Seeking Info on house purchase Breaches of the Foreign Investment Review Board rules on foreign investment
Planning Backlash reports that there have been some discussions with the Assistant Treasurer about the continued flouting of the FIRB regulations that contain exploitive overseas investment in the local property market. These breaches are resulting in driving prices for housing up to the exclusion of locals, adding to a rapid demolition of housing stock for new 'MacMasions', adding unoccupied houses to our neighbourhoods and resulting in buying tours from overseas which exclude local buyers. Here is how you can help:
Planning Backlash seek your help to identify specific examples of breaches of the regulations so we can give evidence in calling for enforcement of the regulations. Please contact Mary Drost by clicking on her name and using the contact form.
These regulations are in essence
1. Non residents can buy new houses for the purposes of residency associated with work or study whilst in Australia, as soon as this work or study finishes the property must be sold.
2. The houses must be occupied by the buyer or person for whon it was purchased
3. Non residents are forbidden from buying existing houses.
We want to know if you have evidence of houses bought through 3rd parties to facilitate demolition.
We want to know of houses that have been bought and have no permanent resident.
We want to know of evidence of buying trips out of SE Asia that exclude locals.
We want to know where overseas buyers have multiple properties in their own, or multiple family names.
Can you help?
Our intent is to see the law enforced and penalties imposed where it is not and so get fairness and equity back into the market.