It's pretty obvious that a nation-wide scheme to provide roof insulation would require oversight. That is what failed. You can't expand an industry in a massive way and give people a blank cheque and not expect rorting to be rife.
Reinstating the restrictions on foreign property investment that they scrapped in 2008 is a good thing, but congratulation? ... That's rather like congratulating a mugger when he stops plunging the knife into your chest. By housing price, I mean the price of a residential property. Allowing groups of people to buy who couldn't previously (e.g. temporary residents) can only increase prices. Same supply, greater demand. There were many minor changes, including the abolition of the $300,000 limit on foreign students' homes, all of which were likely to put upward pressure on property prices. Unfortunately, nobody appears to have concrete figures on the effects. Some real estate agents here had opened offices in Asia specifically to cater to foreign buyers, while others say temporary residents make up only 1-2% of their sales.
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Date: 2010-06-07 02:01 am (UTC)Reinstating the restrictions on foreign property investment that they scrapped in 2008 is a good thing, but congratulation? ... That's rather like congratulating a mugger when he stops plunging the knife into your chest. By housing price, I mean the price of a residential property. Allowing groups of people to buy who couldn't previously (e.g. temporary residents) can only increase prices. Same supply, greater demand. There were many minor changes, including the abolition of the $300,000 limit on foreign students' homes, all of which were likely to put upward pressure on property prices. Unfortunately, nobody appears to have concrete figures on the effects. Some real estate agents here had opened offices in Asia specifically to cater to foreign buyers, while others say temporary residents make up only 1-2% of their sales.