Buying Property Overseas
Buying property overseas is not easy when you do not live in the country. We understand the challenges you face and we know how to overcome them. We act for overseas buyers for both Expatriate returning back to Australia or for non-resident purchasers.
Some of the difficulties faced are:
- You cannot inspect the property
- Poor or no knowledge of current market conditions
- Paying more than the value of the property
- Problems negotiating from overseas
- Organising any professionals
- Different time zones when dealing with the FIRB and Estate Agents/Realtors during Australian office hours
- If you wait to purchase a purchase a property upon your return to Australia, you are likely to be priced out of the market
One of the services we offer for no extra charge is assisting you with the permit process for your FIRB application. We understand it is difficult when dealing with organisations from overseas, especially when there is a big time difference during working hours.
One of the policies of the FIRB is to purchase new dwellings which are to be either acquired 'off the plan' (before construction commences or during the construction phase) or after construction is complete. These are normally approved where the dwellings:
- have not previously been sold (that is, they are purchased from the developer); and
- have not been occupied for more than 12 months
- A property purchased under this category may be rented out, sold to Australian interests or other eligible purchasers, or retained for the foreign investor's own use
If you are not an Australian Resident - to purchase property in Australia:
- You need to apply for a permit to the FIRB
- Visit the FIRB website and download an application form from www.firb.gov.au
Never purchase a property without approval from the FIRB.
There is no cooling off period when buying at auction as the contract is unconditional - you must obtain FIRB approval prior.
As soon as you have your permit from FIRB to buy an Australian property, you will need to start arranging your finance. This is very simple and we can refer you on to expert Expat Home Loan Brokers.
You need to remember when working out your finances to allow for fluctuations in exchange rates at the time of exchange.
We have contacts with highly experienced Immigration Lawyers and Migration Agents here in Sydney and contacts with leading Quantity Surveyors for your tax depreciation schedule.
- We are property experts and have detailed information on all areas - we advise you on the best streets, the most sought after types of properties, properties that have better potential for capital growth and those to avoid.
- We search, review, inspect properties, take photos, video footage.
- We use our extensive network of contacts with Agents and Builders to obtain details of many properties before they are even advertised on the open market (often called silent sales).
- We are experienced negotiators. We will negotiate on your behalf to secure the property at the absolute lowest possible price, we know the right tactics and strategies to use when dealing with real estate agents and remain objective at all times without becoming emotionally attached to a property.
Residential Foreign Investment / Property Investment
The Government seeks to ensure that Foreign Investment in Residential Real Estate increases the supply of dwellings and is not speculative in nature. The policy seeks to channel Foreign Investment in the housing sector into activity that directly increases the supply of new housing (that is, new developments such as house and land, home units and townhouses) and brings benefits to the local building industry and its suppliers.
Note: Disclaimer - The above is our opinion only and does not take into account your individual circumstances. As such, the information should not be solely relied upon in making decisions. Readers should make their own enquiries to verify the information provided and its appropriateness to your individual objectives, financial situation or needs and speak to a financial planning professional regarding the appropriate investment strategy to suit your individual circumstances.
