Tougher measures needed in the Australian property market

A number of Australians are calling for tougher measures to be introduced to limit the amount of property sold to foreign investors, it has been revealed.

According to the federal government in the country, overseas investors bought AD14.9 billion worth of houses and land during 2009, something that critics fear is preventing Australian nationals from getting on the property ladder.

The figures show that the government issued 4,827 real estate approvals last year for commercial and residential houses.

Following the announcement, the Australian government has revealed that it is going to adopt a more stringent approach to the approval process, with foreign buyers forced to sell property when they leave the country or face tough penalties.

"In one sense, little has changed. Foreign residents can still purchase Australian properties and, in particular, people in Australia on temporary residence visas can still purchase existing dwellings," explained immigration law specialist David Stratton.

Earlier this year, experts predicted that the lack of property on the Australian market would contribute towards an increase in house values in the country.

Like this? Then share with your friends and colleagues!