FIRB Extends Ban on Foreign Established Dwelling Purchases

The temporary ban preventing foreign persons from buying established dwellings in Australia, initially set to expire in March 2027, has been extended by two years to June 2029. This policy aims to prioritize housing availability for Australian residents.

This extended ban means fewer foreign investors will compete for existing homes in Melbourne's western growth corridor. This could potentially ease demand and create more opportunities for local buyers and developers focusing on new builds.