From www.klgates.com: Starting from 1 April 2025, foreign investors will be banned from purchasing established homes in Australia for a duration of two years, with intentions to alleviate pressure on the housing market.

The Albanese Government will also enhance compliance for foreign land banking and increase the resources for the Australian Taxation Office to enforce this ban.

Existing exceptions for certain categories, such as temporary residents, appear to be limited, and careful consideration is advised for foreign persons planning any property acquisitions before the enforcement date.