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Interesting property news out of Australia and China

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  • Interesting property news out of Australia and China

    Hi All,

    Here's a couple of interesting updates.....

    Fund manager “Owen” Ouyang Chen, whose $24 million heritage home in Northwood recently burnt to the ground, is expected to gain approval to build his $4.8 million mansion next door given a recommendation to the local planning panel. A bid by Chen and his wife, Xiao Hong Li, to knock down and rebuild the 1980s-era house they bought in 2007 for $5.688 million had been subject to a dozen objections from neighbours, as well as council concerns, over the bulk and scale of their planned residence, and the impact it would have on the heritage house next door.
    The answer was so simple, just burn the mansion down!


    China's property market has slowed sharply in recent months, with prices and sales both falling after authorities stepped in to cut excessive debt held by property developers, triggering a liquidity crunch and hitting buyer sentiment.

    First home buyers need between 6 - 18 years to save for a deposit. 6 years in Darwin, 9 years in Perth, 12.8 years for Melbourne, 18 years for Sydney.

    However, super-sized interest rates also mean buyers’ borrowing capacities are taking a battering with predictions the amount of money that people can borrow will plummet by around 25 percent by mid-2023.

    So FHBs need to save forever and then time their entry when interest rates are descending and they can borrow more?

    My first property was in London, and I bought at the start of a deep recession when the interest rate 18% (yeah it was quite a while ago). But doing so meant things only got better so if it can be done wouldn't it be best for FHBs to do likewise?

    Come on Pensioners - sell the family home!

    Labor will on Wednesday introduce a Bill to parliament that would give age pension recipients more time before the proceeds from the sale of their homes affect their pension payments.

    The Albanese government’s legislation would give pensioners an additional 12-month asset test exemption on their home sale proceeds.

    Labor says the exemption is designed to give people more time to purchase, build, rebuild, repair or renovate a new principal home before their pension is affected.

    Is this attractive? Why not gift the property to their family? Or another strategy that can exempt the asset test thing?


    Owen Chen lost his heritage home when it burnt to the ground two weeks ago, but a recommendation to council could get his $4.8 million rebuild next door approved.
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