The cost of buying property in Sydney has never been higher, but for foreign buyers the sums involved are even more exorbitant with a recently introduced extra 4 per cent stamp duty surcharge and additional land tax.
Adding insult to the mounting costs is the the 1 per cent Foreign Investment Review Board application fee introduced in July 2016 that has hit the rarefied trophy market of the eastern suburbs, according to Bill Malouf, of LJ Hooker Double Bay.
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It took two hours for a buyer speaking only Mandarin to buy this Balmoral slopes house for about $10 million. Photo: Supplied