Non Australian residents are able to purchase residential investment properties in
For detailed up to date information just click here which will take you to the Real Estate page on the FIRB web site.
To save you time and frustration, we have listed below the most frequently asked questions and corresponding answers which were applicable at the time of writing.
Am I restricted to purchasing new properties only?
What type of property can I buy?
Is there a limit as to how many investment properties I can purchase?
What is classed as Residential real estate?
Are non resident purchasers encouraged by the Australian Government?
Where can I find more information?
- Australian citizens resident abroad
- Property zoned residential by foreign nationals who hold permanent resident visas or hold, or who are eligible to hold, a 'special category visa' (eg a
- foreign persons purchasing, as joint tenants, with their Australian citizen spouse property that is zoned residential
Am I restricted to purchasing new properties only?
Yes, you can only buy properties for investment purposes that are
- New properties that have not been lived in
- Off-the-plan properties
- Residential land where continues construction for a dwelling will commence within 12 months of the purchase date
What type of property can I buy?
You are not restricted so long as the investment property is classed as residential. These include
- Houses
- Land & House packages
- Town Houses and Villas
- Apartments, Flats and Condos
Is there a limit as too how many investment properties I can purchase?
No, you are entitled to purchase as many investment properties and spend as much as you like so long as they are approved properties for foreign purchasers.
But there is a restriction in respect to the development that you are buying into. A development can not sell more than 50% of the total number of dwellings to Foreign purchasers unless an exemption has been granted by the FIRB
- Obtain FIRB approval prior to entering into a contract of sale or
- The contract can be entered into so long as it is conditional upon FIRB approval
- Auction purchasers: FIRB approval is required prior to participating at the auction
It’s easy, just click here to take you to the FIRB web site where you can down load an application.
The Foreign Investment Review Board (FIRB) is a government authority that reviews foreign interests intending to investment in
The act includes the following
- a natural person not ordinarily resident in
- a corporation in which a natural person not ordinarily resident in
- a corporation in which 2 or more persons, each of whom is either a natural person not ordinarily resident in Australia or a foreign corporation, hold an aggregate controlling interest (that is, a total holding of 40 percent or more);
- the trustee of a trust estate in which a natural person not ordinarily resident in
- the trustee of a trust estate in which 2 or more persons, each of whom is either a natural person not ordinarily resident in Australia or a foreign corporation, hold an aggregate substantial interest. A substantial foreign interest (ie, a controlling interest) occurs when a single foreigner (and any associates) has 15 per cent or more of the ownership or several foreigners (and any associates) have 40 per cent or more in aggregate of the ownership of any corporation, business or trust.
What is classed as Residential real estate?
Residential real estate means all Australian urban land other than commercial properties (that is offices, factories, warehouses, restaurants, shops). Acquisitions of 'hobby farms' and 'rural residential' blocks by foreign interests are included in the residential real estate category.
Are non resident purchasers encourage by the Australian Government?
Yes, it is in the interest of the government to encourage non residents to purchase investment properties. By contributing to the supply of new dwellings, many of which would become available to Australian residents, either for purchase or rent, greater stability of house prices and the affordability of housing for Australians is achieved. Also, the flow on effect from the economic benefits contribute to the economic growth in
Where can I find more information?
Just click here to take you to the FIRB web site page.
We recommend that you seek advice from the relevant Australian government authorities, your immigration agent and/or solicitor before considering to purchase.
