Money guru slams home move as ‘bulls**t’, ‘window dressing’

A move aimed at making homes more affordable for struggling Aussies has been savaged as ‘bulls**t’ and ‘just window dressing’ by one of Australia’s leading finance figures.

Finance guru Mark Bouris has savaged a much-publicised move from the Albanese government, claimed to “ease pressure on our housing market”.

Bouris, one of Australia’s most respected money minds and the brains behind Wizard Home Loans and Yellow Brick Road said it will do no such thing.

Last month amid much fanfare, the Minister for Housing Clare O’Neil and Treasurer Jim Chalmers announced that the Albanese government was “clamping down on foreign purchase of established homes and land banking”

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Mark Bouris isn’t a fan of Albanese’s much touted housing policy re foreign buyers. Picture: Supplied/ Jonah McLachlan,

“The Albanese Government will ban foreign investors from buying established homes for at least two years and crack down on foreign land banking,” the media release read.

“We’re coming at this housing challenge from every responsible angle

“This is all about easing pressure on our housing market at the same time as we build more homes.”

The legislation comes into effect on April 1.

However on his Property Insights Podcast Bouris questioned whether the move would have any effect at all.

“Allegedly they are doing it to keep prices down but I don’t think it will,” Bouris said.

“Foreign buyers are not flooding the market.”

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The legislation only covers around 1600 of 520,000 Aussie home sales each year, many at the top end of the market.

Bouris pointed out that many of the foreign buyers that the new legislation will apply to are buying at the upper end of the market.

“It’s not like they are keeping a nice, young family out of a $12m home, they are further down the chain.

“The way it was served up, it was: ‘foreign buyers won’t be able to buy’ but it’s really just limited to established homes.

“I don’t think it’s going to make a huge difference.

“So it’s all bulls***t. It’s window dressing.”

Bouris’s guest Nicole Leggat, the principal of NL Legal, agreed with Bouris’ comments.

“They want to stop foreign buyers to slow down the market, but that it only covers existing homes won’t make much of a difference,” she said.

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Nicole Leggat from NL Legal on Mark Bouris' Yellow Brick Road podcast. Picture: YouTube

It has been estimated the Albanese government’s move will affect around 1600 home sales.

There are 520,000 home sales on average each year in Australia.

So the legislation will impact only 0.3 per cent of sales each year.

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Originally published as Money guru slams home move as ‘bulls**t’, ‘window dressing’