{"id":29732,"date":"2020-12-20T13:26:59","date_gmt":"2020-12-20T00:26:59","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=29732"},"modified":"2020-12-20T13:26:59","modified_gmt":"2020-12-20T00:26:59","slug":"australia-will-pay-foreigners-up-to-50000-to-buy-a-new-home","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/australia-will-pay-foreigners-up-to-50000-to-buy-a-new-home\/","title":{"rendered":"Australia ‘will pay foreigners up to $50000’ to buy a new home"},"content":{"rendered":"

PHOTO: Chinese buyers. FILE<\/strong><\/p>\n

Chinese buyers are being lured back to the Australian property market by generous government rebates of up to $50,000 on a new home, with calls to extend the incentive schemes past their expiry dates next year.<\/p>\n

\n

Lily Chong, the Perth-based Australian head of Chinese property portal Juwai IQI, said overseas buyers had started looking past the\u00a0COVID-19\u00a0pandemic and were planning for when travel restrictions eased.<\/p>\n

\u201cAustralia will pay foreigners up to $50,000 to buy a new home,\u201d Ms Chong said.<\/p>\n

\u201cAustralia will pay Chinese up to $50,000 to buy a new home, Australia will pay Hong Kong-ers, Australia will pay Malaysians \u2013 it doesn\u2019t matter where you come from. It\u2019s all in the interests of supporting the economy.\u201d<\/p>\n

Western Australia currently has the most generous incentives available to non-citizens,\u00a0with a 75 per cent rebate\u00a0on the foreign buyer duty for off-the-plan purchases, capped at $50,000.<\/p>\n

In Victoria, rebates of\u00a0up to $27,500 are available<\/a>\u00a0under the land transfer duty waiver scheme.<\/p>\n

\u201cBecause of the pandemic, most foreign buyers don\u2019t know about these incentives,\u201d Ms Chong said.<\/p>\n

\u201cWhen we explain it to them, their eyes pop open. Buyers are rushing for us to get their deals done before the deadline expires.\u201d<\/p>\n

WA\u2019s rebate scheme has been extended until October 21 next year, while Victoria\u2019s ends on July 1.<\/p>\n

Australian citizens can, in addition, take advantage of the federal government\u2019s $25,000 HomeBuilder rebate for new home purchases or renovations,\u00a0which will decrease to $15,000\u00a0at the end of the year before expiring in March.<\/p>\n

Ms Chong predicted the incentives would shift overseas buyers from other parts of the country to WA and to a lesser extent, to Melbourne.<\/p>\n

\u201cBuyers in Queensland are now looking at Perth because of the incentives,\u201d she said.<\/p>\n

\u201cBuyers who aren\u2019t tied down to a specific location will go wherever they can to get the best deal. Right now, that\u2019s Perth.\u201d<\/p>\n

She said there was a lot of interest now for \u201cAirbnb-ready apartments\u201d being sold by Juwai.<\/p>\n

\u201cThey are pre-approved for short-term leasing, start from $303,000 and can deliver yields of 8 per cent,\u201d she said.<\/p>\n

Juwai says its Perth office now has more than a dozen overseas buyers who are taking advantage of the rebate, which can only be applied for after construction is completed and the applicant is registered on the title.<\/p>\n

A spokesman for the WA Department of Finance said as of December 17, \u201cno applications have been received from a foreign buyer for an off-the-plan duty rebate\u201d.<\/p>\n

\n
\"The<\/div>\n

The Grove Residences in Claremont. Source: Supplied<\/span><\/strong><\/em><\/p>\n<\/div>\n<\/div>\n

READ MORE VIA NEWS.COM.AU<\/a><\/p>\n

MOST POPULAR<\/span><\/h3>\n