Australia will implement a two-year ban on foreign buyers purchasing established homes starting April 1.  Housing minister Clare O'Neil announced the move, which aims to make more homes available to local buyers, potentially freeing up 1,800 properties annually.

Australia bans foreign investment in established homes for 2 years

Australian Prime Minister Anthony Albanese is facing criticism after he purchased an A$4.3 million property amid a national housing crisis.

Albanese and his fiancée Jodie Haydon bought a four-bedroom home in&nbsp;New South Wales Central Coast that has sparked a political debate, with the opposition calling him “tone deaf” and some within his party revealing it to local media, anonymously.

In response to the backlash, he said he "knows what it is like to struggle". He added that he bought the luxury property to be close to his fiancée’s family who lives in that area.&nbsp;

According to the property records, the&nbsp;Copacabana property was sold for A$4.3 million ($2.9 million) in September this year. However, the purchase is yet to be determined.

The information about his purchase was revealed during a press conference about housing. Albanese said he knows he is “better off” than many people due to his income, but he could still empathise with people who face financial struggles.

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"My mum lived in the one public housing [home] that she was born in for all of her 65 years," he told reporters.

“I know what it is like, which is why I want to help all Australians into a home.”

Even though Albanese's Labor Party raised an A$10b investment fund for social and affordable housing, their other housing initiatives were thwarted as they lacked support from the Australian Greens party and some independents, who&nbsp;want the government to introduce more ambitious proposals.

According to the 2024 Demographia International Housing Affordability Survey, Australian cities are among the worst for housing affordability in the world, with Sydney being the second least affordable on the list.

<h2>A ‘tone-deaf’&nbsp;decision?</h2>

While some spoke in his support, many have criticised Albanese’s decisions.

“I can’t think of a greater act of self-sabotage in my life,” one Labor MP told the Sydney Morning Herald anonymously "so they could speak freely".

"If you’re a Labor MP up against a Green at the next election, good luck," they added.

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Max Chandler-Mather, the Greens housing spokesman, said Albanese’s purchase has highlighted the need for lucrative tax reforms for property investors and better protection for renters.

"Labor and the Liberals have created a housing system where a property investor can buy an A$4.3m beachfront home, while millions can't even find an affordable rental, let alone buy a house of their own," Chandler-Mather wrote on X.

"Everybody has a right to a personal life" Liberal Senator Jane Hume told Channel 7's Sunrise programme. "I have a problem with the timing, and this is tone-deaf during a housing crisis."

Fellow Liberal and opposition leader Peter Dutton stated that many Australians struggle with mortgages, however, he refused to criticise Albanese.

The parliamentary disclosure shows about 95 per cent of federal politicians own at least one residential property and a third has three or more properties. However, only two-thirds of Australian families own a home.

(With inputs from agencies)

Australian Prime Minister Anthony Albanese is facing criticism after he purchased an A$4.3 million property amid a national housing crisis. Albanese and his fiancée Jodie Haydon bought a four-bedroom home in New South Wales Central Coast that has sparked a political debate, with the opposition calling him “tone deaf” and some within his party revealing it to local media, anonymously.

Australian Prime Minister Anthony Albanese is facing criticism after he purchased an A$4.3 million property amid a national housing crisis. Albanese and his fiancée Jodie Haydon bought a four-bedroom home in New South Wales Central Coast that has sparked a political debate, with the opposition calling him “tone deaf” and some within his party revealing it to local media, anonymously. In response to the backlash, he said he "knows what it is like to struggle". He added that he bought the luxury property to be close to his fiancée’s family who lives in that area. According to the property records, the Copacabana property was sold for A$4.3 million ($2.9 million) in September this year. However, the purchase is yet to be determined. The information about his purchase was revealed during a press conference about housing. Albanese said he knows he is “better off” than many people due to his income, but he could still empathise with people who face financial struggles. Also read | Australia introduces a new visa regime for young Indians "My mum lived in the one public housing [home] that she was born in for all of her 65 years," he told reporters. “I know what it is like, which is why I want to help all Australians into a home.” Even though Albanese's Labor Party raised an A$10b investment fund for social and affordable housing, their other housing initiatives were thwarted as they lacked support from the Australian Greens party and some independents, who want the government to introduce more ambitious proposals. According to the 2024 Demographia International Housing Affordability Survey, Australian cities are among the worst for housing affordability in the world, with Sydney being the second least affordable on the list. A ‘tone-deaf’ decision? While some spoke in his support, many have criticised Albanese’s decisions. “I can’t think of a greater act of self-sabotage in my life,” one Labor MP told the Sydney Morning Herald anonymously "so they could speak freely". "If you’re a Labor MP up against a Green at the next election, good luck," they added. Also read | 'Won't stand in the way': King Charles on Australia becoming a republic nation Max Chandler-Mather, the Greens housing spokesman, said Albanese’s purchase has highlighted the need for lucrative tax reforms for property investors and better protection for renters. "Labor and the Liberals have created a housing system where a property investor can buy an A$4.3m beachfront home, while millions can't even find an affordable rental, let alone buy a house of their own," Chandler-Mather wrote on X. "Everybody has a right to a personal life" Liberal Senator Jane Hume told Channel 7's Sunrise programme. "I have a problem with the timing, and this is tone-deaf during a housing crisis." Fellow Liberal and opposition leader Peter Dutton stated that many Australians struggle with mortgages, however, he refused to criticise Albanese. The parliamentary disclosure shows about 95 per cent of federal politicians own at least one residential property and a third has three or more properties. However, only two-thirds of Australian families own a home. (With inputs from agencies)

Australian PM Anthony Albanese faces backlash after buying luxurious A$4.3 m home

Chinese students studying abroad are facing a problem, roughly 700,000 Chinese students who have enrolled to study abroad are in a bind. In Australia, classes began this month so students are practically looking for housing even as property market throughout the world struggle with rising rents.

Australia's tight housing market: Chinese students face housing crisis | World Business Watch