Canberra finally caught up with public ire yesterday when the federal government reversed rules - conceived in late 2008 to avoid recession and established in March last year - that relaxed the laws of property ownership by foreigners, in the name of market flexibility.

Temporary residents will now have to go through pre-approval from the Foreign Investment Review Board before they are allowed to buy property. It is billed as a major retightening of the rules, although the previous $300,000 limit on property for student visa holders has not been reintroduced.

http://www.smh.com.au/business...s-20100423-tjcy.html