FIRB (Foreign buyers)

In Australia foreign buyers are typically required to obtain foreign investment review board (FIRB) approval before purchasing residential real estate.

Who is a foreign buyer

  • Temporary residents
  • Foreign non-residents
  • Companies or trusts where a foreign individual holds 20% or more ownership or voting rights or where any group of foreign individuals collectively holds 40% or more ownership or voting rights.

What can foreign buyers purchase

Foreign buyers will generally be granted approval to purchase

  • new dwellings
  • vacant land (where construction occurs within 4 years)
  • commercial property (applications typically not required provided value is under the threshold)

Applications can also be made to purchase existing dwelling under the following circumstances

  • where substantial development is planned which will increase property stock and create local employment opportunities
  • where you are a temporary resident and will live in the property during your time in Australia – but sell the property upon departure
  • where you are a foreign company with a substantial Australian based business who requires housing for your Australian company employees

If you are in the market for a specific type of property, our team at RE/AX Coast is happy to help source suitable options for you.

To view some of our FIRB approved properties currently available in the local area please see click here.