news

Inquiry into foreign investment 'flawed': REINSW

By Staff Reporter

As a government review of foreign investment in property gets underway, a leading real estate body has challenged the idea that non-Australian buyers are pushing up home prices.

The Australian parliament’s Standing Committee for Economics recently launched an investigation into whether foreign buyers are inflating prices and locking locals out of the market.

However, the Real Estate Institute of New South Wales (REINSW) said this focus was “misguided”, arguing poor planning and tax policies were inflating prices.

“The fact the government and the media are pointing the finger at foreign investors as the primary reason for increases in property prices and the affordable housing shortage is flawed,” said REINSW president Malcolm Gunning.

“The reason we have a shortage of property in NSW is a convoluted planning system and a tax system that places an unfair burden on property.”

In his view, “clunky” planning laws were blocking an increase in dwelling construction.

Meanwhile, heavy taxes on property sales and the elimination of first home buyer incentives were holding back Australians in the property market.

He said foreign investors were a boon to jobs and economic growth.

“Now is not the time to discourage foreign investment. The inquiry will find that foreign investors help our economy,” he said.

“They support the creation of jobs in the construction industry and other areas like retail."

Inquiry into foreign investment 'flawed': REINSW
SPI logo
Thank you.

Your enquiry has been sent to a local Aussie Mortgage Broker.

We will be in contact with you shortly.
Opps.

error occurred.
Unfortunately Aussie cannot attend to your home loan related enquiry at this stage as you must be a citizen or permanent resident.
Do you need help finding the right loan for your investment?
What Aussie do for you:
  • Give expert mortgage advice to help you find great investment loan deals
  • Help you maximise return by lowering financing costs
  • Save you time and effort by helping with the paperwork
First name
Last name
Location
Mobile Number
Are you an Australian Resident?
promoted stories

Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
BLUE BAY 49.18%
2.
PAMBULA 43.5%
3.
BERKELEY VALE 42.74%
4.
POINT PIPER 40.52%
5.
NORTH TURRAMURRA 38.12%