More than 500 residential properties with a total value of more than $1 billion are now under investigation by the Australian Taxation Office as part of Federal Treasurer Joe Hockey's crackdown on illegal home purchases by foreign buyers.
Hockey announced on Tuesday that he has already signed several further divestment orders for properties ranging in value from $265,000 to $8.1 million.
The properties are located in New South Wales, Queensland, Western Australia and South Australia, and the owners come from Singapore, Indonesia, the UK and China.
Owners ordered to sell their properties have 12 months to do so.
"There has been no enforcement and no successful order for at least the last 20 years," said Hockey at a press conference. "But we have taken this decision to ensure that there is integrity in the foreign investment regime and that those people who unlawfully hold Australian residential real estate are caught."