Australian Crackdown on Foreign Property-Buyers Intensifies

Posted by Simon Dehne on September 22, 2015 in Latest News with No Comments

CANBERRA, Australia—A government clampdown on illegal investment in Australian real estate has broadened, with almost 500 properties worth more than 1 billion Australian dollars (US$713 million) in total under investigation and more foreign buyers forced to sell properties.

The government has been under pressure to rein in an investment-driven surge in home prices in Australia’s two biggest cities Sydney and Melbourne, amid growing criticism that wealthy Asian buyers are making the property market increasingly unaffordable.

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