As reported in The Australian this morning, the Abbott Government is set to further strengthen Australia’s foreign investment rules by banning sales to non-residents for the purchase and knock-down of an established dwelling, as well as extending penalties to migration agents marketing Australian temporary residency so that foreigners can buy established Australian homes:
Senior government sources say Treasurer Joe Hockey will no longer allow the Foreign Investment Review Board to approve applications by foreigners that involve knocking down an existing home because it has reached the end of its “economic life”.