Conditions on Acquisitions by Foreign Person:
• single blocks of vacant land for the purpose of building a single residential dwelling on and substantial construction must commence within 24 months.
• other vacant land (not single blocks) for the purpose of building multiple residential dwellings provide that continuous substantial construction must commence within 24 months; and at least 50 per cent of the acquisition cost or the current market value of the land (whichever is higher) must be spent on development.
• have not previously been sold; and
• have not been occupied for more than 12 months.
Established (Second Hand) Dwellings
• Foreign persons are prohibited from acquiring established dwellings for investment purposes
• Proposals by foreign owned companies to acquire second-hand dwellings for the purpose of providing housing for their Australian-based staff subject to the following condition the company undertakes to sell or rent the property if it is expected to remain vacant for six months or more.
Redevelopment of Established (Second Hand) Dwellings
• This does not include refurbishing the existing dwelling.
• Proposals for redevelopment are normally approved subject to the following conditions:
• the proposal must provide for an increase in the housing stock, that is, an increase in the number of dwellings unless exempted;
• the existing residence cannot be rented out prior to demolition and redevelopment; and
• the existing dwelling must be demolished and continuous substantial construction of the new dwellings must commence within 24 months.
Acquisitions exempt from Foreign Investment Review Board approval:
Foreign nationals who are temporarily resident in Australia are no longer required to notify proposed acquisitions.
A person is a temporary resident if they are living in Australia not including short term visitors such as those who come to Australia for tourist or business purposes or medical procedures); and:
• hold a valid temporary visa which permits them to stay in Australia for a continuous period of more than 12 months (irrespective of how much time is remaining until that visa expires); or
• have submitted an application for permanent residency (PR), and hold a bridging visa which permits them to stay in Australia until their PR application has been finalized.