Sun Feb 16 14:25:35 UTC 2025: ## Australia Imposes Two-Year Ban on Foreigners Buying Established Homes
**Canberra, Australia** – The Australian government announced a two-year ban on foreign purchases of established residential properties, effective April 1, 2024, in a bid to address the nation’s soaring housing costs. The ban, which will be reviewed in March 2027, aims to free up housing stock for Australian citizens amid a growing affordability crisis.
Housing Minister Clare O’Neil stated that the ban applies to foreign investors, including temporary residents like international students and overseas companies. Exceptions will be made for new dwellings, to encourage construction, and for workers under the Pacific visa scheme. The Australian Taxation Office will receive additional funding to enforce the ban.
The move, which mirrors a similar pledge from the opposition, comes as housing affordability ranks as a top election issue ahead of the upcoming May 17 poll. Property prices have surged dramatically in recent years, particularly in cities like Sydney, where the median dwelling price is now around A$1.2 million ($762,000). Overseas investors spent A$4.9 billion on residential real estate in the year to June 2023.
The ban is expected to significantly impact Indian nationals, who represent a large portion of Australia’s international student population and subsequent immigrants. While the government acknowledges this impact, it maintains that the measure is necessary to alleviate pressure on the housing market and improve affordability for Australian residents. The government also plans to curb land banking by foreign investors, mandating development of vacant land within a specified timeframe.
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