WEALTHY ALIENS

Gisborne Herald, Volume LXX, Issue 21051, 24 March 1943, Page 6

WEALTHY ALIENS

SYDNEY FLATS BOUGHT REFUGEES AS LANDLORDS SYDNEY, March 12. Inquiries reveal that some of the most attractive properties in and mound Sydney, including especially the eastern suburbs, have been acquired by refugees from Europe, states the - Sydney Morning Herald. Individual investments up to £30,000 were common in 1940 and 1941, but the unduly considerate Government policy which allowed aliens to accumulate large amounts of important real estate in Australia has become gradually less generous in the last \ear.

It is estimated in real estate circles that applications to purchase lodged by aliens and held up in Canberra now relate to property worth about i.ooo, 000.

In 1940 and 1941 refugee purchasers Hooded the real estate market, few of them with less than £IO,OOO to spend and most of them aiming a great deal higher. Before 1940 there were no buying restrictions, but after that only "friendly" aliens were allowed to buy property.

Since September, 1941. the AttorneyGeneral’s Department, administering Land Transfer Regulations has become increasingly critical,, of . purchases by foreigners and this made permits very hard to obtain.

Encouraged probably by an Economic Organisation Regulation of February' 10, 1942, which stipulates that property for investment can be purchased only for cash a fair number of aliens still spend much of their time in estate agents’ waiting rooms, but the agents give little attention to the prospective clients with £IO.OOO to £30,000 to invest, because they know that there is small chance of the transaction going through. The regulation mentioned was designed to make available more properties for those who wished to own their own homes and to check borrowing for investment during wartime.