Buying a House in Australia
How to buy a House in Australia
Rules apply on who is allowed to purchase property, although any Australian Citizen or Permanent Resident of Australia can a buy a house in Australia without any restrictions.
Each State has its own rules and regulations on purchasing property.
What may be correct procedure in one State may not be the same in another, so it is advisable to always check first, before assuming that what you have heard elsewhere actually applies.
One example of this is making an offer for the purchase of as property:
In some States, NSW being one, an offer is just that, it is an offer to purchase.
However, in other States, QLD being one, an offer to purchase a property is actually signed by the purchaser, and, if accepted by the seller, becomes a contract immediately.
Therefore make sure your offer is subject to your conditions.
The Real Estate agent should advise you on this, but the initial conditions you should request, as a minimum, are:
- “Subject to you getting suitable finance” and
- “subject to satisfactory Pest Inspection and Building Report”.
Always, when buying a house, have a Pest Inspection and Building Report done before completion.
Property Buying Restrictions:
- Australian Citizen or Permanent Resident –
- No Restrictions
- You can buy new property without restriction.
- You can buy an established property provided it is your residence and it is sold when your visa expires.
- Consent of the FIRB is normally required. (exceptions apply for some spouse / de facto partner.)
- Can buy new property.
- Can buy vacant land as long as building commences within 12 months of purchase.
- Can buy an established property only if an additional amount of no less than 50% of the original property cost is spent on improvements or additional construction.
- Can buy up to 50% of new projects or apartments
- Consent of the FIRB is required.
Temporary Resident, Retiree or Student –
Foreign National or Foreign Corporation –
FIRB = Foreign Investment Review Board – FIRB
Interesting Q&A fact sheet: – FIRB faq
The FIRB FAQ site states: (as at Dec 2008)
A. Yes. Foreign persons temporarily resident in Australia for a period exceeding 12 months from the time of application for approval are eligible under foreign investment policy to acquire residential real estate. If the property being purchased is an established dwelling, that is, one that has been previously occupied or sold, foreign investment approval is still available provided that the dwelling is to be used as the persons principal place of residence, not for rental purposes and the property must be sold when their visa expires or they cease to reside in Australia.
Q18. I am an Australian citizen, but my spouse / de facto partner is a foreign person, do we require permission to purchase a house?
A. Australian citizens and their foreign spouses (which include de facto partners) are exempt from notification as long as the property is zoned residential and you are buying the property as joint tenants.
The House Buying Procedures in Australia
Buying a House in Queensland
Buying a House in New South Wales
Buying a House in Victoria
Buying a House in South Australia
Buying a House in Western Australia
Buying a House in Tasmania
Buying a House in Australian Capital Territory
Buying a House in Northern Territory
Real Estate Institutes
Real Estate Institute of Australia – www.reiaustralia.com.au
Real Estate Institute of Australian Capital Territory – www.reiact.com.au
Real Estate Institute of New South Wales – www.reinsw.com.au
Real Estate Institute of Northern Territory – www.reint.com.au
Real Estate Institute of Queensland www.reiq.com.au
Real Estate Institute of Tasmania – www.reit.com.au
Real Estate Institute of Victoria – www.reiv.com.au
Real Estate Institute of Western Australia – www.reiwa.com.au
Hi There,
need advice. my husband, myself and my son we are on TR waiting for our PR. PR might take another couple of years. in the mean time can we buy our first home?
please advice
thanks
The current rules are:
Temporary residents can apply to purchase one established dwelling to use as their residence in Australia.
Approval is usually provided subject to a condition that the temporary resident sells the dwelling when it ceases to be their residence.
Source:
http://www.firb.gov.au/content/real_estate/residential/developed.asp
I am an India Citizen i dont have a temporary or permanent residency is australia.But i still want to buy i property there for renting purporse.Can i buy it ??
I have been told if you buy property in Australia you actually own the land on which its built,is that correct or not??
That is correct, the vast majority of the time. Maybe 99.9%.
Many people buy the land first, then have a house built. A typical cost may be, in my area, $270k for the land and $150k for the house.