The Australian Government welcomes foreign investment however foreign persons must notify the Government and get prior approval to acquire an interest in certain types of Real Estate and does prohibit foreign persons acquiring an interest in certain types of Real Estate.
There are four areas of residential property which are covered under the guidelines of Foreign Investment;
No visa is required, but you must commence continuous development on the property within 12 months of receiving foreign investment approval.
Newly built residential real estate
No visa is required, but you must submit a letter from the developer indicating that the property has never been previously occupied or sold.
Established residential real estate
You must hold a temporary residence visa that allows you to remain in Australia for a continuous period of longer than 12 months from the date of your application. You must state in your application that the property will be your principal place of residence, that you will not rent or lease the property and that you will sell the property immediately to an Australian citizen or permanent resident or other eligible person if your visa expires or you cease to reside in the property or in Australia.
No visa is required, but you must commence continuous development on the property within 12 months of receiving foreign investment approval. The existing dwelling must remain unoccupied until such time as it is demolished.
For further information please go to the Foreign Investment Review Board Website for the most up to date information relating to non Australian residents purchasing property in Australia.
If you cannot find what you are looking for on this site, please don’t hesitate to contact Ray White Residential CBD | King Street on (02) 9249 3738 and we will assist you in finding the information you need.