Foreign nationals have been forced to sell around $380 million worth of illegally acquired real estate between 2015 and October 31 this year.
Around 316 properties in total across every state were sold by foreign nationals in breach of the Australian Taxation Office’s (ATO) residential real estate compliance rules, with the majority of these properties held in Victoria (144), followed by New South Wales (73) and Queensland (64).
The largest number of properties sold in a single tear was 131 across 2017-18, to a value of $133.9 million.
In 2016-17, 96 properties valued at $96.8 million were sold, and 54 properties valued at $61.5 million were sold the year before that.
The ATO has issued over 1,500 penalty notices since 2015 to people who have failed to obtain Foreign Investment Review Board approval before buying property, as well as for breaching a condition of previously approved applications.