Banning foreigners from Aussie properties a short-term fix for housing

Jan 8, 2023

Banning foreigners from Aussie properties a short-term fix for housing

Jan 8, 2023

BANNING foreigners from purchasing Australian real estate will create an immediate short-term solution to the nation’s housing crisis and offer long-term protection for Australians looking to enter the property market, Kennedy MP Bob Katter says.  

Mr Katter said the Federal Government should follow in Canada’s footsteps to prohibit foreign ownership of local residential properties after the North American nation passed legislation last year that he intends to move a similar legislation in the Parliament this year. 

According to the Foreign Investment Review Board about 4 per cent of Australia’s homes are foreign owned, and prior to the pandemic, about 10,000 homes a year were sold to overseas buyers.  

“We know when there’s a 5 per cent lack of demand, the price will go through the floor, if there’s 5 per cent over demand, the price will go through the roof,” Mr Katter said.  

“So if you have 4 per cent buying (from overseas), they’re forcing the price of housing up through the roof.” 

He further pointed out the Federal Government’s current housing affordability incentives including the loan deposit schemes were only fuelling demand and not addressing supply issues.  

Mr Katter said according to the Urban Development Institute of Australia, there was an at-market shortfall of 200,000 dwellings in Australia, which he said could be addressed by removing the impositions and red tape on subdivisions and opening empty land in North Queensland.  

“Build the Bridle Track Tunnel (in Cairns) and we can open up 15,000 – 17,000ha of scrub land on the other side of the range and create some 50,000 housing blocks.  

“Remove the impositions on subdivisions and we can do the same at Townsville and Mackay, with all our empty land. And then who would want to live in the urban slum of Sydney when they can live in North Queensland with our beautiful lifestyle? 

“It’s shocking to see the slum housing we’re creating, even here in Kennedy where a kid has no room to swing a cricket bat because there’s no backyard and you can put your hand out the window and shake hands with your neighbour.”