Curbs on foreign owners - new rules on home buys
* By Phillip Hudson
* From: The Daily Telegraph
* April 24, 2010 12:00AM
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FOREIGN students and temporary residents will face tough new rules when trying to buy a house and will be forced to sell when they leave Australia under a Federal Government crackdown to be announced today.
It will also introduce a hotline for concerned residents to "dob in" foreigners they suspect of breaches.
The new rules mean temporary residents and foreign students will be:
* SCREENED by the Foreign Investment Review Board to determine if they will be allowed to purchase a property;
* FORCED to sell the house when they leave Australia;
* PUNISHED if they do not sell by the Government forcing the sale and confiscating any capital gain; and
* REQUIRED to build on vacant land within two years of purchase or have it sold by the Government to stop "land banking".
The crackdown comes in response to growing claims real estate prices have been forced higher by wealthy Asian families, especially from China and Korea, buying up property and out-bidding local residents at auctions.
The Government is concerned by anecdotal reports that in some suburbs foreigners are "collecting" houses, often in the same street, and leaving them vacant at the same time there is a housing shortage.
The Treasury is investigating 50 cases of suspicious residential property purchases by foreigners in Melbourne so far.
Assistant Treasurer Senator Nick Sherry said the changes would "ensure that investment is in Australia's interests and in line with community expectations".
He said the Government would catch cheats with new powers to cross-match information from state land authorities and the Department of Immigration. It will also rely on members of the public to report suspicious property buyers to a new hotline - 1800 031 227.
"I want to make sure everyone in the community has a direct line to report their concerns," Senator Sherry said. "If you do the wrong thing, you will be found out."
New penalties, which may be linked to the value of the property, will apply to purchasers, sellers and real estate agents.
Some agents have hired several Chinese-speaking staff to boost their business.
* By Phillip Hudson
* From: The Daily Telegraph
* April 24, 2010 12:00AM
* Increase Text Size
* Decrease Text Size
* Share
o Add to Digg
o Add to del.icio.us
o Add to Facebook
o Add to Kwoff
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o What are these?
FOREIGN students and temporary residents will face tough new rules when trying to buy a house and will be forced to sell when they leave Australia under a Federal Government crackdown to be announced today.
It will also introduce a hotline for concerned residents to "dob in" foreigners they suspect of breaches.
The new rules mean temporary residents and foreign students will be:
* SCREENED by the Foreign Investment Review Board to determine if they will be allowed to purchase a property;
* FORCED to sell the house when they leave Australia;
* PUNISHED if they do not sell by the Government forcing the sale and confiscating any capital gain; and
* REQUIRED to build on vacant land within two years of purchase or have it sold by the Government to stop "land banking".
The crackdown comes in response to growing claims real estate prices have been forced higher by wealthy Asian families, especially from China and Korea, buying up property and out-bidding local residents at auctions.
The Government is concerned by anecdotal reports that in some suburbs foreigners are "collecting" houses, often in the same street, and leaving them vacant at the same time there is a housing shortage.
The Treasury is investigating 50 cases of suspicious residential property purchases by foreigners in Melbourne so far.
Assistant Treasurer Senator Nick Sherry said the changes would "ensure that investment is in Australia's interests and in line with community expectations".
He said the Government would catch cheats with new powers to cross-match information from state land authorities and the Department of Immigration. It will also rely on members of the public to report suspicious property buyers to a new hotline - 1800 031 227.
"I want to make sure everyone in the community has a direct line to report their concerns," Senator Sherry said. "If you do the wrong thing, you will be found out."
New penalties, which may be linked to the value of the property, will apply to purchasers, sellers and real estate agents.
Some agents have hired several Chinese-speaking staff to boost their business.
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