Temporary residents will be barred from buying existing homes for at least two years, and the Albanese government will crack down on foreign investors hoarding land that could be developed into housing.

Overseas investors have largely been barred from buying existing homes in Australia save for limited circumstances; the new policy will mean people living temporarily in Australia, either for work or study, will also be barred between April 1, 2025 and March 31, 2027.