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Prestige agents call for foreign investors to be let in

Prestige property agents are calling for more significant investor visas to be approved.

Prestige property agents are keen to see more wealthy foreign investors allowed into Australia so that they can complete sales.

The Age reported that agents were irritated that they could not finish their sales with foreign investors because they were struggling to gain Significant Investor Visa approvals.

This new visa was rolled out by the Australian government last year. It allows immigrants into Australia if they agreed to invest $5 million in government approved bonds.

Since then, it has had hundreds of people from abroad applying for the visa but so far only two have been approved.

Asian countries have been particularly interested in the scheme. With China proving keen to invest in Australian property, a number of people living in the country have turned their attention to the new visa.

Colliers International's 2013 Australian Capital Markets report revealed that the amount that Chinese investors have put into commercial property alone now totals over $800 million.

Posted by Ravin Chatlani

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