Back in 1987, on 29 September, the Australian Federal Government made a dramatic announcement about Foreign investors buying in Australia, restricting them to no more than 50% of a project. This had an instant impact on the market in Australia, and particularly for apartments.
Then on 18 December 2008 the law was again changed allowing up to 100% of a project to be sold to foreign buyers.
Now, on May 9, 2017 the Australian Government has RE-ENACTED exactly the 1987 ruling. The question all investors are asking is this: “Will history repeat itself in 2017? And if so, what should I do to protect myself/benefit from the after effects of this ruling?
Michael Bentley, founder and Managing Director of Citylife International Realty is the ONLY Australian agent who was marketing Australian projects back in 1987 in Asia, and so experienced firsthand the after effects of the announcement. In fact, it was such a huge story, and the market was so affected, he was featured on the front page of the South China Morning Post