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top 10 agents

Alexander Phillips

Top 1

Year of Experience: 21

Support Staff: 3

Residential Property Listings Secured: 241

Total Value of Residential Properties Sold: $ 706,737,500

VIEW COMPLETE REPORT
1/10
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top suburbs

12 month growth
Manyana
70.61%
Tamarama
70.55%
Box Hill
64.95%
Goodwood
64.38%
Bawley Point
63.64%
Lennox Head
62.11%
Casuarina
62.08%
Queenstown
61.31%
Warana
60%
Cooroibah
59.43%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
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Banks concede lack of control over foreign housing funds

By Staff Reporter
18 August 2014 | 1 minute read

Australian banks have admitted to having limited control over the financing of residential purchases by overseas investors.

ANZ, the Australian Bankers Association and Macquarie Group all conceded their lack of influence on foreign housing funds during a parliamentary inquiry into foreign investment in residential real estate, according to The Australian.

The inquiry raised concerns that offshore financing, such as “shadow banking” in China, was cheaper and not in line with Australian standards.

Tom Westcott, ANZ’s senior manager of public policy, wrote that the bank would sample pre-sales “to check postcodes and local demographics to give validity to the claim (of the sale)”, but would not source the origin of the capital.

The Australian Bankers Association’s chief executive Steven Munchenberg wrote that the bank is not contracted with the relevant purchaser “and therefore does not have the authority to request personal financial information to verify the source of funds”.

James Laurenceson, deputy director of the Australian-China Relations Institute at the University of Technology in Sydney, denied that there was anything sinister about China’s “shadow banking” sector, and said it was often used to avoid official restrictions on capital being sent abroad.

“We don’t get a lot of Chinese investment, relatively speaking, and this could be a positive if it leads to an expansion in (apartment) supply,” he said.

Banks concede lack of control over foreign housing funds
Bank1
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Listen to other installment of the Real Estate Business Podcast
top 10 agents

Alexander Phillips

Top 1

Year of Experience: 21

Support Staff: 3

Residential Property Listings Secured: 241

Total Value of Residential Properties Sold: $ 706,737,500

VIEW COMPLETE REPORT
1/10
Do you have an industry update?

top suburbs

12 month growth
Manyana
70.61%
Tamarama
70.55%
Box Hill
64.95%
Goodwood
64.38%
Bawley Point
63.64%
Lennox Head
62.11%
Casuarina
62.08%
Queenstown
61.31%
Warana
60%
Cooroibah
59.43%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.