Industry supports foreign investment regime

The announcement that the current rules for foreign investment of property are being actively enforced is welcomed by the property industry.

The Property Council of Australia says there is strong industry support for the application of the current rules for foreign investors.

“We want foreign investment targeted towards new supply because new supply is the key to closing the housing affordability gap”, said Glenn Byres, Chief of Policy and Housing.

“We must be a country that encourages foreign investment in new housing because new housing benefits us all.

“It is a pity that during a time when the Federal Government is encouraging foreign investment in new housing that the NSW, Victorian and Queensland Governments have introduced foreign investor taxes that will harm supply – and in turn, put more pressure on prices.

“The worst regime is NSW and the NSW Government is showing no interest in tackling the issues which are driving the dramatic price increases that we have witnessed.”

Media contact:  Paul Ritchie  |E pritchie@propertycouncil.com.au