The first two Insights into foreign purchases and sales of residential real estate reports publishing data from the Register of Foreign Ownership of Residential Land (the Register) are now available on the Foreign Investment Review Board website.
Information was taken from the Register to provide insights into purchases and sales of residential real estate by foreign persons from 1 July 2017 to 30 June 2018 (2017-18) and from 1 July 2018 to 30 June 2019 (2018-19).
The Register has been set up to provide greater transparency about levels of foreign investment in residential real estate in Australia.
Under legislation, foreign persons must apply for Foreign Investment Review Board approval prior to purchasing Australian residential real estate. Once approved, the purchase must be registered using the Land and Water Registration Form no later than 30 days after the date of settlement. There is no cost involved in registering.
Failure to seek foreign investment approval or to register on the Register of Foreign Ownership of Residential Real Estate may result in penalties including heavy fines. Foreign investors also have an obligation to update the register if their situation changes by completing the Land and Water Registration Form available on our website at ato.gov.au/AustralianALRregistrationform.
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