THE BLOCK | Foreign buyers bid up property. Did anyone see the foreign buyers bid up apartment prices by hundreds of thousands of dollars on The Block last night? EXHIBIT A A Scotsman, who has been based in Melbourne for six years, finally raised his paddle after discussions and bought their property as investment. EXHIBIT B The buyer, 20-year-old commerce/engineering student Shiji Ma – who purchased the property with his girlfriend Yue Pan for her parents, who are based in Nanjing, China - snapped up the apartment with just one, uncontested bid at $10,000 over the [$1.7m]reserve. He confessed he had his eye on other apartments – he was the under-bidder in Chris and Jenna and Simon and Shannons earlier auctions – but said bought Max and Karstans property because it was unexpectedly cheap and well under his budget. Do first home buyers stand a chance against foreign buyers and tax concessions for investors?
Posted on: Mon, 13 Oct 2014 03:27:47 +0000