Rules for foreign investment in property have been tightened

April 24 2010


Assistant Treasurer Nick Sherry announced in late April a tightening of the rules for foreign investment as they relate to residential real estate, and a package of tough new civil penalty, compliance, monitoring and enforcement measures.

All temporary residents seeking to purchase an existing property in Australia will now be brought within the Foreign Investment and Review Board (FIRB) notification, screening and approval process.

Temporary residents buying vacant land must cmmmence building within 24 months and will also be required to sell residential property when they leave Australia.

Enforcement measures include, community hotlines, more penalties introduced, and pressure brought to bear on real estate agents to check on the legitimacy of sales.

The Assistant Treasurer said he was responding to community pressure over rising housing prices  and the measures were aimed at increasing the housing supply.

Return

Cyber Protection Information - eConveyancing Newsletter

Important news on cyber security from the AIC National President.

Details >

ATO Obligations for Conveyancing Workshop

Workshops available in Melbourne in July and August.

Details >

eConveyancing Accredited Workshops Victoria

The ECA Workshop Program is offering a specialised workshop for conveyancers in Melbourne

Details >

Office of the Registrar General Workshops NSW

The Office of the Registrar General in NSW are hosting eConveyancing Workshops.

Details >