Australia eases restriction on property purchases by foreigners

MELBOURNE: Foreigners can now buy new apartments in Australia that were first purchased by other overseas buyers who did not settle their payments, Treasurer Scott Morrison said, in a move to support the housing industry.

Buying a previously sold property off the plan had been regarded as a second-hand transaction, which foreigners aren’t allowed to do. Reverting the status to a new dwelling under the foreign-investment framework will help curb an increase in unsettled sales, Morrison said in a statement last Saturday.