- Posted July 28, 2014 by
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"Buying a Piece of the Australian Dream" Australia's Earl Reginald Stevenson in Sydney
Cashed up investors are piling into packed presentations at venues such as the famous St Regis hotel about shiny apartments being built from Sydney to Melbourne. Newspaper ads spruiking waterfront developments are commonplace.
"Buy where the local Australians are buying,” says one ad in Singapore's Straits Times.
Singaporean investors are being lured by a combination of new, prohibitive taxes on second homes in the island state, record low interest rates, a strong currency and promises of attractive returns from Australian developers.
‘‘Singaporeans are hungry for Australian property,’’ says Stevenson, The Singaporean sales pitch comes amid increased focus over offshore buyers snapping up local property. This is stoking fears that prices in an already heated market could be pushed up further.
Australian properties advertised in Singapore come with guarantees of a minimum 6 per cent annual rental return and a waiving of stamp duties and legal fees. By most measures, however, these figures represent a premium to the market.
Source: Australian Business News, Sydney, Australia 127018 Contact: Ralph Meier at Fox Media Inc Australian Division firstname.lastname@example.org