PropertyBuzz, your daily dose of property news.
Aussie immigrants struggle with housing, Parliament continues case for greater Foreign Investment Fees, and Western Australia is now offering Loans for Off-the-Plan Deposits
Welcome to Property Buzz! I’m Grace Ormsby
Today is Thursday, the 8th of February.
And a study by Immigration to Australia found eight in 10 Australians believe high housing costs are the biggest challenge for new immigrants.
– A total of 737,000 newcomers came to Aussie shores across the 2022-23 financial year.
– Older Australians and residents of South Australia and Queensland are particularly concerned about the impact of housing costs on new immigrants.
– The second major concern identified is the cost of living, with 70 per cent of respondents naming this as an issue for new arrivals.
And when it comes to foreign buyers, the Australian government has now introduced legislation to increase foreign investor fees.
The changes aim to prevent homes from sitting vacant and direct foreign investment towards new property developments in a bid to support the construction industry.
– The Foreign Acquisitions and Takeovers Fees Imposition Amendment Bill 2024 includes tripled fees for purchasing established homes and doubled penalties for vacant properties, but reduced fees for foreign investment in Build to Rent projects.
Sticking with the topic of new developments, and the West Australian government has expanded its Urban Connect home loan program to include deposit assistance for off-the-plan purchases.
– The new loan product, Urban Connect Plus, will be offered by government-backed lender Keystart, and is only available in conjunction with an Urban Connect home loan.
– The program will offer loans for developers’ deposits for off-the-plan apartments, with approved applicants making payments towards the loan while the apartment is being built.
– The Real Estate Institute of Western Australia has welcomed the initiative, stating it could stimulate housing construction and provide more affordable and diverse housing options for buyers.
That’s Property Buzz for today.
See you again tomorrow, the 9th of February, for your daily dose of Property Buzz.