Can a foreigner buy property in Melbourne Australia?

Australia is one of the few countries that welcome foreign property investors. According to a research by Australian Bank, ANZ, foreigners buy up to 25% of new properties in Australia.

As a foreign resident investing in Melbourne and Australia, the type of property you can buy is dependant on your residency status. By default, you are a non-permanent resident or a temporary resident, if you do not hold either a permanent Skilled Migrant or permanent Business Migrant visa.

Here's what a foreigner can buy in Melbourne.

You will also need to pay an application fee as per the table below:

From 29 July 2022 to 30 June 2023

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From 1 July 2023 to 30 June 2024

Note: the FIRB fee is now indexed to inflation and will be updated annually. Refer to the FIRB website for the latest FIRB application fee.

There are tax implications for investing in Australian property. Any rental income received from the investment will need to be declared on an Australian tax return, and, you’ll need to pay Capital Gains Tax on any profit made when selling the property.

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*Source: FIRB.gov.au

If you are a non resident planning to invest in Melbourne properties, have a chat with us. Our Melbourne based Buyers Agent service helps property buyers understand the Melbourne property market, outsmart the other buyers and avoid the inflated pricing.