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.