Anthony Albanese launches a crackdown on foreign buyers - after record immigration sparks housing crisis

Anthony Albanese's government has hiked taxes on foreigners buying property in Australia, as record-high immigration causes a severe housing shortage. But the Prime Minister - now more politically focused on the cost of living crisis - wants to make it harder for them to buy established homes and reduce what's available in the market, and instead encourage them to buy brand new homes, thereby expanding housing stock. Anthony Albanese has launched a crackdown on foreigners buying property in Australia after record-high immigration caused a housing shortage Under the new Foreign Acquisitions and Takeovers Fees Imposition Amendment Bill 2024, the fee for foreigners buying established homes will triple, and the vacancy fee for foreigners leaving homes empty will double. International students can buy property in Australia to live in but they must sell within six months of graduating and leaving Australia, if they have not become a permanent resident Brisbane, which receives more population growth from interstate migration, saw its mid-point house price climb by 15 per cent to $888,628 as Perth prices rose by 17 per cent to $708,335.