Inconjunction Real Estate - Overseas Buyers

If you are a foreign investor, interested in buying property in Australia, then you need to be aware of the Foreign Investment Review Board (FIRB) and their role in approving applications to purchase Australian property.

Note – This information is provided as a guide only. If you are a foreign national looking to purchase property in Australia, then you should seek advice from the Australian Government (see link below).

If you are not a permanent resident of Australia and want to buy property, then you’ll need to get approval from the Australian Government. The FIRB receives and considers applications from non-residents. In general, they encourage investment that increases the supply of housing in Australia. The following applications are normally approved: -

Purchase of land with the intent to construct new housing (within 12 months);

Redevelopment of existing property;

Purchase of new developments

More restrictions are placed on the purchase of property that has already been occupied - in general acquisitions of this category of property are generally NOT approved unless: -

You are a foreign national, holding a temporary resident visa that is valid for at least 12 months from the date of application AND the purchase will be your principal place of residence AND the property will be sold when you leave Australia or when your visa expires.

You are a foreign company that has a substantial Australian business AND the purchase is for senior executives that will reside in Australia for more 12 months

You will be exempt from the “Foreign Acquisitions and Takeovers Regulations” if: -

You are an Australian citizen (even if you’re living overseas)

You want to purchase residential property and you hold a permanent resident visa or a ‘special category visa’

You are purchasing residential property jointly with a spouse who is an Australian citizen.

For more information on Foreign Investment Policy, including residential real estate, commercial real estate, rural land, accommodation facilities and urban land corporations/trusts then please visit the Foreign Investment Review Boards website at: - http://www.firb.gov.au/content/real_estate.asp