Investing in Australia
澳洲房地產投資
Australia reasserts its place as a destination for Hong Kong buyers but the rules and regulations are murkier than ever.縱然入市難度增加，澳洲仍是香港買家的焦點。
Well over a year into the “biggest trade war in economic history” (as reported by CNN) and little is certain beyond continued uncertainty. But on the global front there's more. Several Brexit deadlines have come and gone, but it's not over. Three of the world's major economic powers are embroiled in spats that are influencing the rest of us— but there could be a silver lining or two to be found among the market zaniness.
Heading Down Under
The Sino-us dispute has made investors cautious about diving headlong into American property markets, regardless of how historically strong locations such as New York and San Francisco are, as well as emergent markets like Seattle and Austin. The unsettled Brexit rules have similarly put some investors on their heels, with many choosing to wait and see how Europe eventually shakes out. Admittedly, many are charging into London as confidently as in the past, but high value markets like Manchester and Birmingham are feeling the pinch. All that leaves is room for other markets popular among Hong Kong and Chinese investors—markets like Australia. Real estate remains the most popular single asset for Hongkongers and Chinese mainland investors. Several factors have made that the case going back years: a lack of substantial government pensions make property a stable retirement fund; children are and have always regularly headed overseas for education; and a traditional taste for investing as a few. But recent years have seen other equally strong incentives for buying overseas property. Chinese stocks performed badly in 2018; the Hang Seng took a tumble as well; equity funds have been targeted by government anti-corruption crackdowns; and buying property at home is difficult in China due to legal restrictions and in Hong Kong due to high prices and various cooling measures.
So, with Asian investors still looking for investment opportunities and the US and the UK currently iffy options, Australia has stepped into the gap. Not only is Australia geographically close—closer if you factor in jetlag—it boasts a lifestyle that, arguably, is superior to either the US or UK, and a favourable currency exchange. Nearly 25% of foreign buyers in Australia are Chinese.
經濟學上最大規模的貿易戰」（據CNN所報道）已發生超過一年了，一切仍在混沌之中，變幻莫測。與此同時，國際時事卻有不少變化，英國脫歐進程一再延遲；三大主要經濟體捲入紛爭，環球形勢日益複雜，但亦為市場帶來機遇。
一路向南
儘管美國物業市場有紐約及三藩市等熱點，以及西雅圖及奧斯汀等新興地，但因中美爭拗持續，已令不少投資者卻步。同樣地，英國脫歐進程糾纏不清，亦令買家押後入市，靜觀歐洲局勢發展。英國仍是信心保證，但熾熱市場如曼徹斯特及伯明翰已感受到下行壓力。投資者轉至放眼其他熱門市場，焦點之一是澳洲。
在香港人及內地人眼中，物業是最有價值的投資項目，因有充份理據支持：撇除政府養老金，物業投資是安穩的退休保障；兒女負笈海外升學越趨普遍；「買磚頭」亦是傳統智慧。近年甚至有更多投資海外的誘因，當中包括中國股市於2018年表現不濟；恆生指數回落；基金投資成為內地政府打擊貪腐的對象；再者，在居住地買樓也不容易，內地法律限制多，而香港樓價高，且有不同程度的打壓樓市措施。隨著亞洲投資者對不穩的美國及英國市場持審慎態度，澳洲躍升為熱門之選。
The most popular destinations are to be expected: Melbourne, the lifestyle leader, where Victoria's foreign buyer stamp duty sits at 7% (as does Western Australia's); Sydney, the familiar brand name, where New South Wales imposes an 8% foreign buyer stamp duty; and Brisbane, a hotbed of student accommodation investment and home to the country's highest concentration of Hong Kong and Mainland students. Appealing new developments are plentiful— but they are also required for the Foreign Investment Review Board (FIRB).
Rules, rules, rules
As appealing a market as it may be, Australia's FIRB is an outlier among overseas markets for international purchasers. In order to complete a real estate transaction, “foreign persons generally need to apply for foreign investment approval before purchasing residential real estate in Australia.” The idea is to funnel foreign dollars into new developments and underpin the construction industry as well as meet demand for supply. It's rarely an issue, but FIRB approval is something potential buyers should be aware of. And even if an investor is only considering an Australian purchase, it's best to get approval well in advance. It reduces waiting times and can prevent loss of a property to another buyer during the wait—though there are exemptions (the full regulations can be reviewed at firb.gov.au).
As a rule, existing dwellings—like a single family landed house that's 100 years old— are among the properties restricted to Australians only. Temporary residents can purchase existing homes on the condition that they sell their property when they leave Australia, but most Hong Kong investors stick to new projects. That said, one of the most attractive aspects about investing in locations such as Canada, the US and Australia is the potential for freehold land ownership. Land can only be purchased if the buyer builds residential dwelling on it within four years, which can, however, be sold or rented out. Also, bear in mind that investors are limited to a maximum of 50% of new projects (similar to Thailand's地理上，澳洲位置較歐美近亞洲，更有比歐美更優勝的生活方式，貨幣匯率亦理想。澳洲有超過25%的海外買家是中國人，最受歡迎的目的地有宜居指數全球第一的墨爾本，現時維多利亞州的海外買家印花稅約7%（與西澳州相同）；還有悉尼，新南威爾斯州徵收約8%海外買家印花稅；另有布里斯本，該市盛行學生住宿投資，亦是全國擁有最多香港及內地學生的地方，新發展項目多不勝數，但購買前要獲外國投資審查委員會（FIRB）批准。
限制多多
儘管澳洲市場吸引，但海外買家不能夠自由入市，要先通過FIRB一關，亦即「在完成購買澳洲住宅物業程序前，海外買家要先取得外國投資許可」。這樣做是為把海外資金轉移至新住宅項目，藉此振興建造業，同時應付需求。FIRB許可雖不是一道難關，但準買家也要多加留意，即使只在考慮購買澳洲物業，也應預先申請許可，以減少等候時間，或避免心儀物業在等候申請其間被售予另一買家（詳細內容可參考firb.gov.au）。
overseas threshold) and non-resident owners are subject to a vacancy fee if their residential property is unoccupied for more than six months each year. The fee is assessed by the Australian Taxation Office, which will also assess penalties for reporting failures.
Finally, Australia made waves few years back, 2016 and then again, this year relaxing loan limits for borrowers, when it levied comprehensive new financing rules and lending criteria. The best way to navigate those rules with a qualified mortgage broker, as the process and regulations can vary from bank to bank. After 2016, non-resident investors have been limited in how much, if at all, they could borrow from Australian lenders. Financing is considerably more expensive, usually 6.5 to 8% at 70% LTV. The few banks that supply overseas mortgages also prefer to lend to buyers whose properties are in low-risk, high demand locations such as Melbourne, Sydney and Brisbane. Investors keen on that great ocean-view condo in Perth or a nice patch of land for a home in the Barossa Valley should be prepared with larger down payments—or to face a few slammed doors.一般來說，已建住宅，如一間100年樓齡、一直由同一家庭持有的連地獨立屋，只可給澳洲人購買。事實上，臨時居民也可購買這些物業，但條件是他們需同意在離開澳洲時把物業賣掉。然而，大多數香港買家對新樓有更大興趣。在澳洲以至加拿大、美國買樓，最大優勢之一是可享永久業權，假如買家在獲得土地之後四年內建屋，該土地便可被購買，而該住宅物業亦可出售或出租。投資者最多只能購買新項目的半數單位（與泰國海外投資限制相似），一旦非本地居民業主所持有物業每年有超過六個月沒被租用，該業主或需緻付空置稅，並交由澳洲稅務局評核稅收，同時評核違規罰款。
過去數年，澳洲市場一直大受歡迎，今年再度放寬融資，採用新修訂的綜合融資及借貸規則。因不同銀行的處理程序及準則各異，買家可找合資格的按揭經紀了解如何符合有關規則。2016年以後，非本地居民投資者很大程度受到澳洲融資機構限制，7成按揭成數中約6.5至8%為融資成本，費用相對高昂，而且只有少數銀行提供按揭予海外買家，獲批的買家主要持有位於墨爾本、悉尼、布里斯本等地物業，意味著風險低、需求高。除了這些熱門投資地，亦有投資者放眼珀斯的臨海公寓，或巴羅莎山谷的優雅地段，後者需準備更多的首期才有望成交。
All that leaves is room for other markets popular among Hong Kong and Chinese investors— markets like Australia.投資者轉至放眼其他熱門市場，焦點之一是澳洲。