Australia’s most populous state is more than doubling taxes on foreign homebuyers in a bid to tackle a housing cost crisis in Sydney, the country’s biggest city.
The New South Wales move is the latest in a slew of taxes and restrictions on foreign buyers, mainly from China, who are blamed for fuelling a property boom in which prices have doubled in Sydney since 2009.
Last month the federal government hit foreign investors with a so called “ghost tax”, a A$5,000 (US$3,700) annual charge on owners who leave their investment properties vacant or unavailable for rent for six months or more.
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