Possible restrictions on foreign investment in the Australian housing market will be considered by a new parliamentary body despite warnings of a collapse if access is tightened, The Australian Financial Review reports.
The committee will address claims Chinese buyers are artificially driving up the prices in parts of Sydney and Melbourne, according to the newspaper.
However property groups warn the supply of new units in Sydney would fall by as much as 30 per cent if offshore buyers were excluded in anyway.
Committee chair Kelly O’Dwyer said the inquiry was not focused on investors from any country in particular, adding “investment should increase Australia’s housing stock,” the AFR reports.
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A parliamentary committee will review foreign housing investment but industry groups fear a supply collapse if action is taken.
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