Reported 7 months ago
Australia’s New South Wales is increasing duties on overseas buyers of homes in the state in an effort to tackle a severe housing crisis. The foreign purchaser surcharge will rise to 9% from 8%, and the owner land tax duty for foreign buyers will increase to 5% from 4%. The government expects these adjustments to generate an additional A$1.68 billion ($1.1 billion) over four years to address the housing crisis. These measures aim to make more properties available to state residents and ensure that foreign investors contribute to housing and infrastructure costs.
Source: YAHOO