How Does A Non-Resident Make Property Investment In Australia?

Even though the Australian government encourages foreign investment is real estate, it has checks to ensure speculation in the property market does not take place. There are many different rules when a foreign investor wishes to buy property in Australia. These rules are different from those applicable to the Australian citizens. In some cases, there is requirement for approval while in other cases, exemption is provided. For conveyancing Brisbane, you should consult the services of conveyancing solicitors before getting into any contractual agreements. These professionals will be able to handle all documentation and other issues in a much better manner.

Some non-Australian investors are exempt from obtaining foreign investment approval before purchasing any residential property.

These include the following:

=> An Australian citizen that is currently living abroad

=> Any person whose spouse is an Australian citizen and the property is being purchased in both names

=> A New Zealand citizen

=> Holder of permanent resident visa for Australia

=> Purchaser who is buying property from a developer who has sought prior approval to sell to foreigners

=> Purchaser who is buying property from the Government

=> Any person making a purchase or real estate in Integrated Tourism Resort (ITR)

=> If a property is left to you in a will by an Australian citizen.

There are some instances of residential property purchase that still needs to be approved by the Board. Firstly, if you are purchasing second-hand real estate, it is not easy to get Board approval. Secondly, if you want to purchase vacant land, you need to get approval by providing substantial evidence that continuous construction commences within twelve months of the purchase. There are also some other circumstances in which the approval from the Board becomes necessary.

When purchasing real estate in Australia, you are allowed to enter into a contract before obtaining the approval. These will, however, be conditioned to approval. It is important to sign the contract with the necessary condition otherwise, in case the approval is not given, it could lead to a loss of the buyer's deposit. The Board generally takes up to 30 days to give an approval on the application and advises the parties within ten days after that. All documentation needs to be according to the requirements in order to avoid any delays.

For effective conveyancing, it is best to seek services of conveyancing solicitors so you are completely informed of all rules and regulations governing making foreign investment in Australia. These professionals will be able to provide the necessary guidance as well as assist in the entire purchasing process.


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