Fed: Clamp down on foreigners buying property

AAP General News (Australia)
04-24-2010
Fed: Clamp down on foreigners buying property

The federal government has reportedly moved to make it more difficult for temporary
residents to buy property in Australia.

Fairfax and News Limited newspapers say the government has mounting evidence that overseas
investors are buying a greater number of houses and apartments in Sydney and Melbourne
.. contributing to rising property prices.

The change comes after the government relaxed foreign property investment rules only last year.

Assistant Treasurer .. NICK SHERRY .. says he will reinstate many of the old restrictions
on foreign property investment and impose tougher penalties on those breaking the rules.


(Re-issuing, changing keyword to HOUSING)



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KEYWORD: HOUSING (SYDNEY)

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