Eight Foreign-owned Properties Ordered Up for Sale

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Tuesday, January 19th, 2016
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Scott Morrison
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Treasurer Scott Morrison has ordered the sale of another eight properties which breach foreign investment rules.

The latest announcement on Monday relates to properties in Victoria, Queensland and NSW, with values ranging from about $200,000 to more than $5 million.

The government has now forced the sale of 27 properties since taking office in 2013.

The owners came from a range of countries, including Canada, China and the US.

“The foreign investors either purchased established residential property without Foreign Investment Review Board approval, or had approval but their circumstances changed, meaning they were breaking the rules,” Mr Morrison said in a statement.

The investors now have a year to sell the properties, instead of three months, after a reduced penalty period was announced in mid-2015.

Since then more than 1500 matters have been referred for investigation with more than 800 cases remaining under active consideration.

PROPERTIES THAT HAVE TO BE SOLD, PURCHASE PRICE, INVESTOR NATIONALITY

  1. Mount Waverly, VIC – $5,100,000 (Malaysia)
  2. Eight Mile Plains, QLD – $780,000 (Chinese Taipei)
  3. Park Ridge, QLD – $665,000 (USA)
  4. Blackburn, VIC – $525,500 (India)
  5. Windsor, NSW – $518,000 (Canada)
  6. Robertson, QLD – $343,000 (USA)
  7. Crestmead, QLD – $250,000 (USA)
  8. Carlton, VIC – $215,000 (China)
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