Restriction will be reviewed in March 2027, when the period of ban of two years is over, for the executive to determine whether it should be prolonged
The Australian government announced today that, from April 1 and for two years, foreign investors are prevented from buying homes in the country, a measure to respond to the increase in real estate prices.
“The ban means that Australians will be able to buy houses that would otherwise be bought by foreign investors,” said Housing Minister Clare O’Neil in a statement.
According to the Australian government, the restriction will be revised in March 2027, when the two -year ban ending, for the executive to determine whether it should be prolonged.
“The goal is to relieve pressure on our real estate market while we build more houses,” Clare O’Neil said.
The labor government measure, which seeks to renew its three -year term in the elections that will be held before May, aims to contain the increase in property prices in the country, a measure that is part of the plan to facilitate access to housing, which includes the promise of building 1.2 million homes by 2030 and encouraging the acquisition of own housing.
In Sydney, for example, the average price of a house around Australian $ 1.2 million (about 730,000 euros), according to the real estate portals consulted by EFE agency.
