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Oz property sales blocked to foreigners

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Oz property sales blocked to foreigners

Oz property sales blocked to foreigners  









Rules introduced last April restricting foreign ownership of Australian real estate have been enforced in several cases in recent months.
The Australian government acted in the wake of fast rising property prices spurred on by scores of international investors pushing real estate prices out of the reach of many local residents. The new regulations were also intended to cool the housing market and help to avoid a bubble developing.
Sales were halted on 15 residential real estate sales due to the regulations banning overseas investors from purchasing existing homes. Buyers from outside the country are only able to buy newly built real estate and if land is bought construction must start within two years of the purchase date.
A further 73 proposed proeprty sales were voluntarily withdrawn in compliance to the amended legislation.
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Published: 31-Jan-11
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