{"id":43021,"date":"2017-02-06T11:46:17","date_gmt":"2017-02-06T04:46:17","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/australia-cracks-down-on-illegal-foreign-home-buyers\/"},"modified":"2017-02-06T11:56:24","modified_gmt":"2017-02-06T04:56:24","slug":"australia-cracks-down-on-illegal-foreign-home-buyers","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/australia-cracks-down-on-illegal-foreign-home-buyers\/","title":{"rendered":"Australia cracks down on illegal foreign home buyers"},"content":{"rendered":"


\nThe government is forcing the sale of illegal properties
\nSydney Harbour. Image: Christopher Mazmanian\/Shutterstock
\nIn a bid to appease unhappy Australians over the lack of affordable housing, the Australian government has ramped up the enforcement of its overseas investment rules, by forcing the sale of 15 illegally purchased properties by foreigners, reported Reuters.
\nWith these, the total number of forced sales now stands at 61, with a total value of AUD107 million (USD80 million), said the government.
\nThe owners of the 15 properties come from India, China, Indonesia, Malaysia, Iran, Germany and the UK.
\nMore: Which Australian markets were the biggest gainers of 2016?
\n\u201cUnder the previous Labor government, no foreign nationals were forced to divest illegally held Australian property,\u201d said Treasurer Scott Morrison, who announced the latest round, reported The Australian.
\nForeigners looking to buy properties in Australia must first secure approval from the Foreign Investment Review Board.
\nSydney has seen house prices double since 2009, making it the world\u2019s second most unaffordable city after Hong Kong, noted Demographia.
\nThis story originally appeared on PropertyGuru.com.sg on 6 February 2017.
\nRead next: What is it about this Australian district that has foreign investors enthralled?
\n
\nSource : property-report.com
\nRead more…Australia cracks down on illegal foreign home buyers<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The government is forcing the sale of illegal properties Sydney Harbour. Image: Christopher Mazmanian\/Shutterstock In...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-43021","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-bbT","jetpack-related-posts":[{"id":1842,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/australia-orders-sale-of-foreign-owned-houses-due-to-breaches-of-ownership-rules\/","url_meta":{"origin":43021,"position":0},"title":"Australia orders sale of foreign-owned houses due to breaches of ownership rules","date":"January 18, 2016","format":false,"excerpt":"\r The Australian government says it has ordered the sale of another eight residential properties bought in breach of foreign ownership laws, in a response to concerns that offshore buyers were driving up house prices.\r \r Source : South China Morning Post\r Read more...Australia orders sale of foreign-owned houses due\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1844,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/australia-orders-sale-of-houses-owned-by-chinese-nationals-due-to-breaches-of-ownership-rules\/","url_meta":{"origin":43021,"position":1},"title":"Australia orders sale of houses owned by Chinese nationals due to breaches of ownership rules","date":"January 18, 2016","format":false,"excerpt":"\r The Australian government says it has ordered the sale of another eight residential properties bought in breach of foreign ownership laws, in a response to concerns that offshore buyers were driving up house prices.\r \r Source : South China Morning Post\r Read more...Australia orders sale of houses owned by\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":149443,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/heating-up-down-under-chinese-buyers-are-buying-more-expensive-properties-in-australia\/","url_meta":{"origin":43021,"position":2},"title":"Heating up down under: Chinese buyers are buying more expensive properties in Australia","date":"February 10, 2025","format":false,"excerpt":"\r In the financial year that ended in June, people from China were the largest foreign investors in Australian residential properties.\r \r Source : South China Morning Post\r Read more...Heating up down under: Chinese buyers are buying more expensive properties in Australia","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":44930,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rampf-properties-australian-unit-pays-fine-to-settle-dispute\/","url_meta":{"origin":43021,"position":3},"title":"R&amp;F Properties\u2019 Australian unit pays fine to settle dispute","date":"February 21, 2017","format":false,"excerpt":"\r Chinese developer R&F Properties said a legal dispute involving an investment in Australia, which almost sent its local subsidiary into liquidation, had been resolved after payment of a fine. R&F Mega Property, an arm of the Hong Kong-listed and Guangzhou-based developer, which owns a high-profile residential project in Brisbane,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":90628,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/shocked-australian-woman-finds-out-she-owns-15-properties-during-divorce\/","url_meta":{"origin":43021,"position":4},"title":"Shocked Australian woman finds out she owns 15 properties during divorce","date":"June 6, 2018","format":false,"excerpt":"\r When 63-year-old Joanne* decided to leave her marriage, she visited a lawyer so she could understand what percentage of the couple's assets would belong to her, post-divorce.The marriage had been good in the early years, as both...\r \r Source : nzherald.co.nz\/Property\r Read more...Shocked Australian woman finds out she owns\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":55647,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/kiwis-face-new-tax-on-house-sale-profits-in-latest-australian-policy-surprise\/","url_meta":{"origin":43021,"position":5},"title":"Kiwis face new tax on house sale profits in latest Australian policy surprise","date":"May 23, 2017","format":false,"excerpt":"\r New Zealand expatriates who sell their family home in Australia could face a large tax on any capital gains.The Australian Budget earlier this month removed an exemption from capital gains tax on a main residence for foreign and...\r \r Source : nzherald.co.nz\/Property\r Read more...Kiwis face new tax on house\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/43021"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=43021"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/43021\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=43021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=43021"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=43021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}