Foreign investors in Canberra are facing a six-fold increase in fees for purchasing a property in Australia.

Under existing investment laws, a foreign property buyer would pay a one-off application fee of $28,000 to purchase a pre-existing home worth just over a million dollars.

Changes by the Federal Government would see that figure triple, to $84,000.

If that same property was left empty for six months per year or more…the owner would also need to pay $169,000 in vacancy fees…

Which will ALSO be tripled under the new laws.

The increased fees would only apply to existing homes purchased AFTER 2017.

It’s hoped the changes will ease pressure on the rental market, and encourage new developments.

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