Canberra: The Australian government has announced it will ban foreign investors from buying existing homes in the country for two years. Treasurer Jim Chalmers and Clare O'Neil, the minister for housing and homelessness, stated that the ban will take effect from April 1 and remain in place until March 31, 2027. According to Namibia Press Agency, the ban will prohibit foreign investors, including foreign-owned companies and temporary residents, from purchasing established homes in Australia, with an exception for developments consisting of at least 20 properties. This move is part of a broader effort to address housing availability for local buyers. The Foreign Investment Review Board (FIRB) disclosed that foreign buyers spent 4.9 billion Australian dollars (3.1 billion U.S. dollars) on 5,360 pieces of residential real estate in the 2022-23 period, which accounted for less than one percent of all sales. The majority of these transactions involved either new dwellings or vacant land, neither of which are affe cted by the new ban. Clare O'Neil emphasized that the policy is not a comprehensive solution to Australia's housing crisis but is expected to make thousands of homes accessible to local buyers. She highlighted the government's commitment to addressing housing pressures and expanding homeownership opportunities for young Australians. Housing is anticipated to be a significant policy issue in the upcoming general election, which is required to be held by May.