Australian real estate agents have welcomed today’s release of the report into Foreign Investment in Australian residential real estate with the main recommendations backing initiatives lobbied for by the Real Estate Institute of Australia (REIA).
The report by the House of Representatives Standing Committee on Economics, chaired by Kelly O’Dwyer MP, has delivered on key recommendations including the establishment of a national database for property purchases, an alert system with the Department of Immigration, capital gains benefits forfeited to Government for breaches along with increased and a beefed up Foreign Investment Review Board with a greater focus on audit and compliance.
REIA CEO Amanda Lynch said, “The Committee and Chair, Kelly O’Dwyer MP, are to be congratulated for listening to business and establishing workable solutions that will restore faith in the administration of foreign investment in Australian real estate.”
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