By admin 
Canberra: Australia is planning to ban foreign investors from purchasing existing homes for two years, a move that may affect many Indians who pursue higher education in Australia and later settle there.
Key Points:
Ban on Foreign Purchases: Starting April 1, foreign investors will be prohibited from buying established properties until March 31, 2027. After this period, the restriction may be extended.
Housing Crisis: Australia’s housing market is one of the most unaffordable globally. Soaring property prices are a significant concern, particularly for young voters.
Impact on Indians: The ban is likely to affect a large number of Indians who go to Australia for their higher education and later settle there.
Exemptions: Foreigners can still purchase new dwellings to encourage housing supply. Workers on a Pacific visa scheme will also be exempt.
Additional Measures: The government plans to curb land banking by requiring foreign investors to develop vacant land within a set timeframe.
Housing Market: In Sydney, housing values have increased by almost 70% over the past 10 years, with the median dwelling price around A$1.2 million ($762,000).
Foreign Investment: In the 12 months leading up to June 30, 2023, overseas investors purchased A$4. billion of residential real estate, including vacant land, and new and established dwellings.
Who is Affected: Under the new rule, foreign investors, including international students and overseas companies, will be restricted from buying established residential properties during the two-year period.
Gill Bikram Singh