CANBERRA, Feb. 16 (Xinhua) -- The Australian government has announced it will ban foreign investors from buying existing homes in the country for two years.

Treasurer Jim Chalmers and Clare O'Neil, the minister for housing and homelessness, on Sunday said that the ban will take effect from April 1 and stay in place until March 31, 2027.

Under the ban, foreign investors, including foreign-owned companies and temporary residents, will be prohibited from purchasing established homes in Australia, except developments of at least 20 properties.

According to the government's Foreign Investment Review Board (FIRB), foreign buyers spent 4.9 billion Australian dollars (3.1 billion U.S. dollars) purchasing 5,360 pieces of residential real estate in 2022-23 - accounting for less than one percent of all sales.

Of those sales, the majority were either new dwellings or vacant land - neither of which are included in the ban.

O'Neil said the policy was not a "silver bullet" to fix Australia's housing crisis but would make thousands more homes available to local buyers.

"I really firmly believe that given the housing pressures that Australians are facing today, we need to orient the entire efforts of the Australian government around the security of housing for Australians, and, wherever possible, homeownership for a broader range of young Australians," she told Sky News Australia.

Housing is expected to be a key policy issue in the general election, which must be held by May. Enditem

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