Good Time for Non-Citizens & Non-Permanent Residents in Australia Looking to Buy A Real Estate Property

Australia - Indicative Map and Zoning
If you are an individual or an entity other than Australian citizens and Australian Permanent Residents, who always intended to buy and own a Real Estate property in Australia, perhaps it can't be a better time than now in this decade.

The Australian federal government reportedly have heeded to the long-pending demands of the country's real estate developers about formulating certain mitigating plans to tackle the problem of glut of apartments by removing a restriction on foreigners (read- Non-Citizens & Non-Permanent Residents in Australia- for the term 'Foreigner' here in this context) buying new dwellings, reports 'The Australian' on November 28, 2016. This, in fact, implies that the home sales via usual routes of auction as well as direct buy-outs saw increased successful transactions off late.

On hindsight, the rules pertaining to the purchase of an Australian real estate entity by anyone other than Australian citizens and Permanent Residents were reasonably complex especially after measures recommended by the Foreign Investment Review Board (FIRB) were put in force in December 2015 along with plausible clauses of compliance and heavy penalty to the defaulters.

The importance of owning a Real Estate investment in Australia is a much looked after activity by non-citizens especially in the areas of housing dwellings because of the simple fact that the Australian housing market hasn't suffered a fall in median house prices over a maximum of 20% in one particular financial year since the year 1900 when the records & book-keeping practices were started there.

The new foreign investment rules of Australia are understood to have been modified so as to provide ample stimulus to the construction sector and help the builders and their investments. Ironically, until very recently, the dwellings could not be sold to non-citizens as they were legally termed as "secondhand deals in Real Estate sector". Under the new rules, dwellings bought off the plan that fail to settle shall be assessed as if they were new housing units, and not just the old dwellings.

Australia Real Estate
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For more related info, interested readers may visit the Australian Federal Government's portal on 'Housing & Property'
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