Foreign ownership surcharge could turn buyers away, agents warn

Foreign investment surcharge could turn buyers away from South Australia, agents warn Real estate agents specialising in overseas investors have warned the South Australian Government the way a new levy on foreign investment in residential property is being applied will damage the state’s reputation as a good place to invest. Treasurer Tom Koutsantonis last week…

Contaminated risk for western Sydney water due to poorly planned housing developments

POORLY planned housing developments in Western Sydney are contaminating the water supply and could contribute to a citywide shortage in future, NSW government documents warn. Documents obtained by The Daily Telegraph can reveal WaterNSW and Sydney Water have voiced concerns that Sydney’s urban sprawl and booming population are putting increasing pressure on the water system,…

Chinese developers buy one-third of Australia’s sites in 2016

Chinese developers bought almost 40 per cent of the total $5 billion spent on Australia’s residential development sites in 2016, with a clear trend towards buying up land in far-flung Sydney and Melbourne suburbs, new research shows. Knight Frank’s report, The Rise of Chinese Developers in Australia, found Chinese developers bought $2.4 billion of residential development sites in…

Sydney’s new trains will be built in China in a $1.7 billion deal

New trains for Sydney’s rail work will be built in China under a $1.7 billion contract. Engineering group Downer EDI Ltd announced today that it had been awarded the Sydney Growth Trains contract by Transport for New South Wales. Downer shares were up 2.2% to $5.79 in early trade. The contract includes 24 double-deck trains…

Chinese property buyers in Australia ‘have not stopped’

Chinese investment will continue to flow into Australia’s housing market despite tighter mainland capital restrictions, with real estate portal Juwai predicting levels will peak again despite a near-10 per cent fall in inquiries earlier this year. Inquiries on the website for Australian property from potential Chinese buyers have fallen 9.7 per cent in the first…

House prices face China exodus risk, says former top US Federal Reserve Economist

Soaring house prices are vulnerable to a sharp downturn that would damage the local economy if Chinese buyers retreat from residential property in Australia, a former top US Federal Reserve official has warned.Nellie Liang, who recently visited Sydney and shared her thoughts on financial stability research with the Reserve Bank of Australia, told The Australian Financial Review policymakers…

Lethal asbestos pouring through our borders made in China

BUILDING materials laced with lethal asbestos are landing in our homes and building sites, as Chinese companies flout Australia’s ban.Australian Border Force identified a staggering 8643 shipments as “high risk” for asbestos during 2016-17, but only examined 761 — leaving 90 per cent to slip through to building sites, hardware stores and supermarkets. It seized 64…

Shoddy builders using foam bricks in cheap homes

THE construction scandal ­engulfing Australia is becoming so dangerous a property expert has revealed foam fake bricks are being used in shoddy homes by dodgy builders.National building and property maintenance consultant Roscon Property Services said developers were putting residents at risk by using polystyrene bricks to cut costs on the “Esky” homes.It comes as one…

Plans to privatise Lindeman Island National Park land, Chinese developers to build accommodation exclusive for wealthy tourist

NEARLY 37 hectares of Lindeman Island National Park will be privatised if the recommendations of an Environmental Impact Statement (EIS) released this afternoon are approved. The EIS details plans to privatise Lindeman Island National Park and place it in the hands of Chinese company, Whitehorse Developments, which will create exclusive accommodation for wealthy tourists. The…