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Under the One Nation plan, anyone that owns residential property yet isn’t an Australian citizen or permanent resident, will be given two years to sell their property back to an Australian. The two-year grace period will ensure there isn’t a flood of properties onto the housing market.

Let’s get Australians into affordable houses while keeping the market sound.

Transcript

Australians are rightly stunned and confused. Why are foreigners, people from other countries, allowed to buy real estate while Australians are made homeless and sleep on the street? China dominates foreign purchases of Australian real estate, snapping up the most of any country in the world. China snaps up houses and farmland across our country, yet Australians are banned from buying a house in China. Add to that Hong Kong, Taiwan, Vietnam, India, the United States and the United Kingdom. The list of countries that grab Australian real estate goes on and on. 

Australians are suffering through a housing crisis, a catastrophe. The average mortgage size has never been higher, with expensive repayments crushing household budgets. A house in Brisbane used to cost three times the average income. Now it’s 10 times. This combination of high house prices and high interest rates means the average Australian is paying more of their wage on mortgage repayments than a homeowner would in 1990, when the Reserve Bank of Australia’s cash rate was at 17 per cent. I’ll say that again. As a proportion of income, mortgages are more expensive today than when the RBA had rates at 17 per cent. 

The rental market in Australia is broken. Vacancy rates, a good measure of whether it’s even possible for people to find a rental, have been at crisis levels for years. The average rent for a house in Brisbane has gone from $467 a week in 2020 to $740. For a unit in Brisbane, rent has gone up from $381 to $587 in the same period, since 2020. What’s the government’s response to the hurt Australians are feeling trying to get into a house? Labor will keep letting foreigners buy residential real estate. 

While the Liberals signal they might do something about it, their proposal doesn’t go far enough. Peter Dutton doesn’t want to stop foreign ownership of real estate. He wants foreigners to be back here buying up the farm in two years. The Liberals’ temporary pause is not good enough. Australia needs a complete ban on foreigners owning houses in this country. The Liberals won’t do anything about the houses that are foreign owned right now—they can keep them. In 2017, ANZ estimated that foreigners owned up to 400,000 Australian homes. That’s enough for a million Australians to live in, and that number of homes can only have increased since then. 

One Nation would implement a true ban on foreign ownership. Under our plan, anyone that owns residential property yet isn’t an Australian citizen or permanent resident will be given two years to sell their property back to an Australian. The two-year grace period will ensure there isn’t a flood of properties onto the housing market. Let’s get Australians into affordable houses while keeping the market sound. When the Liberals would be opening back up purchases for foreigners, One Nation would be completing the greatest transfer of houses out of foreign hands and into Australian hands in history. In this debate, we will hear Labor senators get up and claim that foreign ownership is less than one per cent. We’ll hear them claim it’s foreign investment. That’s a lie. It’s ownership. And their numbers aren’t true. 

In that 2017 report I mentioned, ANZ said, based on Foreign Investment Review Board data, foreigners had purchased an estimated 25 to 35 per cent of new Queensland homes. Later in 2017, the government introduced a new annual vacancy fee for foreign owners of residential properties. You won’t believe this next coincidence. After the government started charging a fee on foreign owners, the number of foreign owners declaring themselves to the government dropped from between 25 and 35 per cent to one per cent. It was just like magic! When NAB asked real estate agents directly how many foreigners they were selling to, the percentages were in the double digits. That’s more than 10 per cent. We know that. It’s a fact. The New South Wales government has even recorded foreign purchases at more than double what the federal Labor government claims they are. It doesn’t matter what the real number is anyway. One foreign purchase is one too many while Australian families are sleeping on the street. 

Foreign ownership is one part of the housing puzzle. One Nation has comprehensive solutions to all of the levers we need to pull to get Australians into affordable houses. These including pausing immigration to reduce demand, abolishing GST on building materials, establishing five per cent fixed rate mortgages, enabling HECS debtors to get a loan and deporting 75,000 illegal residents now. 

On foreign purchases and ownership, we are clear. Only One Nation will implement a real, permanent ban on foreign purchases. Only One Nation will force foreign owners to sell their houses to Australians. Only One Nation will extend the ban on foreign ownership to our valuable farmland, to protect our ability to feed Australians first. Only One Nation can be trusted to truly put Australians first.

5 replies
  1. Rick
    Rick says:

    I find it strange that foreigners have the large amounts of cash available to buy properties here being one of the highest taxed countries in the world . I have always thought we were an expensive place to buy into . It’s a contradiction because people here struggle to live yet the living standards are very high .

  2. Gary Walker
    Gary Walker says:

    I absolutely agree with Australian Citizens Only Owning our Houses . We are being taken over by the Wrong People and it is just swept under the carpet all in the name of Making Money. This Must STOP NOW. We are Well on our way to being a 3rd World Country. The Government is suppose to be looking after Australians and not their Own Back Pockets. If they think we can’t see this happening then I have news for them and it is All Bad. Wait till the PM sees the Landslide next election. We have had a GUT FULL. Buy the way, did he ever repay the Airline Flight money?

  3. Shane
    Shane says:

    Great that One Nation is listening to voters and will call for a ban of foreign residents owning Australian residential property.
    Foreign residents that have bought in the past should be forced to sell.
    Thanks Malcolm.

  4. Yvonne Milner
    Yvonne Milner says:

    This should not have happened in the first place!, how are you going to tell that to CCP, they will tell you where to go, Labour has worked into their plans, they may own Australia ,no one has the guts to stand up for what is right against CCP. I will pray God help you, voters are so deceived by the media, Labor and LNP will fight you , Labor is already brought,
    Never ever vote for them!!!they are not!! for the people!!!

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