Many people know that you must be a citizen to buy a property in Australia. However, foreigners and non-permanent residents can still acquire land in the country.
The system recognised in Australia and New Zealand is based on common law, which can be overruled by statute law (regulations established by legislative enactments). It states that land under common law describes a form of ownership that can be held by owners and their heirs indefinitely.
Australian Property Investment
Australian property investment is a popular scheme for overseas investors and Australian ex-pats. Even Australian residents with temporary or permanent visas can benefit from the Australian real estate market. However, foreigners must abide by the rules and regulations regarding the type of housing they would purchase. Non-residents must apply for approval from the Foreign Investments Review Board (FIRB) according to the Foreign Acquisitions and Takeovers Act of 1975. In tax, transfer duty ranges from 4–6% and is charged for vacant lands, commercial properties, and businesses, and land tax varies every year.
The land types that Australians can acquire include agricultural, commercial, and residential land. Lands in Australia differ significantly depending on where you will buy the land. Some cost as little as $0.18 per square meter, such as Queensland. But some properties cost more than $1,000 per square meter, like in Sydney.
If you buy a property in Canberra, you aren’t actually purchasing the land, you are purchasing a 99-year Crown lease.