PHOTO: Soaring house prices in recent years saw a $4.3 billion housing affordability package put front and centre in last year’s budget. Photo: Wayne Taylor
Nobody knows how many billions of dollars in dirty money is pouring into Australia’s housing market, but global authorities describe local real estate as a prime target for money laundering – and you may have paid more for your house because of it.
The likelihood of cashed up crooks increasing house prices is much greater than many people realise, given the hidden nature of the problem, a lack of regulation in the Australian real estate industry and the staggering sums involved.
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