Joe Hockey orders five more illegal FIRB forced property sales

Breaches of Australia’s foreign property investment laws have prompted former Treasurer Joe Hockey to announce five further forced sales of properties purchased by overseas buyers.

The former Treasurer said 500 FIRB investigations are underway into more than $1 billion worth of residential real estate.

Tax commissioner Chris Jordan announced the investigations at a press conference with Joe Hockey.

They advised the properties to be sold are in Labrador on the Gold Coast, Ardross in Perth, Sydney’s Elizabeth Bay, Underdale in Adelaide and the Brisbane suburb of Stretton.

They were acquired unlawfully by foreign nationals from Singapore, Indonesia, the UK and China.

They voluntarily came forward under the amnesty announced in May.

The highest purchase price was $8.1 million, understood to be a penthouse in Elizabeth Bay.

The cheapest was a $265,000 property.

They have 12 months to sell the properties under the amnesty that ends of November, Joe Hockey said.