Australia to ban foreigners from buying existing homes for 2 years

Government expects the ban to free up 1,800 properties per year for local buyers

Passengers on a public ferry take photographs of homes along Sydney Harbour's foreshore. Housing is the largest contributor to the rising cost of living in Australia. © Reuters

February 16, 2025 17:37 JST

SYDNEY (Reuters) -- Australia will ban foreign investors from buying existing homes in the country for two years, its government said on Sunday, in an effort to boost under-pressure housing supply.

"We're banning foreign purchases of established dwellings from April 1, 2025, until March 31 2027," treasurer Jim Chalmers said in a statement with housing minister Clare O'Neil. It added that a review would be undertaken on whether the ban would be extended.