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The loophole is they are buying as their principles then. Since they normally have 4-5 people in a family, they can easily buy 4-5 mansions in leafy suburbs, courtesy of the fact most of them pay in suitcases of cash anyway so don't really understand the concept of positive/negative gearing or...

FIRB approval is no longer needed for residential property. It's really just to make sure our coal, iron ore, red earth, uranium mines don't get bought up by foreign sovereign wealth funds.