Australia to Prohibit Foreign Buyers from Purchasing Existing Homes for Two Years

Australia will implement a two-year ban on foreign investors purchasing existing homes starting April 1, releasing around 1,800 properties yearly for local buyers. The ban applies to temporary residents and foreign companies. Housing prices in Sydney have spiked by 70% in the last decade. This move is crucial due to the soaring median home prices in Sydney, reaching A$1.2 million, and the pressing housing affordability crisis. The ban seeks to facilitate access to the property market for local buyers, especially young Australians, amidst an overarching cost-of-living dilemma.