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On this episode of The nestegg Podcast, the CEO of Industry Super Australia, Bernie Dean, shares his insights into the impact of COVID-19 on super funds.

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Bernie joins host Grace Ormsby to unpack how the economic downturn has been affecting different demographics, why many in the older age bracket are experiencing increased levels of anxiety, and what those people can do to preserve their nest egg and minimise their losses.

Bernie also delves into Industry Super Australia’s stance towards accessing superannuation early as part of the government’s stimulus measures, whether now is a good time for people with the means to contribute extra to their super, and industry fund plans for a road to recovery for both their members and the national economy.

Thanks Bernie, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Industry Super Australia are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Friday, 05 June 2020

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Soaring foreign property investment set to slump

By Jack Derwin · October 13 2016

Reading:

Invest

Soaring foreign property investment set to slump

By Jack Derwin
October 13 2016

Reading:

Soaring foreign property investment set to slump

By Jack Derwin · October 13 2016

Reading:

While foreign purchases of Australian residential property have increased ten-fold over the last five years, this is set to drop amid greater regulation in a slowing market.

According to the QBE Housing Outlook report released today, the surge in foreign investment will be significantly constrained in the next three years.

“Slowing price growth and low residential yields will encourage investment elsewhere [and] banks have tightened lending policy toward overseas buyers, such as not accepting foreign income in serviceability assessments, and reducing loan–to–value ratios depending on residency status,” the report said.

The study also pointed to the state surcharges that have been imposed in New South Wales, Victoria and Queensland on stamp duty of 3 per cent, 4 per cent and 7 per cent respectively to foreign purchasers as major deterrents.

On top of this, foreign residential owners must pay a 0.75 per cent land tax surcharge in NSW, while in Victoria the absentee owner land tax is set to rise to 1.5 per cent from 0.5 per cent.

These are likely to quell the increase in foreign investment that has occurred over the last five years, growing tenfold from $6.09 billion in 2009-10 to $60.75 billion last year.

The introduction of these measures comes at the same time that tighter capital controls are being implemented in China, a central source of foreign investment in the Australian property market, limiting capital outflow.

According to QBE, some dwellings are will be harder hit than others.

“The headwinds for foreign investors are expected to have the greatest impact on the new dwelling market, particularly the apartment sector, where substantial pre–sales are required for a project to obtain development finance for construction. For those that have already purchased off–the–plan, it will become more difficult for foreign investors to settle, particularly if a lower loan–to–value ratio and potential lower valuation requires a significantly higher equity contribution by the purchaser.”

Fewer settlements could in turn place greater downward pressure on apartment prices, if they are placed back on the market at lower prices, the report warned.