I was recently approached by the media to break down the April 1st changes to foreign investment laws in Australia.
They wanted expert insight into what this means for the residential property market and how it affects both local and overseas buyers.
In short:
The government has placed a two-year ban on foreign buyers purchasing established homes, unless the property is being redeveloped into at least 20 new dwellings. This is part of a bigger push to free up housing stock for Australian residents.
They’ve also tripled the application fees for foreign investors and doubled the vacancy fees for homes left empty. But at the same time, they’re encouraging foreign investment in new housing by offering lower fees for off-the-plan or build-to-rent projects.
What does this mean for you?
✔ Less competition from overseas buyers in established suburbs
✔ More demand focused on new builds and developments
✔ Potential short-term price stability in certain markets
If you want to read more about my article, click the link below 👍