The government is bringing in changes to foreign investment rules to protect developers who are left in the lurch when a settlement falls through.
The changes will allow foreign buyers to purchase an off-the-plan dwelling when another foreign buyer has failed to reach settlement, meaning developers won’t be left out of pocket.
It comes amid reports of a growing number of Chinese buyers failing to settle in off-the-plan property sales.
Overseas investors are allowed to purchase new Australian dwellings in a bid to encourage developers to build more houses and apartments.
