Australia to impose two-year ban on foreigners buying property

Selena Gomez and her fiance Benny Blanco have announced a new album together that will focus on their own love story.

Residences in Sydney, New South Wales. From April 1, foreign-owned companies and temporary residents will be barred from purchasing established property in Australia . - AFP

"Today the government is announcing that we are going to ban foreign ownership of existing property in Australia," Australian Housing Minister Clare O'Neil told broadcaster Sky News on Sunday , calling the ban"an important move." The ban is to take effect on April 1. It will prevent foreign-owned companies and temporary residents from purchasing established property in Australia."Over a 2-year period we're going to free up... effectively twice that for Australians to get into home ownership," O'Neal said.

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Two-Year Ban Foreigners Buying Property

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