Under new laws that come into effect in December 1 2015, foreign persons will need to notify the Government and get prior approval to acquire an interest in certain types of Real Estate.
An ‘interest’ includes buying Real Estate but can also include obtaining or agreeing to enter into a lease, or financing or profit sharing arrangements.
(That means LEASE OPTIONS fall under this as well)
Residential Real Estate means all land and housing that can be used for residential purposes.
It does not include Commercial and certain Rural Land.It is the Government’s policy that foreign investment in Residential Real Estate should increase Australia’s housing stock. That is, the policy seeks to channel foreign investment in the housing sector into activity that directly increases the supply of new housing (such as new developments of house and land, home units and townhouses) and brings benefits to the local building industry and its suppliers.
All Residential Real Estate applications are considered in light of this overarching principle.They can still put in an application to buy the place, but it is something to be aware of.
Dave Siacci
http://www.siaccisystem.com.au
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