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 $612,500.......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.

The largest number of foreign investment proposals in Australia involves the purchase of real estate. The Government seeks to ensure that foreign investment in residential real estate increases the supply of residences and is not speculative in nature. The Government's foreign investment policy aims to directly increase the supply of new housing (ie, new developments - house and land, home units, townhouses, etc) and brings benefits to the local building industry and their suppliers.

 Summary of New Changes to FIRB Rules  (Since March 2009)

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

New dwellings
• The existing requirement allows only 50% of new dwellings to be sold to foreign persons in an 'off-the-plan' situation. This was lifted provided developers market locally as well as overseas
• The definition of "new dwelling" will be extended to include those that have not been sold but that have been rented for no more than 12 months. This will provide more flexibility to developers to temporarily rent out units until buyers are found.

Second-hand dwellings
• Student visa holders resident in Australia are no longer subject to a $300,000 limit on the value of an established dwelling purchased as their principal place of residence
• Temporary residents will not be required to notify FIRB of proposed acquisitions of an established dwelling for their own residence, any new dwellings and single blocks of vacant residential land.  The rule preventing temporary residents from purchasing more than one established dwelling will be maintained.
• Foreign-owned companies can now purchase established dwellings for the use of their Australian-based staff provided that they sell or rent them if they are expected to remain vacant for more than six months.

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.

 Who does not require Government approval?

1. Australian citizens, residing in Australia or abroad
2. Holders of Australian permanent resident visas
3. Persons entitled to hold a special category visa, for example, New Zealand citizens; and
4. Australian citizens and their foreign spouse when purchasing residential real estate in joint names as joint tenants
5. Temporary residents (with more than 12 month visa) if buying a home.

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

What type of property can foreign investors buy?

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

Second-hand dwelling
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.  Foreign persons who are temporary residents in Australia do not require approval to acquire a second-hand dwelling which is to be used as their principal place of residence.

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.

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.
  

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

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