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ARTICLE · 24 MAY 2010

Changes to Foreign Investment Rules: Residential Property

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On 24 April 2010 the Assistant Treasurer announced a tightening of the foreign investment rules for residential property. The changes include a package of penalties to ensure compliance.

AustraliaReal Estate and Construction
Ned Boyce
Ned Boyce
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On 24 April 2010 the Assistant Treasurer announced a tightening of the foreign investment rules for residential property. The changes include a package of penalties to ensure compliance.

The new Federal Government Policy reverses the relaxation last year of foreign investment rules. Those changes made it easier for foreign nationals to buy residential property in Australia because acquisitions of new dwellings by temporary residents like students and workers temporarily employed in Australia, did not require approval.

The current changes apply from 24 April 2010 and require that all temporary residents seek approval to purchase vacant land on which to build, new dwellings or established (second hand) dwellings to be used as their principal place of residence.

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