The great Australian dream is to own your own home.
One of the issues facing Australia is "housing affordability".
A very particular definition of affordable equates to -:
"housing that is owned and managed by community organisations, state owned public housing or housing that costs not more than 30% of the income of households on the lowest 40% of the income scale'. The Council recommended that federal and state governments 'develop a universal definition that describes what type of housing and income groups fall within affordable housing'."
Out of reach?
The Australian housing affordability challenge - Economics References Committee May 2015
In Australia, foreigners can by new property both apartments and houses. They cannot buy established dwellings.
Buying off the plan
Recently (May 2016) it was announced that 3 out of 4 major banks will not lend to foreigners.
This has the potential to cause major issues in our housing market.
"If purchasers cannot get funding to settle the units for which they have signed a contract, the bank that lent funds for the development to proceed may press the developer to sell at 'firesale' prices."