Offshore Buyers for Property
Sell Your Home to an Overseas Buyer?
Overseas buyers are rapidly becoming the force in the market to push up prices and increase demand for residential property.
The relaxation of Australia's foreign investment rules has opened the floodgates for international buyers. These changes have already been noticed in many upmarket suburbs, with agents reporting an increase in cashed-up foreign buyers.
It is alarming what is happening in some areas where we are seeing 3 or 4 Asian families out-bidding the locals and buying up, many overseas parties are seeing Australia as the new Switzerland- a great safe place to park their money and pricing the locals out of the market. Australia's stable political situation and strong economy are major attractions.
In March 2009 the Federal Government changed foreign investment rules to make it easier for overseas buyers including temporary residents, students and non-residents such as businesses and trusts to purchase residential property.
The type of property buyers from overseas can acquire has been broadened, minimum spending levels have been lifted and building time frames have been extended.
Even in a climate or rising interest rates we are seeing heavy buyer activity in the major capitals which is supporting the view of increased overseas buyers.
The significant changes to Foreign Investment Review Board rules are:
- Foreign Companies can buy an unlimited number of second hand properties for staff in Australia. The previous limit was only 2 properties.
- Foreign students may now buy property of any value. The previous limit was $300,000.
- Temporary residents don't need to notify the FIRB to get approval.
- The definition of temporary resident has been expanded to include all foreigners who have a valid visa to stay more than 12 months.
- Australian developers can now sell a stand-alone dwelling to a foreign investor. Previously they had to match the sale with one to an Australian buyer.
To learn more about Immigration to Australia go to the links below:
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