Australia will ban foreign investors from buying existing homes in the country for two years, its government said on Sunday, in an effort to boost under-pressure housing supply.

Established homes will be off-limits and foreign owners will be forced to develop vacant land under new measures announced to improve housing supply.

Australia’s government will ban foreign investors from buying established houses for the next two years as part of an election pitch to tackle surging home prices. From April 1, foreign investors will be banned from buying established property until March 31,

Housing Minister Clare O’Neil says the Albanese government’s move to introduce a two-year ban on foreign buyers purchasing Australian homes is an “important move”.