Foreign Buyers

We specialise in helping overseas buyers (expats and foreign investors) find their dream home or investment property in Australia.

We understand the local market and have access to all new and “hidden” listings that may be suitable for you. We can show you the suburbs that have the best lifestyle, schools, entertainment, sporting facilities, investment potential or other key features you are looking for.

Just tell us what you are looking for and we will start searching for the ideal property to meet your needs. To obtain a fixed price quote or to arrange a telephone consultation, please contact us on +61 2 9975 3311. Please complete our Buyers Wishlist with your personal requirements and we will be in touch with you within 24 hours.

Sydney is a world class city with a multi-cultural population of over 4.2 million people, a beautiful natural harbour, pristine beaches and was home to the 2000 Sydney Olympic Games. Purchasing a property in the Sydney real estate market is a wise decision that will provide substantial capital gains over the long term.

The value of Sydney property market has traditionally doubled in value every 7-10 years over the last 100 years. Sydney’s current median price for houses is now .......click here to read more.

Government Policy on Foreign Investment

The Australian Government encourages foreign investment that is consistent with community interests. The Government recognises the significant contribution that foreign investment has made and continues to make to the development of Australia. Foreign investment provides scope for higher rates of economic activity and employment than could be achieved from domestic levels of savings. Foreign direct investment also provides access to new technology, management skills and overseas markets.

What type of property can foreign investors buy?

Vacant Land
Subject to an investor commencing construction within 24 months of FIRB approval.

New dwellings
Investors can purchase new dwellings. Where approval is obtained by the foreign investor for each purchase, there is no restriction on the number of units in the development that can be purchased by that foreign investor. A foreign investor wishing to purchase more than one unit is also able to make one application for all of the units provided each unit is itemised on the application. This category includes dwellings that are part of extensively refurbished buildings where the building's use has undergone a change from non-residential (for example, office or warehouse) to residential. It does not include established residential real estate that has been refurbished or renovated.

Commercial
Commercial real estate includes vacant and developed property which is not for residential purposes – such as offices, factories, warehouses, hotels, restaurants and shops. It does not include rural land. Purchase of commercial property is normally approved unless it is contrary to the national interest. This is determined by the Government on a case by case basis. Acquisition of certain types of commercial property do not require notification, regardless of the citizenship or residency status of the purchaser including

• an interest in developed commercial property valued at less than $50 million or $953 million (indexed annually) for US investors, or $5 million for heritage listed properties where the acquirer is not a US investor; or
• an interest in developed commercial property where the property is to be used immediately and in its present state for industrial or non residential commercial purposes. The acquisition must be wholly incidental to the purchaser's proposed or existing business activities.

[Note: Second-hand dwellings
Foreign persons are prohibited from acquiring established dwellings for investment purposes (that is, they cannot be purchased to be used as a rental or holiday property), irrespective of whether they are temporary residents in Australia or not.]

Who does not require Government approval? (Exemptions)

You do not need to submit an application for approval to acquire real estate in Australia if:

• you are an Australian citizen living abroad;
• your spouse is an Australian citizen (not a permanent resident) and you are purchasing residential real estate in both names as joint tenants (not tenants in common);
• you are a New Zealand citizen and you are purchasing residential property;
• you hold a permanent resident visa and you are purchasing residential property;
• you are purchasing new dwelling(s) from the developer, where the developer has pre-approval to sell those dwellings to foreign persons;
• you are acquiring an interest in a time share scheme which does not permit you (and any of your associates) more than 4 weeks entitlement per year;
• you are purchasing certain residential real estate in an Integrated Tourism Resort (ITR);
• you are acquiring an interest in developed commercial property valued at less than $50 million or $1004 million (indexed annually) for US investors, or $5 million for heritage listed properties where the acquirer is not a US investor;
• you are acquiring an interest in developed commercial property where the property is to be used immediately and in its present state for industrial or non residential commercial purposes. The acquisition must be wholly incidental to the purchaser's proposed or existing business activities;
• you are acquiring an interest by will or by operation of law (such as, a court order regarding the division of property in a divorce settlement, but not if both parties simply agree to transfer property without a court's intervention); or
• you are purchasing property from the Government (Commonwealth, State or Territory, or local).

Do I need Government approval to buy real estate in Australia?

You may need to apply for foreign investment approval if you are a foreign interest who is:

• purchasing residential real estate (includes established or new residential property, vacant land and hobby farms)
• purchasing rural land
• purchasing developed commercial real estate
• making an application for designation as an Integrated Tourism Resort or Strata Titled Hotel
• purchasing vacant commercial real estate for development
• acquiring shares, business assets or dealing with some other interest in an existing company
• creating a new business or project
• dealing with some other form of interest

A foreign interest is defined as:

• a natural person not ordinarily resident in Australia;
• a corporation in which a natural person not ordinarily resident in Australia or a foreign corporation holds a substantial interest;
• a corporation in which two or more persons, each of whom is either a natural person not ordinarily resident in Australia or a foreign corporation, hold an aggregate substantial interest;
• the trustee of a trust estate in which a natural person not ordinarily resident in Australia or a foreign corporation holds a substantial interest; or
• the trustee of a trust estate in which two or more persons, each of whom is either a natural person not ordinarily resident in Australia or a foreign corporation, hold an aggregate substantial interest

Other situations where FIRB approval is normally given includes:

Foreign companies buying residences in Australia for their senior executives
Foreign nationals temporarily resident in Australia for more than 12 months buying for their own use as a principal place of residence subject to the sale of the property when they cease to reside in Australia.
Foreign nationals purchasing residential real estate as joint tenant with an Australian spouse.

For further information and detailed goverment policies are available on the Foreign Investment Review Board website:
http://www.firb.gov.au

Summary of New FIRB Regulations (Updated as at April 2010)

The main changes to Australia's Foreign Ownership Laws include:

Temporary residents
All temporary residents seeking to purchase an existing property in Australia will now be brought within the FIRB notification, screening and approval process. The changes ensure that temporary residents are subject to the same compulsory notification, screening and approval requirements required of foreign non-residents. In addition, temporary residents who are approved will now have to:

• compulsorily sell the established property they have bought when they depart Australia; and
• be required, where undeveloped land has been purchased, to commence construction on that land within 24-months or have the land compulsorily sold.

Vacant residential land
• Foreign-owned companies, trust estates and non-resident foreign persons who purchase single blocks of vacant residential land must build a dwelling within a period of 24 months (previously, within 12 months)
• The conditions previously relating to acquisitions by temporary residents of single blocks of vacant residential land no longer apply

Accommodation facilities
• Accommodation facilities such as resorts and hotels are to be treated as commercial real estate rather than residential real estate. As a result, notification is now only required when the value of the property exceeds the commercial property thresholds ($50m or $5m for heritage-listed properties)

The definition of temporary resident as a person with a visa of at least 12 months duration will also be updated to cover temporary residents with shorter term visas and long term bridging visa holders. Short term visitors, for example, with tourist or certain classes of business visas will continue to not be considered as temporary residents.

Foreign Exchange: If you would like assistance in transfering your funds safely and quickly to Australia at cheaper than bank rates then we would recommend OzForex. Click on the link below for the latest foreign exchange and currency information for property buyers, investors, traders and travellers:

OZ-FOREX THE FOREIGN EXCHANGE SPECIALISTS

To obtain a fixed price quote or to arrange a telephone consultation, please contact us on +61 2 9975 3311. Please complete our BUYERS WISHLIST with your personal requirements and we will be in touch with you within 24 hours