What should be done about foreign investment?

I'm not against foreign investment and I'm not against the property market increasing in value.

What I don't agree with is the current policy where 100% of a new apartment block or any new housing with Foreign Investment Review Board (FIRB) approval can be sold to non-residents.

The two main concerns here are that it's inflationary and that it will create a generation of renters who can't afford a home, resulting in knock-on social issues down the track.

With a federal inquiry into this issue under way, it's already clear that no one knows the exact extent of the problem because accurate figures aren't kept.

This must be changed. In 2008 I floated the idea that all buyers must produce 100 points of identification to be attached to the sales contract on purchase to identify their residency status. You need ID to get a mobile phone so why not a house?

Further I believe the percentage of property allowed to be sold to non-residents must be reduced to a less inflationary level of under 10% for each individual development. The ability for foreigners to be able to purchase established property should be stopped as it does not boost the construction industry.

Limits should also be put in place as to how many properties any given individual foreigner or foreign corporation can purchase.

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