Labor to ban foreign investors from buying existing homes for at least two years, replicating Coalition policy

Submitted ⁨⁨6⁩ ⁨days⁩ ago⁩ by ⁨OriginalName@lemmy.zip⁩ to ⁨australianpolitics@aussie.zone⁩

https://www.theguardian.com/australia-news/2025/feb/16/labor-to-ban-overseas-buyers-from-buying-existing-homes-for-at-least-two-years-replicating-coalition-policy

A step in the right direction in my view in terms of limiting foreign investment purchases though as is mentioned in the article its a small fish with easy workarounds already popular. Also unfortunate that it is only 2 years at this stage.

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No1@aussie.zone ⁨6⁩ ⁨days⁩ ago
I know it’s only a relatively small number of houses, but there’s no silver bullet to this housing crisis.

It needs as many policies as possible to help get things back on track.

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- OriginalName@lemmy.zip ⁨5⁩ ⁨days⁩ ago
  Absolutely. It’s not going to do much on its own but hopefully the first of multiple policies to push thinigs in the right direction.
  
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Taleya@aussie.zone ⁨5⁩ ⁨days⁩ ago
Yeah didn’t the first iteration of this law just make sure existing homes were bought by developers who promptly tore them down and built a bunch of ones boundary to boundary that could be sold?

You wanna set a cat amongst pigeons, ban it in established areas within x distance of city centres

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TinyBreak@aussie.zone ⁨5⁩ ⁨days⁩ ago
too little too late.

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- Eyekaytee@aussie.zone ⁨5⁩ ⁨days⁩ ago
  How can it be too little too late? are house prices not still high?
  
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  - TinyBreak@aussie.zone ⁨5⁩ ⁨days⁩ ago
    The longer it takes to take serious action the more its gonna screw people when prices drop. i’m not talking about boomers who own 10 properties. but if you’re a dual income no kids and have an 800k mortgage on a property thats suddenly worth 200k less than your mortgage your in for a really bad time.
    
    But this wont actually do that. it might address a portion of the market demand, but hardly all of it. Capital heavy parties arnt disincentivized from hoarding properties. New properties are still fair game for foreign investors. Hows this actually driving down demand? its a drop in the ocean.
    
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WhatAmLemmy@lemmy.world ⁨5⁩ ⁨days⁩ ago
Wow, copying a conservatives bullshit do-nothing plan… Such progressive and forward-thinking leadership!

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