FOREIGN buyers have begun selling off their Queensland property assets following the introduction of a new tax regime.
A surcharge on land tax for absentee (foreign) owners was introduced by the State Government in July.
That means they are charged 1.5 per cent more land tax than Australian based owners, on property holdings with government valuations of more than $350,000.
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Andrew Henderson, principal of John Henderson Professionals Mermaid Beach, has listed three properties where he said the extra tax made the owners consider them no longer a viable investment.
The overseas based owner of 39 San Simeon Drive, Clear Island Waters is selling off to avoid higher land tax bills.. Picture: realestate.com.au
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