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12/01/2006
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| [Vacation Life] |
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| All foreign investors need the approval of the Foreign Investment Review Board to buy property in Australia. |
All foreign investors
need the approval of the Foreign Investment Review Board to buy property in
Australia. This is generally given if one is buying vacant residential land, on
the condition that construction of a dwelling begins within 12 months. Approval
will also usually be granted for homes and townhouses in a development that is
planned, under construction or newly built (but never lived in), if no more than
half the units are sold to foreign investors.
 Every unit on the man-made Ephraim
Island overlooks the water. The island includes its own restaurant, spa, fitness
center and swimming pool. (Click image to enlarge)
In some cases, one might be able to buy an estate with an
existing house if, for example, the dwelling is turned into a guesthouse and a
new house is built. And buying an existing house may also be possible if the
purchaser spends a certain percentage on renovations, employing local builders
and tradespeople.
Foreigners who plan to live in Australia for more than 12
months may buy an existing home as a principal residence, but the property must
be sold when their visa expires or they cease to reside in Australia.
One should consult experienced real estate agents before
contemplating a purchase and also check with the Foreign Investment Review
Board.
App guidelinerovals are available on www.firb.gov.au.
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