Australian government forces sale of over $100m worth of luxury properties

61 90-day orders issued since crackdown on illegal foreign ownership began in 2015

The Australian government has followed through on its promise to come down hard on the flouting of foreign investment rules, forcing the sale of $107m worth of luxury homes.

New data has revealed that 61 homes belonging to overseas buyers have been force-sold since the crackdown began in 2015, including a $40m mega-mansion in Sydney’s exclusive Point Piper district, and a $5.2m  property in one of the best parts of Melbourne. Both, said the report, were owned by Chinese businessmen.

Most of the sales were ordered in Victoria (31), followed by New South Wales (13), Queensland (11), Western Australia (4) and South Australia and Tasmania (1 each). Owners are given 90 days to offload or face to consequences…

Treasurer Scott Morrison told The Daily Telegraph: ‘The forced sale of over $100 million worth of Australian property underscores the Turnbull government’s determination to enforce our rules, so foreign nationals illegally holding Australian property are identified and illegal holdings relinquished.”

Sydney Suburbs by Andy (CC-BY-SA-2.0)