Does Australia have no property tax? In what Earth do you sink a one-time $10.5m payment into a house you can't maintain? Perhaps I am missing something very fundamental here. I can think of much better uses for those funds anyway.
They might have done the rational thing and tried to make money using the funds mistakenly transfered to them. It's unlikely the courts will demand they turn over gains due to the increase in the value of real estate.
Australians are obsessed with the property market in a way few from outside the country can understand. It is very uncommon to invest in securities here, compared to pumping more money into housing.
I have always been intrigued by the Australian housing market, would like to learn more about why people from the AU don't really invest in securities and dump into housing alone.
Comments
Does Australia have no property tax? In what Earth do you sink a one-time $10.5m payment into a house you can't maintain? Perhaps I am missing something very fundamental here. I can think of much better uses for those funds anyway.
This is exactly the kind of thing a newly cashed up bogan would do.
They might have done the rational thing and tried to make money using the funds mistakenly transfered to them. It's unlikely the courts will demand they turn over gains due to the increase in the value of real estate.
It just said a multimillion dollar place. She could have bought a $2M house.
Australians are obsessed with the property market in a way few from outside the country can understand. It is very uncommon to invest in securities here, compared to pumping more money into housing.
Could you perhaps expand a bit further on this?
I have always been intrigued by the Australian housing market, would like to learn more about why people from the AU don't really invest in securities and dump into housing alone.
"Oy, it's a sure thing, mate."
if experience in similar US market has taught anything.
The only difference, according to the OP, is that Americans invest in both securities and housing.