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Australia to charge foreigners buying property

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Sydney - Australia plans to charge fees to foreign nationals buying residential property and fine those who break foreign investment laws in an attempt to cool one of the world's hottest property markets, but experts doubt it will make housing more affordable.

Treasurer Joe Hockey said on Tuesday he hopes to raise about A$200m ($157m) a year by charging foreign home-buyers A$5 000 for properties valued under A$1m and an another A$10 000 for every additional A$1m.

The government will also set up a register of foreign nationals buying real estate and fine those who break the law up to a quarter of the value of the property and force them to sell, Hockey added.

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