Australia Bans Foreign Home Purchases for Two Years
In a move mirroring the Opposition’s stance, the Federal Labor government will temporarily ban foreign investment in established Australian homes for two years, commencing April 1, 2024. This moratorium, exempting developments of 20 or more properties, aims to address concerns about housing affordability for Australians. The ban follows a year where foreign investors purchased 5360 residential properties totaling $4.9 billion. The government asserts this policy prioritizes homeownership for young Australians, despite the relatively small scale of foreign investment in established housing.
John Q. Hosedrinker