Posted June 09, 2018 07:31:56 The Australian Securities and Investments Commission (ASIC) is taking steps to clarify the terms of the buying of new dwellings.
It is expected to make a decision about the current ownership and use of dwellings by the end of June, with the aim of creating a better framework for investors to invest in new housing.
A statement released on Friday said ASIC is considering whether to update the rules on the right to buy new dwellings to allow for more flexibility for investors, such as allowing them to buy on a temporary basis and moving houses from one location to another.
The statement also said that in the event that the regulator does not make a determination in the first half of 2019, a review would be conducted by ASIC to determine whether the rules should be revised.
ASIC says the right of ownership and other rules should not be altered to enable investors to purchase homes on a short-term basis and move them around Australia.
“There will be a review by ASIC of whether to make the change and if so, to determine if it is in the public interest,” ASIC’s chief economist, David Sperling, said in a statement.
He added that a review of the current rules will be undertaken by ASIC’s supervisory and enforcement team.