"Changes to Foreign Investment Policy Residential Real Estate."

[moyjos]

Just got this in from one of the Real Estate Agent newsletters I get.

What might be the implications of this??

Another "big news story" that we believe has almost gone unnoticed for real estate in Australia, is the relaxation of foreign persons living in Australia on a valid visa, purchasing second hand dwellings or new dwellings without having to register with the Foreign Investment Review Board. This is a huge shift in government policy that should drive more UK and South African populace to our shores. The amount of inspections and inquiry we've had in the recent weeks is testament to this. Please copy into you web browser - www.firb.gov.au/content/policy.asp to read the article on "Changes to Foreign Investment Policy Residential Real Estate."

 

[boomtown]

Old news.

Makes bugger all difference imho.

 

[sash]

Well be prepared to hear more "Know what I mean" and "Magic" in the sentences...LOL!

I hear uncles in the UK and know a few South Africans.

Just got this in from one of the Real Estate Agent newsletters I get.

What might be the implications of this??

 

[Jonathon]

I've got to agree with Boomtown that this makes no real difference.

I was a temporary resident until a few months ago (although wife is Aussie, so we could buy anything together) and I work with many, many 457 visitors, and they're all happy to rent while they're here.

Also, a lot of them get LAFHA and you'd need your head examining if you got LAFHA but didn't use it!!! ( I got it for 4 years and it was beautiful, only ran out when I became a permanent resident a few months ago)

In any event, were the FIRB rules ever enforced?