| Foreign purchasers intending on acquiring real estate in Australia must seek prior approval from the Australian Government through the Foreign Investment Review Board unless specifically exempted by the Foreign Acquisitions and Takeovers Regulations.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. All contracts by foreign persons to acquire interests in Australian real estate must be made conditional upon foreign investment approval, unless approval was obtained prior to entering into the contract. For properties to be purchased at auction, prior foreign investment approval must still be obtained and advice provided whether the parties were successful or not, and if so, a copy of the signed contract forwarded to the Foreign Investment Review Board (FIRB) after the auction. Changes to the regulations are ongoing. |
there are things to consider if you are a visitor...
For detailed, up-to-date information please refer to the Foreign Investment Review Board website.
Extracts from: © Commonwealth of Australia 2002