Will Australia ban foreign property ownership?

It’s been just over a year since NZ banned foreign ownership of housing. With a market that largely parallels Australia’s own in regards to laws, policies, affordability and availability problems, has the restriction on foreign investment actually worked when it comes to enabling first-home buyers and native New Zealanders to get a foothold in the residential market? Home ownership has reached historical low levels in New Zealand, with ownership the lowest it’s been since 1951. Only a quarter of adults under the age of 40 own their own home now, compared to half in 1991. The key differences between Australia and New Zealand’s restrictions are that while Australia allows temporary residents, including students and workers, to buy homes, New Zealand does not. Australia allows some foreign trusts and corporations to buy existing housing, while New Zealand does not. New Zealand imposes a national surcharge on foreign investments, whereas Australia’s stamp duty and surcharges vary between states (NSW and Victorian governments have raised stamp duty surcharges for foreign investors in residential real estate). Despite a lack of data and evidence, various state governments have increased transfer duties for foreign investment into residential real estate, and the federal government also eventually introduced some complicated changes around it. Interestingly, other forms of foreign investment assets, such as commercial real estate, have in some ways become easier to buy.