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Agents Welcome Foreign Investment Report

Real Estate Agents welcome Foreign Investment report Australian real estate agents have welcomed today’s release of the report into Foreign Investment in Australian residential real estate with the main recommendations backing initiatives lobbied for by the Real Estate Institute of Australia (REIA).

The report by the House of Representatives Standing Committee on Economics, chaired by Kelly O’Dwyer MP, has delivered on key recommendations including the establishment of a national database for property purchases, an alert system with the Department of Immigration, capital gains benefits forfeited to Government for breaches along with increased and a beefed up Foreign Investment Review Board with a greater focus on audit and compliance.

REIA CEO Amanda Lynch said, “The Committee and Chair, Kelly O’Dwyer MP, are to be congratulated for listening to business and establishing workable solutions that will restore faith in the administration of foreign investment in Australian real estate.”

“Foreign investment in Australian real estate has been proven to increase housing supply but is also a highly charged and emotional issue. It is very pleasing to see the committee take on board the suggestions of business and produce a series of recommendations that will ensure foreign investment delivers on its intent and is not flouted.”

“The system, particularly for established housing, needs to be transparent and instil confidence in the Australian community that it is fair and equitable. These report recommendations, when implemented will go a long way to providing this confidence.”

“We now ask the Government to implement the report recommendations as a matter of priority,” said Ms Lynch.

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