ANNOUNCEMENT 24 Apr 2010In April 2010, the government of Australia announced changed rules for foreign investors.
NUMBER OF INTERVENTIONS
Official Gazette. (2010). Foreign Acquisitions and Takeovers Amendment Regulations 2010 (No. 2). Available at http://www.comlaw.gov.au/Details/F2010L01314
On 24 April 2010, the government of Australia announced changes to its foreign investment regime for the residential real estate sector.
Temporary residents that want to acquire Australian residential real estate now have to receive governmental approval before they can do so. Temporary residents may seek permission to buy (1) vacant land, (2) new dwellings and/or (3) an established (second-hand) dwelling. They may only acquire residential real estate for their own lodging and are required to sell the property once it ceases to be their residence.
The new regulation became law on 26 May 2010.