Tim,Yes you can still purchase property within Australia, and not be a permanent resident of AustraliaI deal with these types of issues daily, if you want to have a chat please dont hesitate to call me on 0405538613 or my free call number 1300 338 984Zac

Yes you will have to pay CGT if you sell it within 1 year…. better off to hold it for more than one year to 1/2 the cgt paid….i always recommend to hold than to sell. plus if you build the new house / rent it out…. after a year the house is more marketable as you have existing tenants (producing income) with the house.