Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Govt backflips over foreign investment guidelines

Staff Reporter 1 minute read

By: Staff Reporter

The federal government’s decision to reinstate the foreign investment guidelines has been welcomed by Australia’s real estate industry body.

The Real Estate Institute of Australia (REIA) president David Airey yesterday said the government’s backflip on foreign investment guidelines was exactly what Australia needed.

Late last week, the government announced that foreign investors may only purchase new housing stock and temporary residents may only purchase existing housing for use while they reside in Australia.

“We support measures that facilitate access for overseas investors to participate in the property market, however it has come to our attention that since 2008, the changes were not being effectively policed by the Foreign Investment Review Board (FIRB),” Mr Airey said.

REIA undertook a survey which showed that agents, particularly in Melbourne, were suspicious of the number of foreign entrants into the market place and whether those entrants were strictly adhering to the guidelines.

“We are looking forward to working with the government to achieve an outcome that meets the expectations of the Australian community and does not place undue stress on housing affordability in Australia,” Mr Airey said.

Govt backflips over foreign investment guidelines
default
TheAdviser logo
default

 

more from the adviser
WLTH team Neolender CEO reveals broker plans

The co-founder and CEO of new mortgage lender WLTH has revealed i...

tech tool data Business loans to be included in CDR from 1 Nov

The ACCC has revealed examples of the types of business loans tha...

clock Lenders’ turnaround times slowest in three years

The time it takes from loan submission to approval surpassed 25 d...

FROM THE WEB