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Can Foreign Citizens buy Australian Property - September 2011

There are no restrictions on Australians and foreign citizens holding permanent resident visas. Likewise if you are married or in a defacto relationship with an Australian citizen then you don’t need approval, provided you buy as joint tenants.

The Foreign Investment Review Board (FIRB) will normally grant approval to foreign citizens to purchase second hand dwellings provided they have a visa (not short term visiting visas) and will live in the property. You must sell the property if you vacate the property. You should always make the contract subject to FIRB approval even though the approval is usually only a formality.

FIRB will normally grant approval to foreign citizens to buy new dwellings or vacant land (must build a house within 2yrs) without conditions.

Developers of new projects will often obtain prior approval for any properties sold in the development. Only 50% of the properties in the development will be allowed to be sold to foreign citizens.

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