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Michael Mata is a content marketing specialist, editor and writer. He is a former journalist at Your Investment Property Magazine.
The federal budget is set to slap foreign property buyers with thousands of dollars in fees if they leave their investment properties vacant, according to a new report from Sky News. The new measure could see foreign property investors pay fees as high as $5,000 per property if their homes or apartments are left empty.
Less affluent Australians have the most to lose if house prices collapse and cause an economic downturn, warned Shadow Treasurer Chris Bowen.
More than 11,000 “migrant millionaires” helped fuel growth in the booming property markets of Sydney and Melbourne last year, with high net-worth Chinese nationals now commuting in and out of the country to enjoy the Aussie lifestyle while continuing to work offshore.
