The federal government has introduced new legislation to make it more expensive for foreign investors to buy existing homes and leave them empty, and I’m all about this one!
The changes include:
- Tripling taxes for foreigners buying existing houses
- Doubling vacancy fees for unoccupied dwellings
Generally, foreign nationals are restricted from buying existing properties unless they are moving to Australia for work or study (and they must then sell the property if they leave without gaining permanent residency).
Treasurer Jim Chalmers said the new legislation would further encourage foreign nationals to buy new property instead and help to ensure that those who do get approval follow the rules.
“The higher fees for established dwellings will encourage foreign buyers to invest in new housing developments. This will help create additional housing stock, jobs in the construction industry and support economic growth,” he said.
“The increased vacancy fees will encourage foreign investors to make their unused properties available to renters.”
Are you an Australian Permanent Resident looking to get your foot in the Australian property market? Contact me at [email protected] or 0438 693 821.
