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The number of Australian homes bought by foreigners fell last year, as high stamp duty costs deter potential buyers. The downturn reflects the government’s efforts to reduce foreign investment and cut migration, experts say. The number of foreigners purchasing property in Australia dropped last financial year. Credit: Dion Georgopoulos The number of approved residential real estate investments by overseas buyers fell to 5581 in financial year 2024, down from 6576 in 2023 (15 per cent), figures from the Foreign Investment Review Board (FIRB) show. The combined value of approved residential real estate proposals from Chinese and Hong Kong buyers (with China the largest foreign-buyer pool in Australia), dropped last financial year from $4 billion to $3 billion. Loading Property portal Juwai IQI co-founder and group managing director Daniel Ho said affordability has unexpectedly become an issue for foreign buyers here. “Foreign buyers pay much more to purchase and to hold property in Australia than local residents and citizens,” Ho said. “They have extra taxes, fees, and duties that local buyers don’t have to worry about.” In Sydney, foreign buyers pay a one-off application fee, a stamp duty surcharge of 8 per cent and an annual land tax surcharge of 4 per cent. Both components will increase to 9 per cent and 5 per cent, respectively, from next year. Buyers who are not Australian citizens or permanent residents are restricted in the types of dwelling they can purchase. Foreign investors are limited to new dwellings or off-the-plan sales, to help boost Australia’s housing stock. The combined value of approved residential real estate proposals from Chinese and Hong Kong buyers dropped from $4 billion to $3 billion last financial year. Credit: Steven Siewert Temporary residents can apply for approval to buy an established home to live in for the duration of their stay, or can also buy an established home for redevelopment if it increases the housing stock. Plus Agency managing director Peter Li said the higher fees and taxes compounded the cost of holding property in Australia as a foreigner. Loading “That’s pushing foreign buyers out of the market. Even if you could afford to buy it, you have to be able to afford to keep it, and that’s why people are selling,” Li said. “Overseas purchasers are cash rich, so they have assets overseas – not just Chinese, I’m talking about Persian, Lebanese, Americans, British. Normally, they sell their assets [to buy in Australia]. So the mortgage is not a big concern ... it’s the surcharges.” He said foreign buyers have been declining since the introduction of fees and surcharges in 2017, especially in unit-heavy markets such as Sydney’s Chatswood and Burwood. Li said they could once sell an entire development to foreign buyers before the introduction of the FIRB application fees and surcharges, but would now struggle to sell one in 10 to them. Cuts to migration levels and increasing difficulties in qualifying for permanent residency were driving foreign buyers from Australian real estate, Li said, which he did not think would improve. OH Property Group’s Henny Stier noted fewer foreign buyers in Sydney’s north and north shore. “A lot of new builds and apartments in places like Epping have dropped ... if they’re not buying, then local buyers are not buying them, so they’re sitting around on the market and prices are dropping,” Stier said. It was more difficult to move cash from countries like China and Indonesia where there were strict limits on withdrawals, Stier said. Stier added the Australian government’s attempts to disincentivise foreign investment were working. In Melbourne, the top destination for Chinese buyer interest in Australia, foreign buyers face an 8 per cent stamp duty fee. Foreign buyers are subject to extra stamp duty costs. Credit: Paul Rovere Director at Belle Property Balwyn Robert Ding said overseas buyers were delaying property purchases until they obtain permanent residency, when the increased stamp duty no longer applies. “When someone’s paying $4 million to $5 million [for a property], it’s quite a hefty fee,” Ding said. “What a lot of these foreign buyers do ... is rent or even buy something of a less substantial value. Once they get permanent residency, which usually takes about four or five years, that’s when they start to buy properties.” Ray White Balwyn director Helen Yan has noticed a downturn in Chinese buyers since the start of this year, when the federal government paused applications for the significant-investor visa which requires recipients to invest $5 million in Australia. “That’s why the high-end property [market] has slowed down a lot,” Yan said. AMP chief economist Shane Oliver said the number of foreigners buying in Australia has probably returned to pre-COVID levels following the post-pandemic housing boom. “Foreign buying was quite weak through the pandemic years because of travel restrictions,” Oliver said. “That sort of slowed down through the pandemic, then there was a bounce back, and I suspect it’s now just settling down after that initial bounce back. “There could also be some cooling associated with the backlash we’re seeing against foreign students, with student visa numbers down, which may have, to some degree, weighed on foreign purchases as well.” Save Log in , register or subscribe to save articles for later. License this article Property market Sydney house prices Melbourne house prices Foreign investment Alexandra Middleton is a journalist for The Age, reporting on Melbourne's property market. Connect via email . Tawar Razaghi is a journalist working for the Sydney Morning Herald Connect via Twitter . 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NJ Benson recorded a first-half double-double, and finished with 22 points and 17 rebounds, as host DePaul rolled to an 84-65 victory over Loyola Maryland on Saturday in Chicago. With David Skogman out due to a lower-body injury, the 6-foot-8, Missouri State-transfer Benson made the most of his first start this season. Benson posted 14 points on 7-of-9 shooting and grabbed 12 rebounds in the first half, as DePaul (9-4) focused on its inside game and outscored Loyola Maryland 28-12 in the paint en route to a 44-26 halftime lead. Benson, who averaged 6.5 points and 4.0 rebounds entering the game, matched a career high in scoring Saturday, while those boards are a personal best. Jacob Meyer added 12 points for the Blue Demons, one of the nation's top 3-point shooting teams that went just 5 of 24 from distance, but scored 52 points in the paint. DePaul bounced back following consecutive losses to St. John's and Northwestern by a combined 48 points. Jacob Theodosiou had 22 points and Milos Ilic scored 13 for the Greyhounds (5-6), who shot 38.5 percent in the first half and committed 15 overall turnovers while falling to 1-67 against major-conference opponents since February 1982. DePaul scored the game's first eight points, beginning with a Benson dunk. Loyola didn't record its first field goal until Ilic's bucket with 14:11 remaining in the opening half, but used a 9-0 run to get within 13-12. However, Benson and DePaul's dominance in the paint never allowed the Greyhounds to go ahead. The Blue Demons led 18-16, then scored the next seven points, highlighted by dunks from Benson and CJ Gunn (11 points). DePaul was ahead 32-23 with 3:20 left in the first half when it took control by scoring 12 straight points before Jordan Stiemke's 3 made it an 18-point game at the break. The Blue Demons were 1-of-11 from 3 through the first 20 minutes. In the second half, another Benson dunk and two free throws were featured during a 12-2 run that put the Blue Demons up 66-37 with roughly 12 minutes remaining in the contest. --Field Level Media

On average, each year in Victoria, 41 children are killed or injured in low speed vehicle runover incidents. While hospitalisation rates have decreased over the past decade, the number of fatalities have not, including a heartbreaking spike of six deaths in 2023. During the period 2012-2023: – Children aged one to five years were the most common age group involved. – 72 per cent of incidents occurred when the vehicle was moving forward – this is very different to previous data which highlighted reversing vehicles as the main culprit. – Most incidents happened when the driver was returning home, leaving home, or repositioning the vehicle. – Incidents were evenly split between metro (52 per cent) and regional areas (48 per cent). – A variety of vehicles, including sedans, utilities, SUVs and vans, were involved. Kidsafe Victoria, with support from the Transport Accident Commission (TAC) and in collaboration with key stakeholders, has developed a Low Speed Vehicle Runover Prevention Strategy, designed to reduce the devastating toll on children in our community. “The strategy identifies the critical factors contributing to these tragedies, such as vehicle design, human factors and property design,” Kidsafe Victoria incoming chief executive officer Sarah Sexton said. “It also sets a framework for action through education, technology initiatives and advocacy.” “Attending collisions involving young children and assisting families who have experienced the devastating loss of a child in a low speed runover is among the most difficult of duties we undertake as police officers,” Victoria Police Road Policing Command Assistant Commissioner Glenn Weir said. “These incidents are preventable, which makes the loss even more poignant for the families involved and the wider community.” Kidsafe Victoria is inviting feedback to help refine and finalise the strategy. “We’re calling on the industry – particularly those in vehicle manufacturing who can develop retrofitted solutions for older vehicles – to help us refine and finalise the strategy and save lives,” Ms Sexton said. Key focus areas: – Vehicle design: Promoting safer vehicle design and developing life-saving technologies which can be retrofitted to older vehicles. – Property design: Enhancing driveway layouts to reduce hazards. – Human factors: Raising awareness about supervision, blind spots and safe driveway practices. “Behind every statistic is a family whose lives have been irreparably damaged by the trauma and life long grief for their child. These are more than just numbers – they are tragedies that ripple through families and communities.” “We need collective action to prevent these avoidable incidents. By working together, we can create safer environments and protect our children,” Ms Sexton said. For more information or to share your feedback, visit or email us at .

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Published 3:33 pm Saturday, December 28, 2024 By Staff Reports As they get ready to play the San Antonio Spurs (16-15) on Sunday, December 29 at Target Center, with tip-off at 8:00 PM ET, the Minnesota Timberwolves (16-14) have two players currently listed on the injury report. The Spurs’ injury report has zero players on it. Watch the NBA, other live sports and more on Fubo. What is Fubo? Fubo is a streaming service that gives you access to your favorite live sports and shows on demand. Use our link to sign up. The Timberwolves took care of business in their last matchup 113-112 against the Rockets on Friday. Julius Randle totaled 27 points, eight rebounds and eight assists for the Timberwolves. The Spurs are coming off of a 96-87 win over the Nets in their most recent outing on Friday. Victor Wembanyama scored a team-high 19 points for the Spurs in the win. Sign up for NBA League Pass to get live and on-demand access to NBA games. Get tickets for any NBA game this season at StubHub. Catch NBA action all season long on Fubo. Not all offers available in all states, please visit BetMGM for the latest promotions for your area. Must be 21+ to gamble, please wager responsibly. If you or someone you know has a gambling problem, contact 1-800-GAMBLER .