3.21.261.3 ♦Business Master File (BMF) Consistency♦. 3.21.261.1.4 Program Objectives and Review. 3.21.261.1 Program Scope and Objectives. 3.21.261 Foreign Investment in Real Property Tax Act (FIRPTA). He said their suburbs of choice included the Melbourne CBD, Point Cook, Doncaster, Southbank, and Toorak, and they preferred newly-built units or houses valued sub-$1 million and close to good schools and universities, transport and shops.įIRB also found Victoria was Australia’s top state for rule breakers, accounting for 42.66 per cent of the 600 property sales that were found to have breached the nation’s foreign investment rules from 1068 completed investigations. “The data shows Chinese buyers are back,” Mr Chmiel said. In April, Chinese buyer inquiries on Victorian homes via Juwai IQI doubled compared to every other month of 2020, and were up 50 per cent on every month in the second half of 2019. Juwai IQI executive chairman Georg Chmiel said Chinese investment in Victoria had plummeted since 2016 because “Australian banks stopped lending to Chinese buyers, the Victorian government imposed a steep foreign buyer stamp duty, and Beijing started cracking down on the movement of money out of China”.īut he noted those factors had “started to unwind”, with non-bank lenders again willing to finance the Chinese, Victoria’s 8 per cent stamp duty now paling in comparison to Singapore and Canada’s 20 per cent taxes, and many Chinese accumulating enough overseas wealth to invest outside of their country. 
The Melbourne CBD remains one of the most in demand suburbs among Chinese buyers. Signs expats will return to Melbourne due to coronavirus RELATED: Call for foreign investors to be encouraged to help post-COVID-19 rebuildĬhina, US drive decade of ‘unprecedented’ foreign investment The Chinese were approved to spend $6.07 billion in 2018-19, putting them behind purchasers from the US ($19.56 billion), Canada ($13.3 billion), Singapore ($9.8 billion) and Hong Kong ($9.33 billion).ĭespite this, leading international property website Juwai IQI said Chinese buyers had been mounting a comeback in 2020, with Melbourne their No. Foreign buyers were given the go ahead to spend $3.9 billion on Victorian residential real estate in the 2018-19 financial year - a dramatic $24 billion drop from the record amount approved three years prior.Ĭhinese investment in residential and commercial real estate Australia-wide also fell more than 50 per cent year-on-year to hit its lowest level since FY2012-13, according to the Foreign Investment Review Board’s latest annual report.
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