Prime Minister Anthony Albanese has announced a two-year ban, effective from April 1, 2025, to March 31, 2027, prohibiting foreign investors – including foreign companies and temporary visa holders such as students and 188 visa holders – from purchasing existing residential properties in Australia.The aim of this move is to ease pressure on the housing market and make homeownership more accessible for Australians, particularly young people. With house prices continuing to soar and homeownership becoming increasingly difficult, the government is working to balance supply and demand in the market.
Treasurer Jim Chalmers and Housing Minister Clare O’Neil emphasized that while foreign purchases account for less than 1% of total transactions in the 2022-2023 financial year, the government is still tightening regulations to protect the market and increase housing affordability for Australians. Beyond restricting property purchases, the government is also stepping up its monitoring and control of land banking. Specifically, investors purchasing vacant land will be required to develop the property within a reasonable timeframe, preventing land hoarding and ensuring an adequate supply of housing.
This ban comes amid Australia’s housing crisis, driven by a shortage of supply, rising construction costs, and strong immigration. These factors have pushed house prices to record highs and created significant barriers for many Australians seeking to own property.
If you’re holding a 188 temporary visa or a student visa, don’t worry! While the tightened regulations may limit your options, there are still legal ways for you to own property in Australia. How can you still legally buy a property? What are the investment pathways for temporary visa holders? How can you maximize your financial benefits from the market? Contact Bluewise now for the best advice and updates on the latest Australian regulations.
Contact Info:
- Bluewise Group | Bluewise Business Advisory | Bluewise Migration Advisory
- Head Office: Liberty Plaza – Level 1, 28/256 Chapel Rd Bankstown NSW
- HCM Branch: 339/10A Le Van Sy, Ward 12, District 3, Ho Chi Minh City
- Hotline: AU 0450 895 589 – VN 1800 599 932
- Email: bw@bluewisegroup.com.au