Foreign investment quota plans rejected in House of Lords

Australia will be unveiling plans to put the brakes on foreign investment into its resi property market "within weeks" in a bid to curtail soaring prices.

Under pressure to cool a soaring housing market, the Australian government's proposed clampdown on foreign property buyers has raised a few eyebrows around the world.

London has pipped New York to be named as the world's top city for foreign estate investment opportunity, according to a survey by the Association of Foreign Investors in Real Estate.