Australia is increasingly demanding that foreign investors be banned from buying real estate
Call for Australia to ban foreign investors from buying property to make property more affordable for first-time home buyers
- Canada has introduced a new policy banning foreigners from buying real estate
- Many Aussies have urged the Australian government to take the same action
- But one expert believes the move is just a “band-aid” to housing problems
A controversial housing policy introduced in Canada that bans foreigners from buying property has garnered public support in Australia, but some experts believe it’s a “band-aid solution” and that the government is better off building more homes instead build.
Canadian Prime Minister Justin Trudeau implemented the measure on Sunday after promoting the idea during last year’s election campaign to ensure more homes are made available to citizens.
The bill, dubbed the “Prohibition on the Purchase of Residential Property by Non-Canadians Act,” seeks to quell the country’s housing crisis by banning all outsiders — particularly investors — from purchasing property in its 10 provinces.
While the policy prohibits foreigners from buying real estate, it allows refugees and permanent residents to buy houses.
Canada’s move was well received in Australia, with many urging the government to adopt similar policies.
A new housing policy banning foreigners from buying property in Australia has garnered widespread support (stock image)
The latest support for the measure was sparked by policies implemented in Canada by the country’s Prime Minister Justin Trudeau (pictured) last Sunday, after he previously suggested allowing foreigners to buy property in Canada last year to forbid
“It’s a big solution. Australia should follow Canada’s path to deal with housing crisis,” one social media user wrote on Twitter.
Another said: “I think Australia should seriously consider it for the same reason Canada did and for all foreigners.”
‘Come on, Anthony Albanese. Let’s help Aussies afford housing and stifle foreign purchases. Can we follow Canada’s example?’ commented a third.
“Australia needs the law banning foreign ownership of property like Canada does. Might help ease housing crisis,” added another.
Thousands of social media users on Facebook and Twitter posted comments in support of the measure.
But PropTrack director of economic research Cameron Kusher does not recommend the policy for the Australian housing market, warning that it is a “band-aid” solution to availability.
“Foreigners certainly have more purchasing power than first-time buyers. But I don’t think that’s the core of the problem. Those things tend to add a little bit of value to xenophobia,” he told News.com.au.
Mr Kusher said foreign investment is only “a small part of the housing market” and that foreigners would only look to other markets if they were banned from buying in Australia.
While many Aussies have urged the government to pass the measure, Cameron Kusher, director of economic research at PropTrack, says the policy is just a “band-aid” for housing availability in Australia (stock image).
Albanian government has committed to one million new affordable and social housing projects (stock image)
He suggested building more homes to balance supply and demand.
The Albanian government is already working to fund the construction of 1 million new homes and more affordable social housing.
The Prime Minister committed $350 million to provide 10,000 new homes, a $10 billion Housing Australia Future Fund that will build 30,000 new social and affordable homes and created a council to advise the government on issues related to housing housing supply and affordability.
Foreigners buying property in Australia can only buy new property or a vacant lot.
You cannot buy existing properties unless they undergo a major renovation that increases the housing stock, such as a refurbishment. B. the conversion of a house into two terraced houses.
https://www.dailymail.co.uk/news/article-11596241/Calls-grow-Australia-BAN-foreign-investors-buying-property.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 Australia is increasingly demanding that foreign investors be banned from buying real estate