Australia to ban foreigners from buying existing homes

Australia announced on Sunday that it will impose a two-year ban on foreign investors purchasing existing homes, effective from April 1, 2025, to March 31, 2027. This decision aims to alleviate pressure on the country's housing supply. The government also stated that it would review the ban at the end of the period to determine whether it should be extended.

The housing issue has become a significant concern in Australia, with dissatisfaction reaching record levels last year. It is expected to be a major focus in the upcoming general election, which is due by May. Housing Minister Clare O'Neil commented that the ban is expected to free up approximately 1,800 properties annually for local buyers.

This ban is part of a broader strategy to tackle housing affordability, which is one of the key factors driving the rising cost of living in Australia. The government has also passed housing reforms, including a shared equity scheme and tax incentives for developers, as part of a plan to build 1.2 million new homes by 2030. Housing remains a central issue as the government faces competition from the main conservative opposition in the election.