What Can You Buy?
Australian citizens and permanent residents of Australia don’t have any restrictions upon what property they purchase. Let it be commercial or residential. House, unit, vacant land, townhouse, duplex, apartment and office blocks are all open to Australians. As for overseas individuals who want to purchase property in Australia; there are some guidelines that must be followed.
People who are not residents of Australia can still invest in property in Australia. Many of these factors are located in the “Who Can Buy” section of this website. The major indicator that determines if you can purchase residential property in Australia is if the property has been FIRB approved. This is normally reserved for brand new properties and in rare instances, 2nd hand properties.
For the purchase of vacant blocks of land; the condition is that a dwelling such as a house continuous substantial construction must commence within 24 months. Purchasing commercial property must follow a set of legal procedures. Your application will only be approved after displaying the following.
- The location must be approved for running the intended business.
- Proof the business you will be running has been established for a minimum period of time.
- This business must provide evidence that it has been running at a profit.
- You, as the investor must employ at least 1 Australian resident.
- The business must turn over a minimum dollar amount per year for the first few years.
Much of the above is dependent on your ability to afford the property. We at AGC Property Management can also provide professional advice on how to borrow monies in Australia and how to make your investment work for you.
However, it is highly recommended that you contact us with your enquiry to help determine what you can purchase and which method would work best for you.