KEY TAKE OUTS:
- From 1 April 2025 to at least 31 March 2027 foreign purchasers will be banned from buying established houses
- Exemptions to the ban are permanent residents, New Zealand citizens or spouses of Australian citizens, permanent residents or New Zealand citizens
The Government has announced that effective from 1 April 2025 to 31 March 2027 foreign persons including foreign owned companies and temporary residents, will be banned from buying established homes in Australia. This will be reviewed near the end of the current ban period and possibly extended.
The aim of the ban is to ease the pressure currently on the housing market, enable more established dwellings to be available for purchase by Australian citizens and reduce “land banking” whereby foreign purchasers buy property, and it is left vacant/undeveloped for extended periods of time and then sold for profit at a later date.
The Australian Taxation Office (ATO) will enforce the ban by screening foreign investment proposals for residential property and crack down harder on compliance of foreign investment approvals.
There will be limited exemptions to the ban such as spouses of Australian citizens, New Zealand citizens or their spouses and permanent residents.
For more information or to discuss your purchasing options, please contact the Conveyancing team from Coutts below.
ABOUT KAY VITOGIANNIS:
Kay joined the Coutts team in May 2021 working as a Licensed Conveyancer within our Property & Conveyancing team, based in our Narellan office.
Kay has over 20 years of experience in the Legal industry. She began her journey in CBD Conveyancing firms as a secretary and attained her Advanced Diploma in Conveyancing in December 2010.
For further information please don’t hesitate to contact:
Kay Vitogiannis
Licensed Conveyancer
info@couttslegal.com.au
1300 268 887
This blog is merely general and non specific information on the subject matter and is not and should not be considered or relied on as legal advice. Coutts is not responsible for any cost, expense, loss or liability whatsoever in relation to this blog, including all or any reliance on this blog or use or application of this blog by you.
