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Foreign Purchases - March 2011

If you’re not an Australian citizen you may run into difficulties when trying to purchase a property in Australia due to the current government’s policy on controlling foreign investments.

Changes made to the policy in early 2009 made it easier for foreigners to purchase residential property, as these transactions no longer required approval before purchase, only notice upon settlement.

Other purchasers will still need approval unless otherwise exempt. Exemptions can be granted for a number of situations depending on the circumstances. If the purchase is not exempt, foreign purchasers must notify the government before acquiring the property. Where foreign investment approval is required, contracts should be made conditional and remain conditional until approval is granted.

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