The Australian state of Victoria said on Wednesday it was more than doubling taxes on foreign property buyers in a move reflecting growing public concern over the volume of Chinese money flowing into the local real estate market.
The move to increase stamp duty surcharges for foreigners to 7 per cent from July 1, up from 3 per cent, comes as New Zealand considers a land tax on foreigners.
Australia approved $24bn in Chinese property investments in 2014-15, double the previous year’s figure. Australian property prices, particularly in Sydney and Melbourne, have experienced a four-year boom that is focusing political attention on housing affordability.
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