Overseas Buyer Information
Can overseas buyers buy residential real estate in Australia?
All contracts by foreign persons to acquire interests in Australian real estate must be made conditional upon foreign investment approval.
The rules are basically as follows for residential acquisitions.
Permanent residents. Foreign persons who have permanent residence status or New Zealanders can buy in much the same way as Australian citizens. This is not restricted to only new properties.
Owner occupiers. Foreigners who purchase and use a property as their principal place of residence while in Australia may buy new or a second-hand dwelling (which they may not lease or rent) and they will be required to sell the residence when they no longer reside in Australia.
Investors. Foreign investors can purchase up to 50% of a new development, provided the properties have not been previously used for other purposes. For example if a property had previously been used as a display unit it would no longer be considered as a new property.
Vacant Land. The foreign purchaser must undertake to commence continuous development on the land within 12 months of foreign investment approval. Development must be substantial and construction costs must be equivalent to at least 50% of the land cost.
For further details goto. www.firb.gov.au