Foreign Investors in Real Estate
Changes announced by the Australian Government's foreign investment arrangements for purchases of residential real estate by foreign person are expected to be fully operational late February 2009. The changes are effective from 18 December 2008.
- Foreign students are not subject to a $300,000 limit when purchasing an established residence
- The development condition for vacant land has been extended from 12 to 24 months
- New dwellings include those which have never been sold but may have been occupied for no more than 12 months
- The 50 per cent rule applying to developers of new dwellings limiting purchases by foreign persons no longer applies
- Foreign businesses are eligible to purchase established housing for their Australian based employees.
After the Regulations are made in February, notification will not be required for temporary residents holding a visa allowing them to reside in Australia for purchasing an established dwelling as their principal place of residence, single blocks of vacant land or new dwellings.
For further information visit the 'What's New' section of the Foreign Investment Review Board's website.
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