Foreigners seeking to buy residential real estate in Australia in many cases need to seek prior approval from the Foreign Investment Review Board (FIRB). However, there are still many opportunities for foreigners to acquire and develop real estate in Australia, both through certain exemptions from needing approval and through situations where approval is usually granted.
While the Australian Government recognizes the strong benefits of foreign investment, particularly direct foreign investment, to Australia, its foreign investment policies are designed to help maintain stability in the Australian property market.
A government briefing paper, Foreign Investment Policy in Australia – A Brief History and Recent Developments, notes: "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 (i.e. new developments - house-and-land, home units, townhouses etc.) and brings benefits to the local building industry and their suppliers."
As a result of this approach, new dwellings account for most of the properties foreign buyers purchase in Australia - and many of them are purchased off the plan, meaning buyers sign a contract to purchase the property in advance of the completion of construction. If you are looking to invest in property market in Melbourne (Victoria) we can find suitable property for you contact us on +61 3 9796 4228 or email firstname.lastname@example.org For further detail and updated information please visit www.firb.gov.au