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 Anti-free trade OZschwitz: Foreigners face tighter rules on property ownership

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RR Phantom

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Anti-free trade OZschwitz: Foreigners face tighter rules on property ownership Vide
PostSubject: Anti-free trade OZschwitz: Foreigners face tighter rules on property ownership   Anti-free trade OZschwitz: Foreigners face tighter rules on property ownership Icon_minitimeSat Apr 24, 2010 3:31 am
THE federal government moved yesterday to douse two more spot fires, making it more difficult for temporary residents to buy property in Australia and announcing an audit of its troubled Green Loans scheme.

After relaxing foreign property investment rules last year, the government has confronted mounting anecdotal evidence that overseas investors are buying a greater number of houses and apartments in Sydney and Melbourne, contributing to rising property prices.

In response, the Assistant Treasurer, Nick Sherry, said yesterday he would reinstate many of the old restrictions on foreign property investment and impose tougher penalties on those breaking the rules.

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