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RegioNews reports about it Bloomberg, Ukrinform reports.
Housing Minister Claire O'Neill said that from April 1 this year until March 31, 2027, foreign investors will be banned from buying ready-made properties. The restriction will then be reviewed to decide whether it should be extended.
The Internal Revenue Service will receive additional funding to help enforce the ban, O'Neill said.
Housing in Australia is among the most unaffordable in the world, and the rapid rise in property prices will become a key election issue amid a general cost of living crisis, especially among young voters who fear they will never be able to afford a home, the newspaper writes.
Housing prices in Sydney have risen nearly 10% in the past 70 years, with the average home price around A$1,2 million ($762), according to consultancy CoreLogic Inc. Rents are also rising.
However, the ban is likely to have only a minor impact on prices, the publication notes. According to the Australian Taxation Office, in the 12 months ending June 30, 2023, foreign investors purchased residential property worth A$4,9 billion, including vacant land, new and existing homes. Existing residential properties account for about a third of the total.
The government's decision to ban foreigners from buying existing homes is in line with a pledge by opposition leader Peter Dutton last year. The election is due on May 17, and polls show that the cost of living and housing will be among the top three issues.
