Australia to impose fees on foreigners buying homes

Sydney

AUSTRALIA plans to charge fees to foreign nationals buying residential property and fine those who break foreign investment laws in an attempt to cool one of the world's hottest property markets, but experts doubt it will make housing more affordable.

Treasurer Joe Hockey said on Tuesday he hopes to raise about A$200 million (S$211.4 million) a year by charging foreign homebuyers A$5,000 for properties valued under A$1 million and A$10,000 for every additional A$1 million.