Under Australia’s foreign investment framework, foreign persons generally need to apply for foreign investment approval before purchasing residential real estate in Australia.
In most cases, foreign purchasers are prohibited from purchasing an established dwelling in Australia.
However, there can be exemptions.
The Foreign Investment Review Board (FIRB) defines an established dwelling as follows:
An established dwelling is a dwelling (except commercial residential premises such as hotels, motels and caravan parks) on residential land that is not a new dwelling.
The FIRB’s intention is that a purchase by a foreign entity will increase the overall housing stock in Australia and not take away from the existing stock.
Please consult your solicitor or conveyancer and they will be able to advise on your specific situation and communicate with FIRB on your behalf.
iProperty Melbourne has access to off the plan and brand new completed apartments from various developers, also the brand new townhouses, and full turnkey land & house packages within Melbourne Metropolitan area.
Please feel free to contact to one of sales consultant to get the right property that suit your needs.