logologo_light
  • HOME
  • FOR SALE
    • ALL CURRENT LISTINGS
    • 7/103 Birriga Road, Bellevue Hill
    • 102/58 Newcastle Street, Rose Bay
  • SOLD
  • GOLDBROS
    • THE TEAM
    • REAL ESTATE CAREERS
  • NEWS
  • SOTHEBY’S
    • UPPER NORTH SHORE TEAM
    • SYDNEY SOTHEBY’S REALTY
  • CONTACT
  • HOME
  • FOR SALE
    • ALL CURRENT LISTINGS
    • 7/103 Birriga Road, Bellevue Hill
    • 102/58 Newcastle Street, Rose Bay
  • SOLD
  • GOLDBROS
    • THE TEAM
    • REAL ESTATE CAREERS
  • NEWS
  • SOTHEBY’S
    • UPPER NORTH SHORE TEAM
    • SYDNEY SOTHEBY’S REALTY
  • CONTACT

Purchasing Sydney real estate as an overseas buyer

During the Sydney property boom overseas or foreign buyers were the talk of the town. But who are they and, if you’re based outside of Australia, what are the actual rules and regulations around buying real estate here? We take a look.

WHAT DO FOREIGN BUYERS IN AUSTRALIA LOOK LIKE?

There’s a false perception that overseas buyers are a homogenous group, driving market demand at the premium end of the Australian property market. In reality, there’s a broad diversity of foreigner buyers looking at Australia, and particularly Sydney, as the ideal location to purchase.

  • Investors: Plenty of foreign nationals see Australia – especially our major capital cities like Sydney – as the ideal place to build their international investment portfolio, given our stable institutions and economy. Some of these buyers plan to move here or already have family here, but others don’t. Some have big budgets; others are looking at lower price ranges.
  • Temporary residents: Temporary residents often come under the unbrella of foreign buyers. They include workers and families on skilled visas, or those studying on student visas or bridging visas.
  • Globetrotters: Dual citizens have the freedom to travel between Australia and their other home country unencumbered by visa restrictions. They may decide to purchase property in Australia to rent while overseas, for example.
  • Expats: Australians living abroad often decide market conditions at home – or favourable exchange rates – make Australian property a sound investment. These buyers are active across all price points and many end up living in the property they buy once returning home.

PURCHASING PROPERTY IN AUSTRALIA AS A FOREIGN BUYER

For buyers with an Australian passport or permanent residency, there are few regulatory hoops to jump through. You can usually purchase Australian property just as local buyers would.

You should just make sure you take into account any tax implications both in Australia and where you live.

For non-resident foreign buyers, it’s a different story. The regulations are quite exacting and the Australian government’s Foreign Investment Review Board (FIRB) will enforce strict regulations around any purchase you make.

In fact, between 2015 and the end of 2018, the ATO forced over 300 foreign owners to sell their properties because they were in breach of foreign ownership laws.

WHAT YOU NEED TO DO AS A NON-RESIDENT FOREIGN BUYER

If you’re a non-resident foreign buyer, the first step you’ll need to take generally involves applying for ‘foreign investment approval’. This must be done before you make a purchase.

Under the current laws, foreign non-residents are usually limited to purchasing new housing stock and vacant land. There are some exceptions, such as if you’re purchasing an established property to redevelop it and increase the amount of housing stock.

This policy is intended to stimulate economic growth in Australia, with the idea being that foreign investment leading to more construction jobs.

OTHER FACTORS YOU NEED TO CONSIDER AS A FOREIGN NON-RESIDENT

There are some other key factors you should also consider as a foreign non-resident buyer, including:

  • New dwellings on existing land: Overseas buyers aren’t allowed to purchase new homes on land that had a previous dwelling. They also can’t buy vacant land which once had a dwelling on it.
  • Vacant land timeline: Foreign buyers who purchase vacant land must have constructed a property on that land within four years of the board’s approval.
  • Multiple dwellings on previously occupied land: Despite this, an overseas buyer can purchase previously occupied land if they propose to build multiple homes on it.
  • Vacancy Fee: A vacancy fee will be payable each year if the property is not occupied or genuinely available on the rental market for at least six months in a 12 month period.

Depending on where in Australia you intend to purchase as a foreign non-resident buyer you may subject to State-specific laws on land tax, stamp or transfer duty and more.

For instance, if you intend to buy property here in Sydney you’re likely to be subject to an additional 8% surcharge on transfer duty when buying real estate.

RULES FOR TEMPORARY RESIDENTS

If you’re a temporary Australian resident, such as a skilled visa holder or student visa holder or bridging visa holder you’ll face slightly different regulations to other non-resident buyers.

You’ll still have to apply for approval to purchase Australian real estate. However, you can purchase just one existing dwelling, so long as you intend to live in it yourself. The only proviso is that you need to sell any property you own within three months of leaving the country.

You can’t purchase an existing dwelling as an investment property but you can buy as many new or off-the-plan investment properties as you like.

UNDERSTANDING FOREIGN BUYERS

The Goldman Brothers team are proud to be of Sydney Sotheby’s International Realty.

One of Sotheby’s major draw cards is that it is a truly international luxury property brand. In 2018, it sold around $112 billion of property around the globe – with US$1.4 Billion in sales through our unique global referral network.

This means that when we market a property for our vendors, we have the opportunity to tap into that network and to take advantage of the instant brand recognition that the Sotheby’s brand brings around the world.

It also means we have plenty of experience in helping overseas buyers purchase property in Sydney’s Eastern Suburbs.

At The Goldman Brothers, we can deliver a unique and bespoke service to all overseas buyers.

Contact The Goldman Brothers for advice about buying and selling property in Sydney’s Eastern Suburbs.

—–

[Sources/references]

  • http://firb.gov.au/real-estate/
  • https://www.finder.com.au/investing-in-property-as-a-non-resident
  • https://www.yourmortgage.com.au/home-loan-guide/how-to-buy-a-property-in-australia-as-a-foreigner/254254/
  • https://www.afr.com/real-estate/8pc-is-nothing-australias-foreign-buyer-taxes-are-competitive–knight-frank-20180516-h104o2

—–

Share this:

  • Click to share on Facebook (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Twitter (Opens in new window)
  • Click to share on WhatsApp (Opens in new window)

Related

  • Posted by The Goldman Brothers
  • On June 6, 2019
  • 0 Comment
  • 0 likes
Tags: Australia, buy, international, overseas, property, Real Estate, Sotheby's, Sydney, Sydney Sotheby's International Realty
Recent
  • Getting out & about on Sydney Harbour
  • Prestige sale in the heart of Double Bay
  • Glebe House, an Exploration of Volume, Form & Light
  • Freedom to move. Stamp duty reforms gain momentum
  • Sydney Design – ‘GB House’ by Renato D’Ettorre Architects
Categories
  • Architecture
  • Finance
  • Goldman Brothers
  • Kids Giving Back
  • Latest News
  • Lifestyle
  • LogiX Financial Services
  • Market Report
  • Property Auctions
  • Property Finance
  • Property Investment
  • Property Market
  • Residential Sales
  • Sotheby's
  • Sotheby's International Realty
POPULAR POSTS
  • Getting out & about on Sydney HarbourDecember 22, 2020
  • Negative GearingDecember 1, 2016
  • Passion, Drive, PersistenceDecember 12, 2016
  • Sold! 5 Properties in 6 WeeksDecember 12, 2016
  • 2017 Lending UpdateFebruary 3, 2017

Sold! 5 Properties in 6 Weeks

Previous thumb

Sotheby's International Realty Video

Next thumb
Scroll
THE GOLDMAN BROTHERS

Located in Double Bay, in the heart of Sydney’s Eastern Suburbs, The Goldman Brothers is a Sydney Sotheby’s International Realty team.

Part of a global network, Sydney Sotheby’s International Realty Brings the World to Your Door.

CONNECT
INSTAGRAM @thegoldmanbrothers
The Goldman Brothers Team is having a wonderful en The Goldman Brothers Team is having a wonderful end to the year, selling two residences on Friday alone. Barry and Mark negotiated the sale of a stunning home at 2/7 Marathon Mews, Double Bay just one day after listing the property. An incredible result for all involved. They also sold an immaculately presented family home at 2/103A Birriga Road in Bellevue Hill prior to the scheduled auction. For further info click on the link in our bio.
-
-
-
#sold #soldoffmarket #offmarket #soldpriortoauction #doublebay #bellevuehill #luxuryapartment #penthouse #luxuryhomes #sydneyeast #realestate #realestateagent #millionairedollarlisting #property #travel #propertyinvestor #realestateagency #vaucluse #realestatesydney #luxurylisting  #propertydevelopment #sothebys #sydneysothebys #goldbros #sydney #sydneyrealestate #sothebysrealty
Described by practice director Tony Chenchow as “an exploration of volume, form and light,” Glebe House in Sydney reflects the architects’ resolute commitment to expanding the sculptural potential of architecture. 
-
Awarded a Jury Citation for Residential Architecture (New Houses) in the recent 2020 National Architecture Awards, Glebe House by Chenchow Little is a new take on traditional timber-lined bungalows and includes majestic upturned-arch windows that draws light into the sculptural white interiors spaces.
-
Image - Richard Bennets
-
#glebehouse #architectureawards #Architecture #Residential #Houses #Interiors #interiordesign #AustralianArchitecture #AustralianDesign #AustralianHomes #glebe #chenchowlittle #SydneyArchitect #SydneyInteriorDesign #luxuryhomes #sydneyeast #realestate #millionairedollarlisting #property #sydneysothebys #goldbros #sydney #sydneyproperty #houses @chenchowlittle
As part of our series on award winning local archi As part of our series on award winning local architecture and design, this week we focus our attention on 'GB House' by Sydney based architect Renato D'Ettorre. This magnificent house in Gordons Bay has won multiple awards including the coveted 2019 Wilkinson Award - The most significant residential architecture prize awarded in the state of NSW.
-
About GB House - Positioned in a magical site above Gordons Bay, this house embodies the spirit of seaside living – endless ocean, rocky headland and the ideal north-east aspect.  The design is discreet in scale, has a quiet focus and layered materiality, and is sensitive to both site and neighbours providing mystery and privacy along one of Sydney’s busiest coastlines.
-
To view this stunning architectural marvel click on the link in our bio.
-
Image curtesy of @renatodettorrearchitects 
-
#GBHouse #WilkinsonAward #Architecture #Residential #Houses #Interiors #interiordesign #AustralianArchitecture #AustralianDesign #AustralianHomes #Beach #ocean #CoastalLiving #SydneyArchitect #SydneyInteriorDesign
#oceanviews #gordonsbay #luxuryhouses #luxuryhomes #sydneyeast #realestate #millionairedollarlisting #property #travel #sydneysothebys #goldbros #sydney #sydneyrealestate @sydneysothebysrealty @barryigoldman @markgoldman1
Sold Dover Heights. With several high-profile sale Sold Dover Heights. With several high-profile sales, including the pre-auction purchase of this magnificent family home in Dover Heights last week, November is proving to be a great month for Goldman Brothers Team. Deny Bernardo and Barry Goldman did a great job marketing this exceptional residence and together they negotiated a sale price that exceeded vendor expectation.
-
Click on the link in our bio for further information.
-
#doverheights #luxuryhouses #luxuryhomes #sydneyeast #realestate #realestateagent #millionairedollarlisting #property #travel #propertyinvestor #realestateagency #vaucluse #realestatesydney #luxurylisting  #propertydevelopment #sothebys #sydneysothebys #goldbros #sydney #sydneyrealestate #interiordesign #architecture @sydneysothebys
Sold ‘off-market’ in 3 days. No advertising, m Sold ‘off-market’ in 3 days. No advertising, marketing or sales campaign. Just what we do best...matching buyers to properties and negotiating the sale.
-
Click on the link in our bio for further info. 
-
#doverheights #luxuryhouses #luxuryhomes #sydneyeast #realestate #realestateagent #millionairedollarlisting #property #travel #propertyinvestor #realestateagency #vaucluse #realestatesydney #luxurylisting  #offmarketsale #propertydevelopment #sothebys #sydneysothebys #goldbros #sydney #sydneyrealestate #interiordesign #architecture @sydneysothebys
The Design Files + Laminex Design Awards 2020 were The Design Files + Laminex Design Awards 2020 were announced last week, with some stand-out local projects amongst the awards. 
*
This is the winner of the Residential Architecture award; Bismarck House at Bondi Beach by Andrew Burges Architects. 
*
Click on the link in my Bio to see this and all other winning projects. 
*
Photography by Peter Bennetts & Prue Ruscoe
*
#luxuryhouses #beachhouse #bondibeach #bondi #beach #luxuryhomes #realestate #realestateagent #property #travel #realestateagency #realestatesydney #luxurylisting #propertydevelopment #sothebys #sydneysothebys #goldbros #sydneyrealestate #interiordesign #architecture #designawards #architectureawards
One of Bondi's best Penthouses, 701 at the Boheme, One of Bondi's best Penthouses, 701 at the Boheme, Bondi Beach has just been sold 'off-market' by Barry and the Goldman Brothers team at Sydney Sotheby's International Realty. With privacy paramount, the sale of this spectacular beachside residence was conducted in confidence, with the purchaser brought into the negotiations via our expansive network of industry contacts. Whilst the details of this sale are confidential, we are more than happy to discuss our various sales and marketing strategies with you, including 'off-market’ campaigns. 
-
Click on the link in our bio for further information.
-
-
-
-
#luxuryapartment #penthouse #bondibeach #bondi #beach #luxuryhomes #realestate #realestateagent #millionairedollarlisting #property #travel #propertyinvestor #realestateagency #realestatesydney #luxurylisting  #propertydevelopment #sothebys #sydneysothebys #goldbros #sydney #sydneyrealestate #interiordesign #architecture @sydneysothebys
There's nothing better than getting feedback for a There's nothing better than getting feedback for a job well done. We're so glad that both clients (vendor and buyer) were happy with the outcome of this sale. For more client testimonials check out the link in our bio.

-
-
-
-

#testimonial #ratemyagent #barrygoldman #luxuryhomes #privatesale #doublebay #bellevuehill  #doverheights #bondi #realestate #realestateagent #millionairedollarlisting #property #propertyinvestor #realestateagency #realestatesydney #luxurylisting #propertydevelopment #sothebys #sydneysothebys #goldbros #sydney #sydneyrealestate #interiordesign #architecture
We've just listed this beautiful 3 Bed 2 Bath 2 Ca We've just listed this beautiful 3 Bed 2 Bath 2 Car apartment in Bellevue Hill. Immaculately presented, this family home has been stylishly redesigned throughout and comes with an on-title garden, large covered balcony, new kitchen and new bathrooms. Click on the link in our bio for further info.
-
-
-
#familyhome #apartment #bellevuehill #luxuryhome #realestate #realestateagent #sydneyeastersuburbs #property #propertyinvestment #realestateagency #realestateexpert #realestatesydney #luxurylisting #bondibeach #rosebay #sothebys #sydneysothebys #goldbros #sydney #sydneyrealestate #interiordesign #architecture @sydneysothebys @markgoldman1 @barryigoldman
And sold! This stunning penthouse at 43/16 Neild A And sold! This stunning penthouse at 43/16 Neild Ave sold at auction (on-site) earlier today. A great result for all parties.
Follow on Instagram
CONTACT US

Barry Goldman – 0418 890 210
Mark Goldman – 0411 193 299

Tel: 02 8355 6783
Fax: 02 9362 1930

Sydney Sotheby’s
International Realty

Level 3, 45-51 Cross Street
Double Bay NSW 2028

Copyright 2020 - The Goldman Brothers - Admin Login | Site by AMC Creative