Tweet
Australia Orders More Foreign Homeowners to Sell
SYDNEY—Several foreign owners of residential property across Australia have been ordered to sell as the government intensifies its crackdown on the abuse of homeownership laws by buyers from China and elsewhere.
Treasurer Joe Hockey said foreign investors have been ordered to sell six properties in the cities of Sydney, Brisbane and Perth. The homes are valued between 152,000 and 1.86 million Australian dollars (US$112,768 and US$1.38 million).
With skyrocketing house prices putting homeownership out of reach of many Australian citizens, the conservative government is under pressure to make housing more affordable, and rein in surging investor buying that some fear may push the market to unsustainable levels, causing a crash as the economy slows at the end of a long mining boom.
The worry is that money from places such as China and Southeast Asia is fueling the housing problem.
more
SYDNEY—Several foreign owners of residential property across Australia have been ordered to sell as the government intensifies its crackdown on the abuse of homeownership laws by buyers from China and elsewhere.
Treasurer Joe Hockey said foreign investors have been ordered to sell six properties in the cities of Sydney, Brisbane and Perth. The homes are valued between 152,000 and 1.86 million Australian dollars (US$112,768 and US$1.38 million).
With skyrocketing house prices putting homeownership out of reach of many Australian citizens, the conservative government is under pressure to make housing more affordable, and rein in surging investor buying that some fear may push the market to unsustainable levels, causing a crash as the economy slows at the end of a long mining boom.
The worry is that money from places such as China and Southeast Asia is fueling the housing problem.
more
Comment