Australia Imposes 2-Year Ban On Foreigners Buying Existing Homes In The Country, Ahead Of Polls

The Australian government is all set to slap a 2-year ban on foreigners buying established houses in the country. The initiative is seen as a part of the government’s election pitch to control the surging home prices. Australia’s Housing Minister Clare O’Neil announced on Saturday that from April 1, foreign investors will be banned from buying established property until March 31, 2027.

After the deadline, she stated that the restriction would be reviewed to determine whether it should be extended. In a televised address on the Australian Broadcasting Corp (ABC), O’Neil made it clear that the ban is most likely to free up around 1,800 properties per year for local buyers.

“These initiatives are a small but important part of our already big and broad housing agenda which is focused on boosting supply and helping more people into homes,” the minister said in her statement.

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