners invest<\/span><\/span> about A$10.4 billion in Australian real estate in more than 4,000 transactions.<\/p>\n “The fee is significant enough to be a factor, but it won’t turn away many investors,” said Daniel Ho, co-founder and group managing director at Juwai IQI. “The situation where it is most likely to have a negative impact is when a foreign investor is bidding at auction against other buyers for an asset.”<\/p>\n Read more: South China Morning Post<\/a><\/span><\/strong><\/p>\n Read Daniel’s opinion piece on the Australian fee increase here:<\/span> The Real Estate Conversation<\/a><\/span><\/strong><\/p>\n IQI is a leading real estate agency with a team of professionals who can guide you in all of your local and international investment needs. Consult with us today for your next property investment!<\/span><\/strong><\/p>\n\n\t\t\t\t\t\t
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