Australia will impose a two-year ban on foreign purchases of existing homes starting April 1 to boost housing supply.

The policy, expected to free up 1,800 properties annually, excludes new builds but prohibits purchases by foreign investors, including companies and temporary residents.

It also enforces land development deadlines to prevent land banking.

Exceptions apply to investments that increase housing supply and the Pacific Australia Labour Mobility scheme.

The move, resembling an opposition proposal, aims to address voter concerns ahead of elections, The Telegraph has reported.

The government will allocate A$16.5 million over four years to enforce the ban and strengthen compliance.

Written by B.C. Begley