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Foreign
Investment (Residential)
- Link to Foreign Investment Review Board
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Residential
Residential real estate
means all Australian urban land other than commercial
properties (that is offices, factories, warehouses,
restaurants, shops). Acquisitions of 'hobby farms' and
'rural residential' blocks by foreign interests are
included in the residential real estate
category.
Foreign purchasers
intending to acquire real estate in Australia must seek
prior approval from the Government through the Foreign
Investment Review Board unless specifically exempted by
the Foreign Acquisitions and Takeovers
Regulations.
Entering
Into A Contract
All contracts by
foreign persons to acquire interests in Australian real
estate must be made conditional upon foreign investment
approval, unless approval was obtained prior to entering
into the contract.
For properties to be
purchased at auction, prior foreign investment approval
must still be obtained and advice provided whether the
parties were successful or not, and if so, a copy of the
signed contract forwarded to the Foreign Investment
Review Board (FIRB) after the auction.
