Enforcement of foreign ownership rules

The Property Council of Australia has welcomed the Government’s decision to force the sale of a small group of properties purchased outside the foreign investment framework.

The Commonwealth Government announced today 15 properties will be sold as they had been purchased outside the rules for foreign ownership.

“The foreign investment framework is clear, in place for good reason and it’s essential the rules are upheld,” said Property Council Chief of Policy and Housing Glenn Byres.

“We support the rules and we support the enforcement of the rules. There should be no ambiguity about that.

“The vast bulk of foreign investment is – and should – be directed towards new product, and investment via pre-sales helps projects convert from concept to construction.  This is the right approach as Australia currently has a housing deficit in the order of 200,000 homes.

“Strict application of the rules means the public is more likely to embrace foreign investment which is positive through the creation of new housing supply, jobs and economic growth.”

Mr Byres said the volume of properties being forcibly disposed still puts in context the broader challenges regarding housing affordability.

“Every property purchased outside the rules should be treated this way,” he said.

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