Sun Feb 16 01:14:33 UTC 2025: ## Australia Imposes Two-Year Ban on Foreign Home Purchases
**Sydney, Australia –** The Australian government announced a two-year ban on foreign investors purchasing existing homes, effective April 1, 2025, to alleviate the country’s housing crisis. Treasurer Jim Chalmers and Housing Minister Clare O’Neil revealed the measure, stating it aims to free up approximately 1,800 properties annually for domestic buyers. The ban will be reviewed before its expiration on March 31, 2027.
The decision comes amidst widespread dissatisfaction with Australia’s housing affordability, a key issue expected to heavily influence the upcoming general election, potentially due by May. Recent polls show the ruling Labor government trailing its conservative opposition.
The government contends this ban is a component of a larger housing initiative, including recently passed reforms such as a shared equity scheme and developer tax incentives, targeting the construction of 1.2 million new homes by 2030. Housing costs are a significant driver of Australia’s rising cost of living.
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