HOUSING – FOREIGN OWNERSHIP
In many parts of the world ownership of land is only available to the citizens of that country and there are some strong points in following this policy in Australia. It is claimed that there are benefits for Australia coming out of the foreign investment in Australian housing, and there may well be, yet we do know the foreign investor will cause an increase in the cost of housing to Australian citizens. On balance the presumed advantages of foreign investment in housing are outweighed by the steep prices rises of housing to the domestic consumer.
No further sales of housing to foreign owners – leasing is very permissible but not ownership.
Mortgages to be only underwritten by Australian financial companies.
Housing currently owned by foreigners will need to be disposed of over a 10 year period.
Developer funds used for residential housing cannot have a controlling interest in the housing.