New fees and penalties for foreign investors designed to make housing more affordable for Australians will have a "feel good" effect but won't address the real affordability issues, economists say.

Prime Minister Tony Abbott  announced new rules for foreign property investors aimed at giving locals “the fairest possible go” at entering the housing market.  A new register will be set up to keep track of property bought by foreigners, who will be charged a $5,000 application fee when buying a…