Foreign Purchase in Australia
In Australia, non-residents can only purchase new properties, off-the-plan properties, or vacant land with an intention to develop. Generally, foreign purchasers are not allowed to purchase established properties. However, if you are a temporary resident, you can purchase an established residential property provided it will be your principal place of residence. If you intend to move out in the future, you have to sell it.
"non-residents can only purchase new properties, off-the-plan properties, or vacant land with an intention to develop"
Foreign Investment Review Board
Foreign purchasers need to apply to the Foreign Investment Review Board (FIRB) to purchase real estate in Australia. An application fee will be charged based on the value of the property. The figures are based on a scale, increasing as the purchase price goes up.
Please look at https://firb.gov.au for the latest figure or for more information.
Stamp duty is normally 5.5% of the property purchase price. With foreign purchasers, there is an additional 8% stamp duty payable. The stamp duty calculator at https://www.e-business.sro.vic.gov.au/calculators/land-transfer-duty is a good tool to work out the amount payable.
If you have any questions, please don’t hesitate to contact me at [email protected] and I will be glad to provide you with further information.