Overseas Buying Advice

Abercromby's together with the Australian Government, encourage foreign investment in Australia. However, to ensure any such investment meets the needs of the country, a policy has been developed where 'foreigners' must seek approval prior to any purchase.

Briefly defined, some of the parameters set by the Australian Government regarding foreign investment are:

• Investment by a corporation, business or trust in which a foreigner and any associates have 15% or more ownership or in which several foreigners have 40% or more ownership;
• Proposed acquisition of residential real estate however is exempt from examination where investors are Australian citizens living overseas who are holders of permanent visas or who are eligible for 'special category' visas;
• Foreign parties as a general rule receive approval to acquire vacant land subject to the condition that construction of a dwelling commences within 12 months of the time of purchase;
• In the case of home units and townhouses being acquired 'off the plan' when such properties are under construction, newly constructed, but not occupied, approval will be forthcoming on the condition that no more than half the properties in any development are being sold to foreign parties.

On an annual basis, representatives from Abercromby’s Real Estate, travel off-shore to meet with investors showcasing the latest investment opportunities. Should you wish to register your interest in our overseas investment presentations, please contact +61 3 9864 5300.

To learn more about the Foreign Investment Policy, please contact www.firb.gov.au