A new report on foreign investment in housing has been welcomed by the Housing Industry Association (HIA). The Report on Foreign Investment in Residential
Real Estate was released by the House of Representatives Standing Committee on
Economics.
HIA Chief Executive, Industry Policy and Media, Graham Wolfe observes
that the inquiry has delivered a balanced assessment of the benefits of foreign
investment in housing for Australian home buyers, renters and the broader
economy. He was particularly appreciative of the Committee’s finding that
foreign investment in new housing would be a positive force for improving
housing supply and affordability.
According to Mr Wolfe, foreign investment through pre-sales in
multi-unit developments will ensure many of these projects come to market, benefitting
potential domestic buyers as well as renters through more choice and
competition.
HIA also acknowledges the recognition by the Committee that more can be
done to ensure accurate collection and recording of data around foreign
investment. HIA looks forward to working with the Parliament as it considers
and progresses the recommendations of the Committee.
