Australia`s Treasury Secretary today announced mandatory sales of more homes purchased illegally by foreigners and signalled that they might require proof of residency at the time of purchase.
One of the most expensive homes recently publicly forced to sell is a British-owned apartment in downtown Sydney, valued at 1.68 million. At the request of the Aliens Investment Review Board, buyers who do not have Australian residency usually need to be approved before buying a home.
In 2015, former Treasury Secretary Joe Hockey announced inspections of illegal property purchases by foreigners, resulting in mandatory sales and fines. On Monday, Mr. Morrison said the forced sale had reached A $92 million.
Morrison said Tuesday that the goverment could further push through state housing laws, requiring investors to prove in real estate contracts that they are legally buying real estate.
"I think this is a good suggestion. Don`t forget that buying transfers is done in accordance with state transfer laws, not federal laws. This means that states and federal goverment work together, and that`s right. I think this is a good suggestion. I have received this suggestion and we are studying how to implement it. " He said。
Asked if transfer lawyers should be forced to check whether buyers can buy legally, Mr. Morrison said 2GB radio host Ray Hadley`s advice was good.
"I think these suggestions are very good. There are, indeed, some problems in providing residence certificates, which have recently been submitted to me, and I am working on them. " He said。
