In a move aimed at boosting homeownership opportunities for Australians, the Australian government a two-year ban on the purchase of existing residential properties in the country by foreign entities.

Australian Housing Minister Claire O’Neill confirmed in a statement to Sky News on Sunday that the government had decided to bar foreigners from owning residential property in Australia, describing the decision as an “important measure.”

O’Neill added that this step alone will not solve the housing crisis, but it reflects the government’s commitment to focusing its efforts on securing housing for Australian citizens, especially young people, and expanding homeownership opportunities for them, according to the German Press Agency (DPA).

The ban is set to take effect on April 1 and will apply to foreign companies and temporary residents, who will be prohibited from purchasing existing residential properties within Australia.

O’Neill noted that foreigners purchased approximately 1,800 existing homes during the 2022–2023 fiscal year, explaining that this ban will give Australians the opportunity to benefit from half that number over the next two years.

In contrast, *The Sydney Morning Herald* reported that real estate projects comprising 20 or more residential units will be exempt from the ban, allowing foreign investment in new real estate development projects to continue.

According to data from the Australian Taxation Office, 5,360 residential property purchases were recorded between July 2022 and June 2023, with a total value of 4.9 billion Australian dollars (US$3.1 billion), of which 1,823 involved existing homes.