Buying Property in Oz


For Australian and New Zealand Citizens, as well as anyone who holds a permanent Visa – buying property is done via the normal channels – usually a Real Estate Agent

Permission to buy property is required from the Australian Investment Review Board Since 2009, the rules have changed and it is not much easier for foreigners to invest in Australian property. Previously it was difficult for foreigners – even those on business (457) and student visas (157)to purchase property. It is now possible for foreigners to purchase property in Australia if the property:

Is off the plan –  new apartments and houses under construction;

New dwelling – any apartment or house that has not been sold before;

Will be built shortly – foreigners (people, companies or trusts) can buy vacant land , providing they intend to build on the land within 24 months

Accommodation facilities – Hotels and resorts can be owned by foreigners and only require permission when the value is over million (or m million for heritage buildings).

Also

People on Student Visas  – who are resident in Australia are now entitled to purchase and residential property as long as they plan to live in it.

Companies with a substantial Australian business – can purchase property for senior executives to reside in  Australia.

 

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