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Renowned Journalist Hints at Xbox Taking Action at TGA: A Slew of Major Titles Next Year
The highlight of Liverpool's campaign so far has been their impressive performance against the defending champions, Inter Milan. In a highly anticipated clash, Liverpool outclassed Inter Milan with a convincing 3-0 victory, showcasing their tactical prowess and superior quality. The combination of solid defense, creative midfield play, and clinical finishing has made Liverpool a force to be reckoned with in the tournament.
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 . Most Viewed in Property LoadingAvalonBay Communities, Inc. (NYSE:AVB) to Issue Quarterly Dividend of $1.70Notable quotes by Jimmy Carter
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WASHINGTON (Reuters) -U.S. President-elect Donald Trump said on Sunday the 2023 debt ceiling extension agreed by then House Speaker Kevin McCarthy and President Joe Biden will "go down as one of the dumbest political decisions made in years." Under the 2023 budget deal Congress suspended the debt ceiling until Jan. 1, 2025. The U.S. Treasury will be able to pay its bills for several months beyond that deadline, but Congress will have to address the issue, possibly around mid-year. In a post on Truth Social, Trump said, "The extension of the Debt Ceiling by a previous Speaker of the House, a good man and a friend of mine ... will go down as one of the dumbest political decisions made in years." He added, "The Democrats must be forced to take a vote on this treacherous issue NOW, during the Biden Administration, and not in June. They should be blamed for this potential disaster, not the Republicans!" Republicans, however, will control both chambers of Congress beginning on Jan. 3 and at least some of the party's lawmakers would have to go along with a debt limit increase or elimination in order for it to become law. Without the 2023 debt limit increase, the United States would have seen a historic default on its debt payments that would have roiled financial markets worldwide. A debt default would also likely have brought a downgrade in the U.S. credit rating, raising borrowing costs for businesses and individuals. At the time, several far-right Republicans in the House of Representatives had pushed for deeper federal spending cuts as a condition for raising the debt limit than what had been negotiated. About a week ago, with U.S. government discretionary funding due to expire on Dec. 20, Trump, encouraged by billionaire Elon Musk, demanded the debt limit either be eliminated or extended, possibly to 2029 when his presidency would end. That idea was tacked onto an extension of government funding into March, but it was quickly voted down by a coalition of House Democrats and hard-right Republicans, many of whom represent districts in Trump-leaning states. A government-funding bill without a debt-limit provision was then enacted into law. Next month, Republicans in the newly-elected Congress are expected to insist on deep federal spending cuts as a condition for raising the country's borrowing limit. Democrats earlier this month argued Trump's call for an immediate increase or elimination of the debt limit was motivated by his desire to make room for a new round of tax cuts that likely would lower revenues and thus add more to the debt. The national debt currently stands at about $36.1 trillion due to federal spending levels and tax cuts that have been enacted into law over several decades. (Reporting by Jasper Ward and Richard Cowan; Editing by Don Durfee and Chris Reese)As the countdown to TGA begins, there is a palpable sense of anticipation and eagerness among gamers, who are eagerly awaiting Xbox's potential announcements. The stage is set for Xbox to make a statement and captivate audiences with the promise of groundbreaking games and innovative experiences that will shape the future of gaming.