Changes to Foreign Purchases of Established Dwellings

 Changes to Foreign Purchases of Established Dwellings

On 16 February 2025, the Australian Federal Government announced a temporary ban for at least 2 years on foreign purchases of established dwellings. From 1 April 2025 to 31 March 2027, temporary residents and foreign-owned companies cannot apply to buy an established dwelling in Australia.

Possible exemptions include investments that support housing supply and for the Pacific Australia Labour Mobility (PALM) scheme. Preexisting exemptions also still apply, such as those for permanent residents, New Zealand citizens and spouses of Australian citizens, permanent residents or New Zealand citizens.

The ban will be enforced through screening of foreign investments and a tougher stance on foreign investments for vacant residential land development to ensure the investment meets development conditions.

If you are unsure if this applies to you or you have any questions, please do not hesitate to contact me. I am here to help.