Quote:
Originally Posted by WBC
Yeah that was a one month slowdown. Check May
http://www.businessinsider.com.au/au...e-rates-2016-5
"In just the past eight days, prices in Sydney rose by 3.5%, outpacing gains of 2.8% and 2.2% in Melbourne and Brisbane.
Year to date prices have risen by 6.6% in Sydney, topping gains of 4.6% and 4.3% in Adelaide and Melbourne. Perth is the only capital city surveyed to register a fall over the same period with prices down 2.0%.
Going off CoreLogic’s chart below, it certainly appears that house prices are accelerating after a small period of consolidation earlier in the year."
And secondly Australia put those controls years ago with nothing to show for for years. This has nothing to do with pure foreigners...If you wanted to calm down the real estate market you would have to drastically reduce immigration (Canada is the easiest country in the western world to get immigration visa and become citizen of) and increase interest rates...And as I said before good luck with that. You are not going to have correction while you have 40,000 people every year move into Lower Mainland.
And if you look at provincial budget 1.5 billion dollars comes from property transfer tax alone. That is 3% of provincial budget just from that one tax. So yeah...I am sure that provincial government is coming to our aid... |
The jury's still out on whether the restrictions are causing the Australian slowdown or not, but they can't hurt.
Of course Christy and her clowns aren't going to do anything about it! As you point out the PPT is the golden goose for them, you can only do so much budget balancing by clawing back benefits for those on disability.
If I were Horgan and the NDP I'd promise to scrap the PPT on anything under $1.5 million and quadruple it on everything over. Nobody's going to shed any tears for offshore buyers getting soaked.