Five foreign investors who unlawfully hold residential property in Australia have been ordered to sell their properties.
Treasurer Hon Joe Hockey MP has announced that five foreign investors from four different countries who unlawfully own six residential properties across Australia between them have been ordered to sell up within 12 months.
“Some of the five investors purchased property with Foreign Investment Review Board approval, but their circumstances changed and they failed to comply with the divestment requirements,” Mr Hockey said.
"The other investors simply purchased property without Foreign Investment Review Board approval and therefore have broken the law.
“The investors linked to the five divestments voluntarily came forward to take advantage of the amnesty I announced in May.
“They now have 12 months to sell the properties, rather than the normal three-month period, and will not be referred for criminal prosecution.”
The two properties owned by one investor are both located in Kewdale WA, another investor owns one property in Eight Mile Plains QLD, and the final three investors all have properties in NSW in the suburbs of Eastwood, Fairfield and Mosman.
The purchase prices of the properties range from $152,000 to $1.86 million.
Foreign investors who have illegally purchased residential real estate in Australia have until 30 November to turn themselves in and avoid being referred for criminal prosecution.