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1.Market Observations, 8.Was Sticky

11 Jan 2018 (AFR) – Foreign property buyer demand falls prompting warning from Harry Triguboff

(11 January 2018, AFR, p1, by: Matthew Cranston, Larry Schlesinger)

Key indicators of property market

Key indicators of property market

‘Government taxes and credit restrictions have started to hit foreign buyer demand for residential property so hard in Australia that major developers are either pulling out of the apartment market altogether or, like Meriton’s Harry Triguboff, are left grappling with Chinese investors who can’t settle on pre-sold apartments. The sharp drop in foreign buyers, detailed in the latest ANZ/Property Council of Australia survey of more than 1700 property professionals from across the whole industry, is expected to further push down prices, which have already fallen in Sydney during the December quarter by 2.1 per cent. “It’s not bad, it’s very bad,” Mr Triguboff told The Australian Financial Review on Wednesday.

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