WIPA openly welcomes foreign property Agents licensed in their respective countries that wish to access and sell quality Australian projects and properties listed on the WIPA Portal.

The Australian Government welcomes investment by Foreign Buyers who wish to purchase residential real estate, where the effect will be an increase in supply of new dwellings. This policy seeks to channel foreign investment in the housing sector into activity that directly increases the supply of new housing and brings a direct benefit to the industry, its suppliers and the greater community.

The effect of this policy on developed residential real estate is twofold. Firstly, it helps reduce the possibility of excess demand building upon the existing housing market. Secondly, it aims to encourage the supply of new dwellings, many of which would become available to Australian residents, either for rent or purchase. The cumulative effect should be to maintain greater stability of house prices and the affordability of housing for the benefit of all Australian residents.

The Foreign Investment Review Board (FIRB) monitors and examines all foreign interests undertaking direct investment into Australia. Foreign Buyers are permitted by the FIRB to purchase the following categories of residential real estate in Australia:

•New residential apartments, condominiums or units

•New townhouses or villas

•New stand alone houses where the property has not been previously sold (in other words the buyer is purchasing the property from the original developer/builder) and the property has not been rented out for a period of not more than twelve (12) months.

•New House and Land Packages (Build upon vacant residential land) – The conveyancing solicitor must submit an application for approval to the Foreign Investment Review Board (FIRB) on behalf of the Foreign Buyer - such approval will normally be granted provided the Buyer commences continuous construction of a dwelling / house on the land within twenty-four (24) months of FIRB approval.

All properties listed on WIPA have, or are eligible for, FIRB approval and therefore can be purchased by foreigners.

There are no restrictions on a Foreign Buyer's occupation of a FIRB approved residential property. The property may be:

    (a) rented

    (b) left vacant

    (c) occupied by the Foreign Buyer or his guests during their visits to Australia

The only restriction on the ownership of residential property in Australia is that the property cannot be resold to another Foreign Buyer. The property can be sold to:

    (a) an Australian citizen

    (b) a New Zealand citizen

    (c) a foreign citizen who has permanent residency status in Australia

    (d) a foreign citizen who has temporary residency status in Australia and uses the property as   their principle place of residence

This rule also prevents Australian citizens / residents from being able to sell their second-hand residential real estate to Foreign Buyers. This rule applies equally to all owners of second-hand residential real estate in Australia.

For more information please visit the government website at www.firb.gov.au