20 Jun 2018

Property Industry urges govt to scrap foreign buyers ban

From Morning Report, 7:47 am on 20 June 2018

The property industry wants the government to go further and dump its proposed ban on foreign buyers. Yesterday the government softened the rules. The new draft of the Overseas Investment Amendment bill will now allow developers to sell up to 60 percent of their apartments off -plan, without the requirement for buyers to sell within a year. The rules have been changed after warnings apartment blocks wouldn't be built without foreign buy-in.