26 Apr '16, 7am

Victoria (Australia) plans to raise property taxes for foreign buyers from 3% to 7%, to quell demand

The state of Victoria plans to introduce new measures to cool overseas demand. The state government of Victoria in Australia plans to raise property taxes for foreign home buyers, from three percent to seven percent by July 2016, reported Reuters . “It’s only fair that foreign buyers of residential real estate, who enjoy the capital growth as a result of Victoria’s liveability and the amenity of our cities, contribute to the maintenance of government services and infrastructure,” said Victoria’s Treasurer Tim Pallas, in a statement outlining the state’s budget policies on Friday (22 April). According to the statement, another reason for the property tax hike is to cool overseas demand for homes in the state, as the surcharges imposed on foreign buyers have had little impact since it was introduced last July. In fact, residential prices in the state capital of Melbourne hav...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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