Are you looking to purchase a new property in Australia? Sydney Property Conveyances are here to help you navigate the process.
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Foreign investment is essential to Australia’s prosperity. The industry has helped build the country’s economy and will continue to enhance the wellbeing of Australians by supporting financial growth. Foreign investment in Australia is popular for many reasons, the most prominent being the stability of the housing market and the desire to experience the fantastic Australian lifestyle. Following the country’s successful attempt to flatten the coronavirus curve combined with positive exchange rate movements, the industry has seen an increase in foreign citizens looking to buy property in Australia. In April 2020, the market received 50% more interest than throughout the entirety of 2019.
Australia’s foreign investment laws and banking regulations are not as restrictive as some other countries, making the investment process faster and smoother. In most cases, foreign investors can buy new property or vacant land upon approval from the Foreign Investment Review Board (FIRB). The FIRB is an Australian Government advisory board that reviews the purchase of the residential or commercial real estate by someone who is not an Australian citizen, a permanent resident of Australia or an approved migrant. The government body reviews foreign investment to ensure that the investment will benefit the Australian economy and to control stock within the property market. FIRB applications are made online with a 30 day or less turnaround depending on the circumstances of the application. However, regardless of citizenship or residency status, government approval is not required for new dwellings bought from a developer with pre-approval to sell to foreign persons. The process is subject to application fees, however, foreign investors may also be eligible for an AU$5,000 new home grant which forms part of a concession on stamp duty. If you are looking to make the most out of the New South Wales property market and are wanting to buy or build in Australia, then the experts at Sydney Property Conveyancers are able to assist in securing your desired property. Want to purchase a brand new property in Australia as a foreign investor and receive AU$5,000? Dream Homes Magazine Download Dream Homes PDF