Australian Foreign Purchase Enforcement Paltry

Just 15 purchases have been blocked in the nine months since the "crackdown" was announced.

Success of crackdown on foreign property buyers called into question

The federal government tightened foreign investment rules last April amid concerns Asian buyers were driving property prices beyond the reach of local first home buyers.

Under the new rules, temporary residents must now sell any property they own in Australia before leaving the country, while overseas-based investors are unable to purchase already-developed Australian real estate.

The new rules followed an earlier relaxation of foreign investment regulations in 2008.

I'm sure the timing of that had nothing to do with propping up the Australian bubble just as it was beginning to pop along with the U.S. and the UK.