7 foreign-held properties to be sold under Australia's strict investment regulations

Australia's government has forced seven properties held by foreign nationals to be sold under strict new foreign investment regulations.

Australian Treasurer Scott Morrison on Wednesday confirmed the seven houses in New South Wales, Victoria and Queensland, ranging between 154,000 Australian dollars and 5.2 million Australian dollars, would be sold after their owners had breached foreign investment rules.

An application for a property purchase by an Iranian national, worth 4.4 million Australian dollars, was also denied as being against Australia's national interest.

Morrison told reporters in Sydney any foreign investor trying to skirt Australia's foreign investment rules won't get away with it.

"That's my simple message. We're not going to put up with it," Morrison said.

"I think people know I have a pretty strong history when it comes to enforcing the law in this country, whether it's on our borders or in our social welfare system or in foreign investment."

Since new regulations brought in earlier this year, Morrison said Australia's taxation authority has investigated 1044 properties, with 532 cases currently under active investigation.

Morrison said foreign investors have until Nov. 30 to come forward if they have purchased an established residential property "before we come to them."

"Australia welcomes foreign investment but at all times foreign investors must comply with our laws," Morrison said. Endit