| Salient points. re Sydney and Melbourne (and Australia in general) FIRB is easily circumvented (just buy properties using a company structure, no need to tell FIRB now) Also regarding the $800k overage paid, this kind of thing has been happening in Australian east coast cities for a decade, due to our govt refusal to enact Anti Money Laundering funds transfer reporting rules for accountants, lawyers and real estate agents. Australian govt of both flavours review the AML reporting rules every 2 years since 2006 but never actually change it to include realestate. https://www.macrobusiness.com.au/2017/09/us-cracks-down-on-r... So now I live in Melbourne's east in a 1930's house last renovated in 1980 that sold for $2.2 million earlier this year and I rent it for $650 a week. Previous owners bought it for $1.1 million 8 years earlier. http://www.dailymail.co.uk/news/article-4867622/Melbourne-ag... |