Can Foreign Buyers Invest in Australian Property?
FIRB Application Fees
|Purchase price||Fee payable|
|$1 million or less||$5,000|
|$1 million – $1,999,000||$10,000|
|$2 million – $2,999,000||$20,000|
|$3 million – $3,999,000||$30,000|
|For each further $1 million increase||$10,000|
According to FIRB, a new dwelling must be built on residential land, must not have been previously sold as a dwelling, and must either:
- Not have been previously occupied
- If the dwelling is part of a development and was sold by the developer of that development, not have been previously occupied for more than 12 months.
Finally, it’s also worth remembering that there are tax implications for investing in Australian property. Any rental income you receive from your investment will need to be declared on an Australian tax return, while you’ll need to pay Capital Gains Tax on any profit you make when selling the property.