Australia to ban foreigners from buying some homes as costs soar

Australia’s government will ban foreign investors from buying established houses for the next two years as part of an election pitch to tackle surging home prices.

From April 1, foreign investors will be banned from buying established property until March 31, 2027, Housing Minister Clare O’Neil said in a statement Sunday. The restriction will then be reviewed to determine whether it should be extended.

Australia’s housing is some of the most unaffordable in the world and soaring property prices will be a key election issue amid a broader cost-of-living crisis, especially among young voters who fear they’ll never be able to buy a home.

In Sydney, housing values have jumped almost 70% over the past 10 years, with the median dwelling price now around A$1.2 million (HK$5.94 million), according to property consultancy CoreLogic Inc. Rents have also been climbing.