Home affordability has been a common problem and people are pointing fingers at who is accountable for this issue. Most will agree that foreign investments are causing prices to go up, but the Real Estate Institute of New South Wales believes that pushing them away from the market is not the solution. Blaming foreign investors for the price increase is “misguided” and that house prices are increasing due to shortages in property and the unfair burden brought about by taxation.
Federal Treasurer Joe Hockey has called upon the Economics Committee to report on foreign investment, specifically for the residential sector to address these concerns. The inquiry should uncover the factors in driving house prices up.
Read more about this on the Australian Property Investor website.