The Australian government is highly supportive of foreign investment made in Real Estate. However, there are strict property laws and checks to ensure that speculation does not take place. Buying land or housing units in Australia requires a different set of rules to be followed by citizens and foreigners. The foreign investors have to take prior approval and consent of the authorities before making a purchase.
The team of motivated, specialised lawyers at Conveyancing Legal are familiar with the rules and regulations governing property investment in Australia. Our professionals are the best choice for advice and action when you are considering investment in Australia.
Some non-Australian investors do not have to obtain approval before purchasing residential property.
- • An Australian citizen that is currently living abroad.
- • Any person whose spouse is an Australian citizen and the property is being purchased in both names.
- • A New Zealand citizen.
- • Holder of permanent resident visa for Australia.
- • Purchaser who is buying property from a developer who has sought prior approval to sell to foreigners.
- • Purchaser who is buying property from the Government.
- • Any person making a purchase or real estate in Integrated Tourism Resort (ITR).
- • If a property is left to you in a will by an Australian citizen.
In some instances, approval from the Foreign Investment Review Board (the Board) is essential. If you wish to purchase second hand real estate, it is not easy to obtain approval. If you wish to purchase vacant land, you will need to get approval by providing substantial evidence that continuous construction commences within 12 months of the purchase. There are also some other circumstances in which the approval from the Board becomes necessary.
When purchasing real estate in Australia, you are allowed to enter into a contract before obtaining the approval. These will, however, be conditioned to approval. It is important to sign the contract with the necessary condition otherwise, in case the approval is not given, it could lead to a loss of the buyer’s deposit. The Board generally takes up to 30 days to give an approval on the application and advises the parties within ten days after that. All documentation needs to be completed according to the requirements in order to avoid any delays.
A highly-qualified Conveyancing Legal lawyer will ensure that you are completely informed of all the rules and regulations. Our professionals will provide the necessary guidance and assist you in the entire purchasing process ensuring that the best decisions for your circumstances are made.
For an overview, you can download the Australian Government’s Foreign Investment Policy
Please note that the information on this page is for general use only and does not constitute legal advice.