Legislation has been passed that increases fees for foreign investors keen to secure property in Australia.

The change triples the fees for acquiring established residential dwellings and doubles vacancy fees for foreign investors.

The Federal Government hopes the increased fees will help boost Australia’s housing stock and provide more homes for Australians.

The increased vacancy fees are designed to encourage foreign investors to make their unused properties available to renters if they are not planning to stay in them.

The legislation also cuts the application fees for foreign investment in Build to Rent projects to support the delivery of more homes across Australia.

Foreign nationals generally cannot buy existing property, except in some limited circumstances if they are buying them to temporarily live in while working or studying. If they do not obtain permanent residency they must sell the property when they leave the country.

The higher fee for established dwellings is aimed at encouraging foreign buyers to invest in new housing developments and therefore help create additional housing stock, jobs in the construction industry and support economic growth.