Hopes for the great Australian dream of home ownership dashed

Hopes for the great Australian dream of home ownership dashed

Media release: Foreign Investment in Residential Real Estate Inquiry Recommendations

The great Australian dream of owning your own home has been tarnished today with the Federal Government Inquiry into foreign investment recommending keeping the status quo, says a leading Sydney buyer’s agent. 

EPS Property Search director Patrick Bright said many current and future generations now risked being priced out of the market for good as wealthy foreigners are allowed to continue to push prices out of reach. 

“All Australians will pay for the increased costs of future generations of retirees who haven’t yet entered the market and begun paying off their own home,” said Mr Bright. 

“To be frank I am shocked that the government is going to continue to put the desires of wealthy foreigners ahead of its own citizens and ahead of the best long terms interests of the country.

“The government is also clearly putting the interests of developers ahead of every day Australians.

“The Inquiry has missed a golden opportunity to pull the reigns back on escalating foreign investment which is putting additional pressure on property prices. 

“While the recommendations intend to tighten sanctions already in place on foreign investors, they fail to adequately address the current issue of inflationary house prices by retaining the current legislative framework.”

Mr Bright, who earlier this year tabled a submission to the Federal Inquiry into Australia’s residential real estate, said he was very disappointed stronger action had not been taken.

“I am not opposed to foreign investment per se but we need to make sure we get the balance right and give Australian citizens both homebuyers and investors the opportunity to secure their financial future come retirement,” he said.

 Click here to access the Inquiry report into Foreign Investment in Residential Real Estate