Overseas Investors Welcomed

2 February 09 Harcourts Financial Services

The Federal Government’s recent announcement of changes to the administration of foreign investor real estate purchases means it will be easier for overseas buyers to purchase homes in Australia this year. The changes, to be introduced in early 2009, will streamline the process and reduce the costs for foreign residents and businesses purchasing real estate in Australia.

They include short-term accommodation and differentiate between residential and commercial transactions, the purchase of blocks of land by nonresident foreign persons and the purchase of established houses by foreign companies for Australian based staff and temporary residents. The changes will also remove the upper limit of $300,000 previously in place for student visa holders.

The Real Estate Institute of Australia (REIA) welcomed the announcement, saying that the changes make sense and will have a positive impact on the housing market.