Changes to property ownership rules

[Anne B]

I don't think I've noticed anything on here about changes to the rules for buying homes in Australia which affects temporary residents. I read this story a few days ago, might be of interest. Basically ....

 

Under the rules, temporary residents and foreign students will be:

SCREENED by the Foreign Investment Review Board to determine if they will be allowed to buy a property.

FORCED to sell property when they leave Australia.

PUNISHED if they do not sell by a government-ordered sale plus confiscation of any capital gain.

REQUIRED to build on vacant land within two years of purchase to stop "land banking". Failure to do so would also lead to a government-ordered sale.

 

Read the full story here

 

Australian Federal Government gets tough on foreign ownership rules | News.com.au