Tax changes to drive Chinese property hunters away from Australia

PHOTO: Recently stamp duty in NSW jumped from four to eight percent, while land tax surcharges surged from 0.75 percent to two percent. (AAP)

Chinese demand for Australian residential real estate is expected to take a hit, once new state and federal tax amendments come into effect.

Investment bank UBS said that while 78 percent of all property transactions by overseas Chinese buyers took place within the past five years, interest has already “started to fade over the past six months”, The Australian reports.

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