Member for Kiama, Gareth Ward has called upon the government to prohibit foreign investors and developers from purchasing properties on Australian soil, arguing the ban could help alleviate the housing affordability crisis.

Ward says foreign investment is a significant factor driving up housing costs for both renters and potential homebuyers. While acknowledging that such a ban wouldn’t be a “silver bullet,” he emphasised that it could exert “downward pressure on prices and take the heat out of housing costs.”

The population of the Kiama local government area is projected to grow by approximately 3,000 people over the next two years, further straining the already-tight housing market.

“Housing affordability is one of, if not the most important issue, particularly for younger Australians,” Ward says.

Responsibility for regulating foreign property investment falls under the Albanese government, which maintains that foreign investment is crucial to Australia’s economic prosperity. Last year, the federal government introduced higher fees for foreign buyers and increased penalties for homes left vacant, aiming to boost the supply of affordable housing nationwide.

Ward said constituents from his Kiama electorate had urged him to bring the matter before parliament, but stressed that it was an issue of personal conviction as well.

“Parliament has an opportunity to press the Commonwealth to do what other nations have done and pause foreign investors from profiteering at the expense of our citizens who are struggling to pay their rent and their mortgage.”

Ward also criticised the NSW government for setting development targets without adequate consultation with local communities. He pointed to the Toolijooa Passing Loop project as an example, claiming it was included in a secretive infrastructure audit that was under review to be cut last year.