rsimeon

Some markets are correcting – other markets booming

As many predicted some time ago, the newly created investment market, where we have seen approvals for high-rise apartments hit levels never seen before, will now see a massive correction. In December 2008, the rules for off-the-plan apartments had a significant change when the ratio for foreign investors was moved from 50 per cent to 100 per cent. Developers could not believe their luck, as this decision created new rivers of gold, albeit an eight year run.

The governments then got involved by increasing stamp duty for foreign buyers, the Chinese government shut down the facilities permitting vast amounts of monies to be withdrawn from China and the major Australian banks … more »