Foreign Ownership
Foreign residents can purchase Australian residential or commercial property "off the plan" or property that is new and previously unoccupied. Occasionally extensively renovated existing property also qualifies. In addition, developers are only allowed to sell a limited percentage of the units within a development to non-Australians.
All purchases by non-residents must be approved by the FIRB (Foreign Investment Review Board). If you do not fit one of the criteria below, you must obtain FIRB approval:
- Australian citizen residing in Australia or abroad
- Holders of Australian permanent resident visas
- Persons holding a special category visa (ie. New Zealand citizens)
- Australian citizens and their foreign spouses when purchasing residential real estate in joint names as joint tenants
Standard Queensland offer contracts contain an optional clause specifying that the purchase is conditional upon FIRB approval. Foreign parties MUST invoke this clause unless they already have FIRB approval. A date must be specified by which approval is obtained -- after which the contract becomes void. FIRB approval normally takes up to 14 working days, and applications can be mailed, couriered or faxed to the authority.