Australia welcomes people living outside the country to purchase homes, apartments and property.
Australian property is an easy asset to maintain from overseas. The Australian property industry is well experienced in assisting investors obtain property, then manage the tenants and look after the well being of their property.
Government regulations ensure that Landlord and Owner Rights are protected and that the the building is of the highest quality and standard. Most property in Australia is Freehold Title, meaning that it is owned and not leased.
There are, however, some important rules that you need to be fully aware of.
- Australian Citizens and Permanent Residents can acquire any property in Australia. The Australian Government, through the Foreign Investment Review Board (FIRB), regulates the sale of Australian property to overseas persons and corporations. There are many FIRB properties on our site, just look for FIRB "yes" in the upper right hand corner of each property page. However, most properties can become FIRB approved...
Foreign nationals can buy:
- New Property
- Residential Projects or Apartments – up to 50% of the total project can be purchased by foreign nationals. See "City Living".
- Vacant Land - only if construction begins within twelve months of purchase. See our list of vacant land.
- Established Property - only if an additional amount of no less than 50% of the original property cost is spent on improvements, or additional construction (consent of the FIRB is required).
- Commercial Property - under AU$50M
- Buying Off the Plan | please READ THIS ARTICLE, from Zana van de Graaf, of Perth Property Buyers Services.
|Australian Citizen or Permanent Resident
|Temporary Resident, Retiree or Student
||Can buy new property without restriction or an established property provided it is your residence and it is sold when your visa expires. Consent of the FIRB is required.
|Foreign National or Foreign Corporation
||Can buy new property. Can buy vacant land as long as building commences within 12 months of purchase. Can buy an established property only if an additional amount of no less than 50% of the original property cost is spent on improvements or additional
construction. Can buy up to 50% of new projects or apartments, Consent of the FIRB is required.
|Commercial Property under AU$50M
||No Restrictions to Foreigners. Some Rules apply.
* Please confirm your circumstances with your professional advisor. This information should not be construed as advice.
For more information please visit Foreign Investment Review Board.
Taxation & Finance Issues
Foreign buyers will have to account for Income Tax and Capital Gains Tax on their Australian property investment.
Australia’s laws can be quite complicated, but there are incentives available to foreign buyers which can reduce tax impact.
Australian property is well regarded by financiers and you should find it relatively easy to obtain a loan to purchase property.
This may not only improve your cash flow, but may also provide tax and currency advantages.
For further information please visit Specialist Mortgage & Australasian Taxation Services.
They are experts in assisting Foreign Buyers with Taxation and Finance requirements and have been assisting Foreign Buyers since 1994.
For migration advise please click here