Labor Bans Foreign Investors from Buying Existing Homes

In a move that will impact the housing market, Australian residents won’t have to compete with foreign investors at auctions or when buying existing homes, regardless of who wins the upcoming election.

The Albanese government announced today that it will mirror a pledge from the Coalition, banning foreign buyers from purchasing already built homes for two years, starting April 1. Housing Minister Clare O'Neil explained that the policy is aimed at “freeing up thousands of properties for Australians.” She emphasized the need for more homes, saying, “We’re in the midst of a housing crisis because for 30 years governments around the country haven’t built enough homes for the Australians who need it.”

Opposition Leader Peter Dutton had actually proposed the idea in his budget reply last year, but now the government’s adopting the same approach. Michael Sukkar, the opposition’s housing spokesman, wasn’t happy about the timing, saying, “They absolutely bucketed this policy for the last 12 months and now five minutes before the election, they copy it.”

The Greens also jumped on the bandwagon, criticizing the policy, with housing spokesman Max Chandler-Mather saying it “will not touch the sides of the housing crisis.” She argues that the policy won’t make a real difference.

Meanwhile, the Coalition is sticking to its plan to allow first home buyers to access up to $50,000 from their superannuation to help with buying a home. Dutton defended the idea, saying, “I want to see Australians first into housing, and that includes first-generation Australian citizens.” But the Greens have also hit back at this, with Chandler-Mather pointing out, “Are they seriously suggesting the new deal for young people is you might get to buy a home, but you have to drain your retirement savings to do it?”

In the latest polling, the Coalition is currently ahead of Labor, with YouGov’s poll of 40,000 voters showing them leading 51.1% to 48.9%. But even with this lead, Dutton would still need to negotiate with crossbenchers if those numbers hold up in the election.

Some of these independents are looking for more changes in how Parliament operates. Independent Allegra Spender shared her views with Insiders, saying it’s not just about forming a government but also about how decisions are made in Parliament. Looks like the housing debate isn’t the only thing heating up!