The Government's decision to soften their stance on foreign buyers is being hailed as a win for renters.
Overseas investors will still be able to invest in properties, but can't occupy them.
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Andrew King from the Property Investors' Federation says it is a practical move.
"I think it will be good for tenants because we actually need more rental properties at the moment so anything that helps get more rental properties in the market will be a good thing for tenants," he said.
Australia and Singapore are exempt from the ban.