by Mike Maloney
Author and economics commentator Mike Maloney has exposed a $50,000 government hand out for international buyers of Australian real estate.
He said first home buyers had no chance of competing with overseas speculators in the housing market, which has increased each year by 30 per cent.
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This little known LNP incentive for overseas buyers which includes China, has pushed young couples out of the market.
“Australia has gone nuts. I did a piece on the Australian real estate bubble and was going to include it my next book, but it was too long so I made a video of it,” Mr Maloney said.
“It just shows you the craziness of the economics of what they are trying to do behind Australian real estate.
“The Australian government is now offering a $50,000 grant to any foreigner who comes in and buys residential real estate like the Chinese.
“The Chinese have been investing very heavily so they are trying to attract more of them. We had this contraction because we closed down our economy. China reopened their economy right away and they’re having an economic boom.”
He questioned why the Australian population is not asking itself, “You mean I have to pay taxes so we can give it to some foreign buyer who is going to bid up a house away from the children for instance don’t they need a place to live.
“Don’t they need a starter house? They are never going to be able to, they are going to have to rent because of these crazy policies driving real estate up 30 per cent in year over year….this is crazy.
“The real estate bubble will implode and their will be a chain reaction around the world.”
Prime Minister Scott Morrison has been contacted for comment.