(A) No purchase of Australian property can be made without prior approval from the Foreign Investment Review Board (FIRB). Do not commit to any purchase without such an approval, although contracts may be signed if they are clearly “subject to FIRB approval”. Approvals can be applied for online and a response will be received within 30 days.
(B) Foreigners cannot normally purchase established (i.e. second hand) properties as either homes or Investment properties.
(C) Approval from the FIRB may be given to foreigners to buy established dwellings for re-development (involving a demolition of the existing dwelling and building two or more dwellings which is deemed to increase Australia’s housing stock).
(D) Foreigners can apply to purchase new dwellings and these applications are normally approved without conditions. Applications for the purchase of vacant land will also normally be approved, subject to the construction of a dwelling within a period of 4 years.