realestate australia

Buying Australian Real Estate
Real Estate Australia is one of the most sought-after investments in the country. The strong property market makes it a potential good buy for investors and developers alike. However, in most cases, foreign investment into the Australian real estate market would need approval from the Foreign Investment and Review Board.
Real Estate Australia is one of the most sought-after investments in the country. The strong property market makes it a potential good buy for investors and developers alike. However, in most cases, foreign investment into the Australian real estate market would need approval from the Foreign Investment and Review Board.

This means that anyone who is not an Australian citizen, an approved migrant, a permanent resident or holders of a special category visa must get approval prior to their purchase. Normally, the FIRB takes about 30 days to approve an application.

While the Australian Government understands the advantages of direct foreign investments, it seeks to ensure that foreign real estate ownership is of benefit to the community.

In the government-released document entitled Foreign Investment Policy in Australia A Brief History and Recent Developments, it states that The government seeks to ensure that foreign investment in residential real estate increases the supply of residences and is not speculative in nature. The government's foreign investment policy, therefore, seeks to channel foreign investment in the housing sector into activity that directly increases the supply of new housing"

With this in mind, it might be helpful to review your application to acquire Australian Real Estate. The property in question must not be bought for the purpose of renting it out or to speculate its future value.

You must also include relevant information in your application such as your name, nationality, address, the specifics of the property and your passport number. If you already have an offer for the property or a real estate contract, it should include a conditional clause that purchase will only be continued upon the approval of FIRB with a provision of 30-days for approval or denial or application.