Australia's biggest state hikes taxes for foreign property buyers

Sydney

AUSTRALIA'S most populous state will double property taxes for foreign buyers, the New South Wales treasurer said on Thursday, a move aimed squarely at Chinese investors as well as to appease voters worried about housing affordability.

The push comes amid a raft of regulatory action to cool a hot housing market, especially in the country's east, and as concerns grow that foreign buyers have priced many locals out of the market. The new charges, effective from July, come just as the frothy sector is already showing cracks, with prices slipping in Sydney and Melbourne last month.