Federal Treasurer Joe Hockey has ordered the sale of six established homes that he said were “unlawfully held” by overseas investors.
“Some of the five investors have purchased property with Foreign Investment Review Board approval, but their circumstances have changed and they have failed to comply with the divestment requirements,” Hockey said.
“Some have simply broken the rules by purchasing a property without approval and done so against the law.”
Since May 2015, the government has tightened policies for foreign investors and now has another 462 cases under investigation. Overseas investors are generally limited to buying off-the-plan properties under Australia’s foreign investment rules. ”