The federal government is preparing to ban temporary residents from purchasing houses in the country for two years.
Additionally, it plans to enforce stricter regulations on foreign investors who own land suitable for housing construction.
Foreign investors have already been restricted from buying houses in the country.
According to the Australian Taxation Office, foreign individuals purchased approximately $4.9 billion worth of property in Australia during the 2022-23 financial year, with around 5,360 transactions recorded.
Among these, 1,800 transactions were identified as home purchases.
Notably, temporary foreign residents purchased the highest number of homes in Victoria, totaling 458.
