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The Australian property market comprises the trade of land and its permanent fixtures located within Australia. The average Australian property price grew 0.5% per year from 1890 to 1990 after inflation, [ 1 ] however rose from 1990 to 2017 at a faster rate.
The Head of Australian economics at National Australia Bank admits "This is a shocker". [50] April - Rules allowing foreign investment in real estate that were introduced in 2008 are withdrawn. Temporary residents are required to sell their Australian property when they leave Australia. [51]
Traditionally, Australian taxpayers have been allowed to negatively gear their investment properties, in the strict sense of investing in property at an initial loss. Negative gearing was restricted by a prohibition on the transfer of contingent property income and the property losses could not offset income from labour. [ 4 ]
One real estate agent estimated the Zammit property value to be just shy of $50 million Australian dollars ($33 million) in new developments, Australia's 7News reported in March of last year.
Australia's data-centre market, though nascent, saw outsized investment this year with Blackstone buying AirTrunk for A$24 billion ($14.91 billion) in September and developer NEXTDC raising nearly ...
In December 2008, the federal government introduced legislation relaxing rules for foreign buyers of Australian property. According to FIRB (Foreign Investment Review Board) data released in August 2009, foreign investment in Australian real estate had increased by more than 30% year to date.
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