To obtain Foreign Investment Review Board (FIRB) approval foreign investors can only buy Australian residential property that is brand new, or "off the plan", on vacant land that has not previously been used for housing. They must be adding to the housing stock. They must build on the vacant land within 24 months. They cannot buy existing houses or apartments, or new properties that have been developed on existing residential land.

Why This Policy Exists

The Government maintained this policy since the 1980's because it stimulates building and employment activity in new developing areas on the outskirts of Melbourne or nearby towns, where housing development is needed now as a result of a rapidly growing population and where there is a shortage of housing & rental accommodation.

What Are The Rules and Options For Selling a Property?

Foreign Investors can sell the completed house to any of Australia's 22 million citizens and Australian Permanent Residents. The procedure for selling property in Australia is orderly, structured and regulated to ensure fairness to both seller and purchaser. We are able to arrange the sale for you or you can engage a Real Estate Agent to sell the property. There are four established professional Real Estate Agencies in Woodend or you can use an agent from outside Woodend.. It is a relatively straightforward procedure, but best to be given to a professional to achieve the best result.

What Are The Benefits Of Owning Property In Australia?

Foreign Investors benefit by being able to own freehold land. You receive title to the land in your name. You can keep it forever or sell it at any time. You can pass it on to future generations.

There is a shortage of housing in Australia, and new properties can usually be easily rented out. Regulations are in place to protect the rights of landlords.

You can readily borrow money from a bank using the titled property as collateral security. There are no restrictions limiting foreign investors from borrowing from an Australian financial institution.

Investment in Australian property is secure due to a strong and robust economy, a stable political environment and sensible real estate and planning regulations.

How Do I Get FIRB Approval?

A written application is made at land purchase. We will attend to the application for you.