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How can you buy property in Australia as foreigner?

Nowadays, the ownership of Australian property by foreigners is becoming a heated debate. This heated debate comes from a variety of different reasons. One of the main reasons that have gotten the blood boiling of the Australian people is the property prices being driven up in Australia’s larger cities and capital cities where foreign business is headquartered. Is this disdain for foreign investors and companies well founded or just smoke and mirrors?

When a person wants to purchase property in Australia there is an application process. The person regardless of whether they have a short-term visa or long-term have to adhere to this process. The application to purchase property needs to be sent in to the Foreign Investment Review Board. The review board then goes over the application for approval or denial of what can be bought. This process takes around 1 month to be completed. This board has trouble enforcing some of the rules but their main purpose is to make sure that the land being bought has a benefit to the community around it.

Investment For Individuals Shot Down

If the FIRB finds that the person trying to buy property is only looking to rent out the property then the application can and will be denied. However, if the person is looking to improve or renovate an already existing structure to bring more money into the area then the board will make another decision as this benefits the community around the purchase.

Are Foreigners Really Hurting The Market?

Often times, numbers can be skewed and there can be a variety of factors at play. A lot of the heated discussions have to do with the Chinese coming in and purchasing large amounts of commercial and residential property. Amanda Lynch states that the foreign investment should happen and needs to happen being quoted saying, “The objective of Australia’s foreign investment policy, as it applies to residential property, is to increase the supply of new housing.”

Why People Are Investing

People are investing in Australia for a variety of different reasons. The Chinese tend to invest because the Australian dollar has a good exchange rate for the Chinese and having offshore investments is a smart idea especially with the instability in China. Australia could become one of the business and consulting hotspots much like London did with all of the eastern money that came in via commercial and residential real estate.

Investing in Australian real estate and property is a great idea and having a company that can support a mortgage is important. Newcastle Permanent offers home loans online that could be the loan you need to get your first home in Australia.

Projects from this area

Summus, Maribyrnong, Australia

Live in Maribyrnong and you’ll experience the convenience and choice that defines the World’s

Most Liveable City. From tranquil river landscapes to world-class shopping and entertainment, university life and an endless selection of restaurants and eateries, Summus is a promise of authentic Melbourne living, just 8km from the CBD.

Ideally located just 400metres from Highpoint, one of Australia’s top 5 largest shopping centres, Summus residents have everything they need at their fingertips. Awarded Australia’s Best Shopping Centre development for 2015, Highpoint continues to impress with a $330million expansion that takes its offering to 520 retailers and over 7000 parking spaces. The precinct has everything from fresh market produce to global luxury brands, Chanel, Zara, Topshop and David Jones, to name just a few. There are dozens of home ware stores, tech shops, health and beauty salons, dining and cinema zones spread beneath a feature floating roof designed as a tribute to the Maribyrnong River.

Live at Summus and you won’t have to wait for the weekends to enjoy Melbourne’s iconic outdoor life.

Reconnect with nature where open green spaces are at a premium. The river borders 75% of the neighborhood while 19km of riverside walk and cycle trails wind around local parks, sports grounds and golf courses. You can row your boat, chase a ball, picnic in the park or drink in the views from local riverside cafés and bars. Close to Flemington and Moonee Valley racecourses, the international sport of kings is right at your door.

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Spencer, Melbourne, Australia

Blending modern and heritage in groundbreaking ways.

420 Spencer Street has always been a striking building. As one of Melbourne’s premier examples of art deco architecture, Spencer Apartments are building upon the existing 1930s building in order to bring old and new together to groundbreaking effect. 420 Spencer is your unique opportunity to be a part of Melbourne’s history, living in a beacon of its future.

A home on high. To live in the penthouse of 420 Spencer is to live a life of unparalleled luxury. This home atop the world transcends modern apartment living to become an expansive private sanctuary overlooking the city, with materials such as engineered timber flooring and granite benchtops ensuring the feeling of luxury extends all the way from the eyes to the fingertips.

Everything in its right place. Penthouse bathrooms make it easy to live a life less cluttered, with ample invisible storage ensuring everybody has space to house their precious items. Between thoughtfully separated sinks, abundant cupboard space and generous floor plans, it has never been easier to live side-by-side without getting on top of one another.

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