Backlash as foreign buyers flee

Original article by Matthew Cranston, Larry Schlesinger
The Australian Financial Review – Page: 1 & 29 : 11-Jan-18

South Australia was the only state that did not record a downturn in sales of residential properties to foreign buyers in the December quarter, according to a new ANZ/Property Council survey. Property developers say factors such as restrictions on access to credit and higher taxes on foreign buyers have contributed to the downturn in demand, and prompted some developers to withdraw from the residential market. Meriton founder Harry Triguboff says his company is having to resell many apartments that had been pre-sold to Chinese buyers.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, PROPERTY COUNCIL OF AUSTRALIA LIMITED, MERITON APARTMENTS PTY LTD, REALESTATE.COM.AU, REA GROUP LIMITED – ASX REA, CROWN GROUP PTY LTD, UBS HOLDINGS PTY LTD, AUSTRALIAN LABOR PARTY, LEND LEASE GROUP LIMITED – ASX LLC, AUSTRALIAN BUREAU OF STATISTICS

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