Pauline Hanson has called on the Albanese government to ban foreigners from owning property in Australia.
The One Nation Leader told 2GB host Chris O’Keefe the amount of housing that foreigners buy is ‘disgusting’.
Senator Hanson claimed a low exchange rate and poor government policy had escalated the country’s housing crisis and made it easier for foreigners, particularly from China, to buy property.
‘I’ve been calling for this for a long time,’ Senator Hanson said.
‘It has escalated, and the problem is actually worse. See, the American dollar is about 70 cents to our dollar, even in the UK it’s about 54 cents to the dollar so they’re getting greater value for their money.’
Pauline Hanson has called on the Albanese government to ban foreigners from owning property in Australia.
‘China is buying up so much property and housing in Australia and it is disgusting and it makes me so mad that the politicians are not doing anything about it,’ Senator Hanson added.
Senator Hanson claimed Chinese investors were leading the foreign investor pack, spending about $7million a day on housing in Australia.
She also claimed foreign investors were buying old and established properties despite government policy only allowing the purchase of new housing.
Foreigners purchasing property in Australia can only buy new properties or vacant lots as long as they apply for approval from the Foreign Investment Review Board.
They can only buy existing property if it’s undergoing a major renovation that increases housing stock, such as turning one house into two townhouses.
Senator Hanson urged the government to investigate properties bought by foreign investors to ensure it complies with the law.
‘There’s no proper investigation. That’s the problem,’ Senator Hanson said.
‘But the government’s want it because it’s bringing money into the country. State government’s don’t want to get rid of it because they get the stamp duty on housing.’
The One Nation leader claimed foreign investors drive up the cost of housing causing high property prices which are out of reach for many Australians.
‘It was the Australian dream to own your home… the young ones coming through won’t know that’, Senator Hanson said.
‘It’s estimated we’re about 600,000 short in housing across Australia. People are living in tents, caravans, in parks, it’s just ridiculous in a country like this.
‘Stop foreign investment! Don’t allow them to have it… It drives up the cost of housing, puts it out of the reach of young ones or anyone who is wanting to buy their own home.
Host of 2GB, Chris O’Keefe (left) asked Senator Hanson if the issue was being ‘blown out of proportion’ but she argued the housing crisis was severe, claiming Chinese investors were worsening the crisis
O’Keefe asked the Senator if the issue was being ‘blown out of proportion’, claiming statistics revealed foreign investment represented less than 1 per cent in Australia’s housing market in 2021 to 2022.
Senator Hanson argued the issue was severe, citing data from Foreign Investment Review Board which revealed Chinese investors spent $2.3billion on housing in Australia from January 2022 to March 2023.
‘When you look at it, we are short on housing stock for Australians. That’s it. That’s what it is about,’ Senator Hanson said.
‘Do not keep allowing foreign investment, you got the Chinese, the Vietnamese, you got Indians, you got other people buying property right across Australia.’
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Many social media users agreed with the One Nation leader and suggested foreign investors should be allowed to buy property if Aussies can also buy a home in their country.
‘I’ve no problem with foreign citizens being able to own property in Australia, but only as long as Australians are able to own property in their country,’ one person wrote.
‘If their country doesn’t allow us to own land there, why should we allow them to own land here?’
Others claimed the idea works in theory but if implemented would cause the Australian housing market to crash.
‘If they did this though the housing market could possibly collapse. Without foreign buyers then all Aussie home owners would be stuffed,’ one person commented.
‘I suppose if you want to crash the property market then yes. So does she have a plan for preventing that to or is it just another noisy thought bubble,’ another wrote.
A third chimed: ‘excellent idea in theory, however if implemented, the mother of all property crashes would occur.’
Hanson argued foreign investors were responsible with driving up house prices (pictured, auction where opening bid was $400,000 over price guide)
Australians have also urged the government to adopt a similar policy introduced by Canadian Prime Minister Justin Trudeau in January, which bans foreigners from buying property in Canada.
The bill, dubbed the Prohibition of the Purchase of Residential Property by Non-Canadians Act, seeks to quell the country’s housing crisis by prohibiting all outsiders – particularly investors – from buying property throughout its 10 provinces.
China was the largest source of investment in Australian residential real estate, with $2.3 billion invested from January 2022 to March 2023, according to official figures.
After China, the largest sources of residential investment are from Hong Kong and Vietnam – both with $0.4Billion.
India, where Anthony Albanese is currently trying to attract investment, is in sixth place, according to the Foreign Investment Review Board.
