A new report on foreign investment in housing has been welcomed by the Housing Industry Association (HIA). The Report on Foreign Investment in Residential Real Estate was released by the House of Representatives Standing Committee on Economics.

HIA Chief Executive, Industry Policy and Media, Graham Wolfe observes that the inquiry has delivered a balanced assessment of the benefits of foreign investment in housing for Australian home buyers, renters and the broader economy. He was particularly appreciative of the Committee’s finding that foreign investment in new housing would be a positive force for improving housing supply and affordability.

According to Mr Wolfe, foreign investment through pre-sales in multi-unit developments will ensure many of these projects come to market, benefitting potential domestic buyers as well as renters through more choice and competition.

HIA also acknowledges the recognition by the Committee that more can be done to ensure accurate collection and recording of data around foreign investment. HIA looks forward to working with the Parliament as it considers and progresses the recommendations of the Committee.