Canada has blocked foreign buyers from purchasing residential properties, sparking calls for Australia to follow suit. Thoughts?
A rise in cost of living and increased mortgage rates are putting pressure on the Australian housing market, with prices predicted to continue to fall sharply over the coming year.
“In Australia, we already make foreign buying of property difficult through regulations and expensive through surcharges and taxes. Adding a ban would do little to nothing for greater housing affordability.” Some experts argue banning foreign owners from purchasing property in Australia would not make it easier to enter the market. Picture: NCA NewsWire / Christian Gilles
New Zealand placed its own restrictions on foreign home buyers in August 2018, banning most non-resident buyers from purchasing existing homes.
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