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| Editor Lawrence |
Just when Western Australia real estate, which includes Perth was starting to recover from a three to four year downturn the government decides to put another nail in its coffin.
A surcharge of 7% for foreign buyers will certainty lower demand at the same time that 50% of Australians are thinking about buying outside of their own country therefore lowering that demand as well.
This is why we believe this is the right time to educate Australians on how to purchase and live or retire in Bali long term with a cost of living that is approximately 60% to 70% less than most major Australian cities.
See information on free seminars below after this article
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By Jacob Kagi and Graeme Powell
Updated about 5 hours ago
PHOTO: The surcharge increase is expected to reap $50 million over the next four years. (ABC News )
RELATED STORY: WA budget: Here's what it means for you
A plan to slug foreign property buyers in WA with a 7 per cent surcharge will damage recovery of the state's property market, a real estate peak body has warned.
The measure, confirmed by Treasurer Ben Wyatt, is expected to be unveiled in detail in this afternoon's state budget.
While the surcharge was restricted to residential property, Mr Wyatt said "significant residential developments" would remain exempt. It is unclear what qualifies a property as a "significant" development.
The move represents an increase on previous plans for the surcharge of 4 per cent, which was due to come into effect from January 1.
WA budget 2018 preview: What you need to know
Will the Treasurer and Premier still be smiling when this year's budget is delivered?
Real Estate Institute of WA president Hayden Groves said it was a "remarkable" decision by the WA Government.
"By adding another 3 per cent to 7 per cent, what it effectively will do is just disincentivise further any foreign investment in Western Australian property," Mr Groves said.
"That's a real pity because A) we don't have a lot of it in the first place, and B) we need it to make sure projects get (off) the ground."
Mr Groves said stamp duty taxes were inefficient and hampered growth.
"We are only just recovering in the Perth property market and this will certainly slow down and damage the recovery," he said.
Foreign buyers to 'assist in budget repair'
Mr Wyatt argued the surcharge would provide the state with a much-needed revenue boost.
The change from 4 per cent to 7 per cent will put an extra $50 million into WA's coffers over the next four years.
"I don't think any Western Australian would think it was unfair for foreign owners of residential property, who benefit from our services and infrastructure, to assist in budget repair," Mr Wyatt said.
"It is something I think most West Australians would find fair and reasonable."
The move can only go ahead if it receives the approval of State Parliament's Upper House, where the Government does not have a majority, but Mr Wyatt said he was optimistic about that.
"I am hopeful this will receive positive support," he said.
"It has been part of conversations we have had with Upper House members for a long period of time now."
Tax increases not ruled out
PHOTO: Mr Wyatt said the budget would support WA's economic growth. (ABC NEWS: Jacob Kagi)
Mr Wyatt said the policy did not represent another breach of Labor's pre-election pledge not to increase taxes, saying the party had explicitly said that commitment applied only to West Australians.
While the Government has not ruled out other tax increases, Mr Wyatt has repeatedly said his budget has focused on supporting the state's economic growth.
Household fees and charges are expected to increase significantly, however, with water rates to rise by 5.5 per cent on average and much more for the biggest residential users.
Last year's budget predicted power prices would rise by seven per cent, with the Liberals worried the boost to household costs will hit struggling families hard.
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If you would like to learn how you too can live or retire in Bali at more than 50% less than most western countries or earn 10% to 20 % per year profits on Bali investment real estate you may attend our free seminars in Bali, Australia and New Zealand in the coming months.
Attendance is free and thoroughly educational from a 21-year expert on Bali real estate.
Free Seminar Schedule:
1. Thursday - May. 24th. 6:30 PM - 7:45 PM - Bali, Emerald Villas, Jl. Karangsari, # 5, Sanur, Bali, Indonesia. SIGN UP HERE
2. Saturday - June. 23rd. 2:00 PM - 3:45 PM *Sydney, Australia SIGN UP HERE
3. Tuesday - June. 26th 6:30 PM - 7:45 PM *Sydney, Australia SIGN UP HERE
4. Thursday - July. 19th 6:30 PM - 7:45 PM *Auckland, New Zealand SIGN UP HERE
5. Saturday - July. 21st 2:00 PM - 3:45 PM *Sydney, Australia SIGN UP HERE
Seating is very limited. Avoid disappointment sign up now or obtain more information Or Email: seminarsptbali@gmail.com or Tel: Office: 62-361- 284069 For Bahasa English 62-8123814014 – Bahasa Indonesia or 62-8123632177
At these seminars you will learn about:
-The Past, Present and Future of Bali and Indonesian real estate.
-Why a recent official clarification of foreign ownership laws allows foreigners to totally control Indonesian properties for up to 80 years.
-How to avoid legal problems and make sure a property is safe.
-How to avoid complicated real estate laws affecting Indonesians married to foreigners.
-Why this is the second-best time to buy this century.
-Where are the best locations to buy for maximum profits?
-What type of properties will offer the best investment potential of *10% to 20 % per year?
-Discover how you can sell your property fast for the highest prices and lowest commissions on a brand-new web site designed after the largest most successful real estate site in America with high tech search features.
-An opportunity for a free listing on B.A.R.E. First Class Beachfront property at almost 50% discount.
-Low cost properties with Luxury Villas starting as low as U.S. $158,000 for a three-bedroom 650 m² 3-bedroom, 4 baths with private 9 mtr. Pool.
-Ridiculously low-priced ocean view building lots starting as low as U.S. $25,000 for 500 m². Ocean front property in first class complex at 50 % off 2014 prices. Brand new retirement villas starting at U.S. $195,000.
To attend any of their Free Seminars email to seminarsptbali@gmail.com
*Important Notice. Seminar held in Sydney and Auckland are informational seminars only. No sales or orders will be taken at the seminars. The location of the seminars will be announced after we determine the size f audience the week before the seminars.
RELATED STORY: WA budget: Here's what it means for you
A plan to slug foreign property buyers in WA with a 7 per cent surcharge will damage recovery of the state's property market, a real estate peak body has warned.
The measure, confirmed by Treasurer Ben Wyatt, is expected to be unveiled in detail in this afternoon's state budget.
While the surcharge was restricted to residential property, Mr Wyatt said "significant residential developments" would remain exempt. It is unclear what qualifies a property as a "significant" development.
The move represents an increase on previous plans for the surcharge of 4 per cent, which was due to come into effect from January 1.
WA budget 2018 preview: What you need to know
Will the Treasurer and Premier still be smiling when this year's budget is delivered?
Real Estate Institute of WA president Hayden Groves said it was a "remarkable" decision by the WA Government.
"By adding another 3 per cent to 7 per cent, what it effectively will do is just disincentivise further any foreign investment in Western Australian property," Mr Groves said.
"That's a real pity because A) we don't have a lot of it in the first place, and B) we need it to make sure projects get (off) the ground."
Mr Groves said stamp duty taxes were inefficient and hampered growth.
"We are only just recovering in the Perth property market and this will certainly slow down and damage the recovery," he said.
Foreign buyers to 'assist in budget repair'
Mr Wyatt argued the surcharge would provide the state with a much-needed revenue boost.
The change from 4 per cent to 7 per cent will put an extra $50 million into WA's coffers over the next four years.
"I don't think any Western Australian would think it was unfair for foreign owners of residential property, who benefit from our services and infrastructure, to assist in budget repair," Mr Wyatt said.
"It is something I think most West Australians would find fair and reasonable."
The move can only go ahead if it receives the approval of State Parliament's Upper House, where the Government does not have a majority, but Mr Wyatt said he was optimistic about that.
"I am hopeful this will receive positive support," he said.
"It has been part of conversations we have had with Upper House members for a long period of time now."
Tax increases not ruled out
PHOTO: Mr Wyatt said the budget would support WA's economic growth. (ABC NEWS: Jacob Kagi)Mr Wyatt said the policy did not represent another breach of Labor's pre-election pledge not to increase taxes, saying the party had explicitly said that commitment applied only to West Australians.
While the Government has not ruled out other tax increases, Mr Wyatt has repeatedly said his budget has focused on supporting the state's economic growth.
Household fees and charges are expected to increase significantly, however, with water rates to rise by 5.5 per cent on average and much more for the biggest residential users.
Last year's budget predicted power prices would rise by seven per cent, with the Liberals worried the boost to household costs will hit struggling families hard.
_______________________________________________
If you would like to learn how you too can live or retire in Bali at more than 50% less than most western countries or earn 10% to 20 % per year profits on Bali investment real estate you may attend our free seminars in Bali, Australia and New Zealand in the coming months.
Attendance is free and thoroughly educational from a 21-year expert on Bali real estate.
Free Seminar Schedule:
1. Thursday - May. 24th. 6:30 PM - 7:45 PM - Bali, Emerald Villas, Jl. Karangsari, # 5, Sanur, Bali, Indonesia. SIGN UP HERE
2. Saturday - June. 23rd. 2:00 PM - 3:45 PM *Sydney, Australia SIGN UP HERE
3. Tuesday - June. 26th 6:30 PM - 7:45 PM *Sydney, Australia SIGN UP HERE
4. Thursday - July. 19th 6:30 PM - 7:45 PM *Auckland, New Zealand SIGN UP HERE
5. Saturday - July. 21st 2:00 PM - 3:45 PM *Sydney, Australia SIGN UP HERE
Seating is very limited. Avoid disappointment sign up now or obtain more information Or Email: seminarsptbali@gmail.com or Tel: Office: 62-361- 284069 For Bahasa English 62-8123814014 – Bahasa Indonesia or 62-8123632177
At these seminars you will learn about:
-The Past, Present and Future of Bali and Indonesian real estate.
-Why a recent official clarification of foreign ownership laws allows foreigners to totally control Indonesian properties for up to 80 years.
-How to avoid legal problems and make sure a property is safe.
-How to avoid complicated real estate laws affecting Indonesians married to foreigners.
-Why this is the second-best time to buy this century.
-Where are the best locations to buy for maximum profits?
-What type of properties will offer the best investment potential of *10% to 20 % per year?
-Discover how you can sell your property fast for the highest prices and lowest commissions on a brand-new web site designed after the largest most successful real estate site in America with high tech search features.
-An opportunity for a free listing on B.A.R.E. First Class Beachfront property at almost 50% discount.
-Low cost properties with Luxury Villas starting as low as U.S. $158,000 for a three-bedroom 650 m² 3-bedroom, 4 baths with private 9 mtr. Pool.
-Ridiculously low-priced ocean view building lots starting as low as U.S. $25,000 for 500 m². Ocean front property in first class complex at 50 % off 2014 prices. Brand new retirement villas starting at U.S. $195,000.
To attend any of their Free Seminars email to seminarsptbali@gmail.com
*Important Notice. Seminar held in Sydney and Auckland are informational seminars only. No sales or orders will be taken at the seminars. The location of the seminars will be announced after we determine the size f audience the week before the seminars.
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