Real Estate Investment in Australia by Foreigners

Investing in Australian real estate can be a great foreign investment as long as you know and follow the real estate rules. Foreign investors must be approved in order to purchase residential real estate, vacant land, or commercial property in Australia. Even non-citizen family members of Australian citizens must seek approval before being able to buy any real estate.

The review board is the governing body that reviews applications for real estate approval. If you wish to purchase residential real estate, commercial real estate, or vacant land, the Foreign Investment Review Board (FIRB) is the entity that helps approve or deny applications.

The board’s main goal is to ensure that homes continue to be built that can be occupied in the future by Australian citizens or people who relocate to the continent. With Australia’s growth boom there has been a slight housing shortage, especially in the more cosmopolitan areas.  The board assists investors in complying with policies.

Although you may think your real estate investment meets exemption needs, it’s important to ensure that your transaction is legally exempt before moving forward with your sale. It’s also important to remember that approvals are only good for one property. You must get approval for each piece of Australian real estate you wish to purchase. There is no general approval process that grants you permission to continuously purchase real estate.

All indications have been good for strong investment in the Australian Market. One of the main driving forces behind the Australian market is the mining industry. Australia has been going through a gradual increase with the export of different materials to all parts of the world.  Australia has a vast quantity of Iron Ore and other precious metals that drives these property prices. Do your research with independent third party information and cross check with the information provided by your real estate agent so that you can make a more informed decision?

Take care,
Real Estate Investment Australia Team