MICK Tsikasaap

Illegal homes sell-off will not affect market

THE property industry has backed Treasurer Joe Hockey's plans to force 500 foreign home owners who breached investment rules to sell their properties.

Mr Hockey said an investigation into foreign investment had found the homes, worth a total of $1billion, were bought outside the investment rules.

He said among those found were overseas students - "some who had never filed a tax return have bought properties worth $5 million".

Property Council of Australia chief Ken Morrison backed the move, but said it would not do anything to address housing affordability.

Mr Morrison said the sales were a "drop in the ocean" and far too few to impact the market.


Cattle truck crash cleanup expected to last into the night

Cattle truck crash cleanup expected to last into the night

Motorists are advised to avoid the area.

Three hurt as guards, prisoners clash at correctional centre

Three hurt as guards, prisoners clash at correctional centre

As officers responded three prisoners allegedly assaulted a guard.

‘This is an open revolt’: Queensland goes rogue

‘This is an open revolt’: Queensland goes rogue

QLD could spell the end of Turnbull's leadership

Local Partners