Victoria is the top spot for foreign property buyer breaches

PHOTO: Melbourne’s changing skyline around the corner of Lonsdale and LaTrobe streets. Apartments are going up everywhere amid concerns of a property bubble. Photo: Penny Stephens. The Age. 23RD JUNE 2015

More foreign investors have breached laws to buy residential property in Victoria than in any other state, new figures show.

And a growing problem with “front people” has been revealed, particularly elderly Australian citizens buying property on behalf of foreign investors.

Victoria has seen 877 breaches in foreign investment regulations since 2015, according to a report by the Australian National Auditor’s Office discussed in a Senate committee hearing today.

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