Will taxing foreigners make housing more affordable?

The Victorian government is set to announce a 3% charge on home purchases by foreigners who aren’t permanent residents, as well as a 0.5% land tax surcharge on absentee property owners that aren’t permanent residents of Australia or citizens of Australia and New Zealand.Victoria is following the lead of the Federal Government, which will begin charging fees of at least $5,000 on all applications by foreigners to purchase Australian property, while also increasing fines and penalties for illegal purchases of Australian homes.  Governments are clearly taking advantage of perceptions that foreigners are pushing up already high housing prices – particularly...

The Victorian government is set to announce a 3% charge on home purchases by foreigners who aren’t permanent residents, as well as a 0.5% land tax surcharge on absentee property owners that aren’t permanent residents of Australia or citizens of Australia and New Zealand.

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