NSW Treasury in the dark with FIRB foreign buyer data
NSW Premier Mike Baird has expressed concern about the lack of official information on foreign investment residential purchases in NSW.
His concerns were made to the House of Representative inquiry into foreign ownership of residential property.
His submission, made to the inquiry as NSW Treasurer, said the lack of detail made it difficult for the government to determine the effects of foreign investment on the housing market.
One of his concerns was whether temporary foreign investors actually sell their properties when they leave the country – a condition required by the poorly implemented law.
"What evidence is there that temporary residents sell their properties when they leave Australia?
"It appears difficult to determine the effects of the foreign investment due to a variety of data constraints," the submission said.
Mike Baird said it would be helpful to know if foreign investment was geographically concentrated.
