An Australian government crackdown on non-Australians who attempt to buy property contrary to investment rules has blocked 15 property sales since it was announced nine months ago, the Age newspaper has reported.
The Department of Treasury said an additional 73 proposed residential property sales were withdrawn voluntarily since former assistant treasurer Nick Sherry announced a tightening of laws on Australian property ownership last April. The new measures were in part a response to public fears that Asian buyers were driving up property prices. They included a monitoring system piloted in Melbourne and Sydney that matched records from the Foreign Investment Review Board with state land title offices and visas from the Department of Immigration.
As part of the effort, the Department of Treasury also set up a 1-800 hotline where callers can report those attempting to buy property against the laws of foreign investment. The hotline has received 131 calls since its inception, but none of the 15 blocked sales came from a hotline tip a department spokeswoman said. All 15 of the canceled real estate sales were deemed “contrary to national interest” and picked up in routine screenings since November.
In Australia, foreign investors can only buy newly built real estate, such as off-the-plan apartments, and must start construction on vacant land within two years.
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