Crackdown on foreign ownership: Australia orders sale of 7 homes
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Sydney
THE Australian government said it ordered the sale of seven residential properties bought in breach of foreign ownership laws, in a response to concerns that offshore buyers are driving up house prices.
Australian capital city homes are considered among the most overpriced in the world, and the Federal government in March announced new and expanded punishments for foreigners who breach existing rules restricting them to buying new homes only.
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