Buying Real Estate |
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Australia believes in the principle espoused by Nelson Mandela “a country belongs to all those people who make it their home”. This is why Australia is one of the most multicultural nations in the world. Australia has warmly welcomed and encouraged people from all parts of the world to make Australia their home and have also welcomed foreign investment in Australian.
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 seeks to channel foreign investment in the housing sector into activity that directly increases the supply of new housing (that is, new developments such as house and land, home units and townhouses) and brings benefits to the local building industry, their suppliers and the community as a whole. The Australian Foreign Investment Guidelines confirm that a foreign person wishing to acquire real estate in Australia must seek prior approval from the Government through the Foreign Investment Review Board (FIRB) unless a specific exemption exists under the guidelines. |
The Government’s approach to foreign investment policy is to encourage foreign investment consistent with the Australian community interests. In recognition of the 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.