Government Allows Foreign Buyers to Purchase Unsettled Properties

The Federal Government has announced changes to the foreign investment framework, allowing foreign buyers to purchase off-the-plan properties from another foreign buyer if the property fails to reach settlement.

The main change is properties that have not been settled will no longer be considered established, and can therefore still be purchased as a new property by foreign buyers.

Current Foreign Investment Review Board regulations state that non-permanent residents cannot purchase established dwellings.

According to a release by the office of Treasurer Scott Morrison, the changes intend to encourage development of dwellings and increase housing supply, therefore making housing more affordable.

Sources:

Knight Frank – Compass Report 49

Media Release – Government to allow on-sale of off-the-plan dwellings failing to reach settlement

FIRB – Residential real estate – Foreign non-residents

Written: 1 December 2016, Updated: 15 January 2020

We would love to hear your thoughts on this project.

Have you visited this project recently, or perhaps you live nearby or bought in a neighbouring building? Tell us what you love about this project, or perhaps what you don't.

guest
0 Comments
Inline Feedbacks
View all comments