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ARTICLE · 17 NOVEMBER 2015

Foreign investment changes and effects on developers

ClarkeKann Lawyers
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Developers of large scale unit developments should consider the advantages offered by the existing FIRB framework.

AustraliaReal Estate and Construction
Steven Cardell
Steven Cardell
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FOREIGN INVESTMENT REVIEW BOARD ("FIRB") CHANGES EFFECTIVE 1 DECEMBER 2015

Foreign persons are required to apply for FIRB Approval prior to purchasing residential real estate in Australia. Currently, there are no fees payable to FIRB by a buyer for the making of this application. Beginning 1 December 2015, foreign persons will be required to pay an application fee of $5,000.00 for an individual approval to purchase residential real estate.

A complete outline of the changes can be found on the FIRB website using the following link www.firb.gov.au/content/strengthening_FIF.asp

OFF-THE-PLAN DEVELOPMENTS AND APPROVALS

Developers can apply for advanced off-the-plan approval ( known in the industry as a "Blanket approval") to sell new apartments in developments of 100 or more lots. This saves foreign buyers of lots in a development having to individually apply for FIRB approval to purchase a proposed lot. Currently, no fees are payable when applying for a Blanket

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