Government forces 16 property sales

Adam Smith 19 September 2016

blame pointThe government has continued its crackdown on illegal foreign property investment, forcing the sale of homes across the country.

Treasurer Scott Morrison has released a statement saying the government has forced the sale of 16 residential properties owned by foreign investors. The properties were found to be in breach of rules regarding foreign investment, Morrison said.

"The foreign investors either purchased established residential property without Foreign Investment Review Board approval, or had approval but their circumstances changed, meaning they were breaking the rules," Morrison said.

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The properties ranged in value from $200,000 to $2 million, and were purchased by individuals from the UK, Malaysia, China and Canada. The total value of the 16 properties was $14 million, the Treasurer said.

Morrison said the government had forced foreign nationals to divest a total of 46 properties since the Coalition introduced increased compliance measures in 2013. IN addition to this, he said there were at least 25 examples of foreign investors self-divesting voluntarily.

“While Australia welcomes foreign investment, foreign investors must comply with our laws,” he said.

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