Sydney Adds Home Tax on Foreigners

Australia taxes foreign home buyers as affordability bites
Sydney is imposing new taxes on foreigners buying homes as concerns grow that a flood of mostly Chinese investors is crowding out locals and killing the "Great Australian Dream" of owning property.

Ownership rates across the country are among the highest in developed nations, with having your own house long viewed as a key aspect of Australian identity.

But as prices rise to record levels -- Sydney is ranked only second to Hong Kong as major cities with the world's least-affordable housing -- new potential homeowners have been increasingly forced out of the market with foreigners blamed as a key factor.
This is the future of the world if globalization continues. The number of Chinese able to afford homes in the developed world will surge, and then India will be coming up 10 years behind on the development curve, but with a growing population.

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