Illegal homes sell-off will not affect market
THE property industry has backed Treasurer Joe Hockey's plans to force 500 foreign home owners who breached investment rules to sell their properties.
Mr Hockey said an investigation into foreign investment had found the homes, worth a total of $1billion, were bought outside the investment rules.
He said among those found were overseas students - "some who had never filed a tax return have bought properties worth $5 million".
Property Council of Australia chief Ken Morrison backed the move, but said it would not do anything to address housing affordability.
Mr Morrison said the sales were a "drop in the ocean" and far too few to impact the market.