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One outcome from Saturday’s federal election could have a negative impact on the Australian property market before the country even knows the makeup of the next government.
While taxation and affordability were the main property issues to play out during the election campaign, another contentious issue may be thrust in to the spotlight following the return of Pauline Hanson and the One Nation Party to federal politics.
One Nation are expected to secure more one seat in the new Australian Senate and the hard-line stance taken by Hanson and the party towards immigration and multiculturalism could have a serious impact on foreign investment in Australian real estate according to a report in the Australian Financial Review.
Richard Yuan, chairman of the Australia China Entrepreneurs Club, which is made up of 120 Chinese multi-millionaires who invest in property, agriculture and media, told the AFR that Hanson’s rise is bad news for Australia.
“When people heard about Pauline Hanson getting elected, they got nervous,” Yuan told the AFR.
“It's very bad for foreign investment. Her political ideology is anti-Asian, anti-multiculturalism to cause a stirring against any coloured people.
“She advocates the white Australian policy. Everybody talked about it when they were thinking about migration and without migration and integration, it's bad for business, and housing.”
Anne Bi, chairman of apartment developer and NSW Multicultural champion Anne Bi, told the AFR that the return of One Nation to political landscape was not in the best interests of Australia.
“If Ms Hanson insists on working against a multicultural Australia, or adhere to the rejection of a race or a religion, yes, Australia's development and ability to attract investment could be a problem,” Bi told the AFR.
"Not recognising Australia's diversity is against Australia's national interest.”
While just how many seats one nation claims in the Senate is yet to be confirmed, the party’s rise would be another hurdle for foreign investors looking to enter the Australian market.
Numerous Australian states have recently hit foreign investors with increased stamp duty and land tax charges, while all major Australian lenders and multiple smaller ones have announced severe restrictions on lending to foreign buyers.
