The government is forcing the sale of illegal properties
In a bid to appease unhappy Australians over the lack of affordable housing, the Australian government has ramped up the enforcement of its overseas investment rules, by forcing the sale of 15 illegally purchased properties by foreigners, reported Reuters.
With these, the total number of forced sales now stands at 61, with a total value of AUD107 million (USD80 million), said the government.
The owners of the 15 properties come from India, China, Indonesia, Malaysia, Iran, Germany and the UK.
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“Under the previous Labor government, no foreign nationals were forced to divest illegally held Australian property,” said Treasurer Scott Morrison, who announced the latest round, reported The Australian.
Foreigners looking to buy properties in Australia must first secure approval from the Foreign Investment Review Board.
Sydney has seen house prices double since 2009, making it the world’s second most unaffordable city after Hong Kong, noted Demographia.
This story originally appeared on PropertyGuru.com.sg on 6 February 2017.
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