Hockey backflip on home sale

JOE Hockey is trying to sell a Sydney mansion to Chinese buyers, despite the former federal treasurer once crusading against foreigners entering Australia’s housing market.

The Australian ambassador to the US even once referred a neighbour to the Foreign Investment Review Board.

Mr Hockey and his investment banker wife, Melissa Babbage, have listed the $ 8 million “Te Roma” property at Hunters Hill on Chinese website myfun, which showcases Australian listings in the Mandarin language.

Priced at 40 million yuan, the listing provides contact details in China to take buyer queries about the historic 1905 home with a March 1 deadline.

However, Mr Hockey, like other Sydney sellers, might find the market has cooled.

The slowdown across most markets was largely caused by tightened regulatory measures and higher taxes on foreigners, which began during Mr Hockey’s tenure as federal treasurer.

In 2013, Mr Hockey said he would establish a register of foreigners buying real estate, and those who broke the law would face fines of up to a quarter of the value of the property and could be forced to sell.

He said foreign ownership of real estate “raises significant issues ranging from national security to potential criminal activity”. Mr Hockey referred his Chinese neighbour, Kuizhang “Sam” Guo, to the FIRB.

Mr Guo, a property developer, had bought a house that dated back to 1857.

Mr Hockey’s Sydney listing agent, Brad Pillinger, said he hoped Chinese New Year tourism celebrations would bring offshore interest.