Plan to boost under-pressure housing supply

Australia will ban foreign investors from buying existing homes in the country for two years, its government said, in an effort to boost under-pressure housing supply.

“We’re banning foreign purchases of established dwellings from April 1, 2025, until March 31 2027,” Treasurer Jim Chalmers said in a statement with Housing Minister Clare O’Neil. It added that a review would be undertaken on whether the ban would be extended.

Dissatisfaction with housing in Australia reached an all-time high last year and it is an issue that is expected to dominate a general election due by May.

Mr. O’Neil said in comments televised by the Australian Broadcasting Corp that the ban would likely free up around 1,800 properties per year for local buyers.

“These initiatives are a small but important part of our already big and broad housing agenda which is focused on boosting supply and helping more people into homes,” the Ministers’ statement said.