The rise in illegal property investments have raised concerns on the existing policy for purchasing property, as it was recently discovered that illicit auction activities have been targeting foreign property investors.
Current laws stipulate that foreign buyers can only purchase new or newly completed dwellings. The Foreign Investment Review Board has been called out for not prosecuting a single buyer despite the growing number of foreign buyers of established property.
Joseph Zaja, Managing Director for Ausin Group has pointed out auctions as a major source of these activities, citing a large number of foreign buyers of existing properties where clearance rates are at record highs, particularly in Sydney and Melbourne.
Read more about this on the Mortgage Business website.