The Australian Government encourages investment by foreign or overseas buyers particularly within new housing. All residential real estate applications are considered through an application process with the Foreign Review Board.
Visit their website for more details: www.firb.gov.au
FREQUENTLY ASKED QUESTIONS
CAN I INVEST IN AUSTRALIA AS A FOREIGN PERSON?
Yes, you will need prior foreign investment approval before the investment can proceed. For further information, please refer to their website.
DO I NEED TO GET APPROVAL BEFORE FINDING A PROPERTY?
No, you need to lodge an application for a specific property. You cannot get a general pre-approval. However you can apply for multiple properties but will need separate applications for each. You can purchase more than 1 property if you have approval for each.
HOW LONG DOES THE APPROVAL PROCESS TAKE?
Usually it takes 30 days however if you have not received a response you may email firstname.lastname@example.org after 15 working days to check the status of your application. The approvals are the 12 months from the date on the approval notice. All approvals are emailed.
CAN I RENT THE PROPERTY?
Yes but they must be NEW dwellings, dwellings built on vacant land or dwellings built as part of a re-development.
DO I STILL NEED APPROVAL IF MY SPOUSE IS AN AUSTRALIAN PERMANENT RESIDENT AND I AM A FOREIGN NON-RESIDENT?
Yes, you still require approval even if your spouse is an Australian permanent resident.
It is possible that you may not need to submit an application for approval to acquire real estate in Australia?
Please check the website to determine if you meet any of these exemptions.