Trying to curtail the hot property market - implications for temporary residents

In a move to try and keep the houses affordable for first time home owners in Australia the Federal government will scrap its controversial new rules on foreign investment in real estate, and instead tighten both the rules and their enforcement to head. The about face is suspected to be in order to head off a damaging political storm. In an about-face, the Assistant Treasurer has announced that temporary residents will now have to seek approval from the Foreign Investment Review Board (FIRB) to buy any real estate in Australia. This requirement was recently relaxed. Temporary residents will also be required to sell their Australian property when they leave Australia. And for the first time, the FIRB will be given the means to ensure that the laws are enforced.