Australian Prime Minister Anthony Albanese. File | Photo Credit: Reuters
Australia will ban foreign investors from purchasing existing homes in the country for two years, the government said on Sunday (February 16, 2025) to boost the supply of pressure-lacked housing.
“We are banning foreign purchases of established residences from April 1, 2025 to March 31, 2027,” Treasurer Jim Chalmers said in a statement with Housing Minister Claire O’Neill. I did. It added that a review will be made as to whether the ban will be extended.
Australia’s frustration with housing reached a record high last year, an issue that is expected to dominate the general election by May.
In a comment aired by the Australian Broadcasting Company, O’Neill said the ban would likely release around 1,800 properties a year for local buyers.
“These initiatives are already small but important parts of the large and broad housing agenda, focusing on increasing supply and supporting more people to families,” the minister’s statement said. .
Housing is the biggest contributor to rising cost of living in Australia and is expected to become a key issue in future elections. In recent polls, the labour government on the central left has delayed its main conservative political opposition.
The government recently passed housing reforms, including developers’ co-stock schemes and tax incentives, to achieve its target of building a new home for 1.2 million people by 2030. Incentives have been made available.
Published – February 16, 2025 06:44 AM IST
