Foreign property buyers under microscope

The federal government is reportedly cracking down on illegal foreign investment in housing, Fairfax Media reports.

According to the newspaper, the government will shortly announce new measures that are likely to include a fee of several thousand dollars for foreign buyers and a register that the Department of Immigration will have access to.

Treasurer Joe Hockey said the government would make an announcement in coming days, following the two-day cabinet meeting which continues today.

The Treasurer indicated the focus would be on enforcement of existing rules, which stems from a recent parliamentary inquiry led by Liberal MP Kelly O’Dwyer.