The proposed acquisition of residential real estate is exempt from examination by the Board in the case of Australian citizens living abroad, who are holders of permanent visas or are entitled to hold a special category visa.

Foreign interests are usually given approval to buy vacant residential land, on condition that construction of a dwelling is to commence within twelve months, and approval will also usually be granted to purchase apartments and townhouses off-the-plan, or that are under construction, or that are newly constructed and never occupied, on condition that no more than half of the apartments in any one development are sold to foreign interests.

Other situations, where approval is normally granted, includes:

• Foreign companies buying residences in Australia for their senior executives,
• Foreign nationals temporarily resident in Australia for more than 12 months who are buying for their own use as a principal place of residence, subject to the sale of the property when they cease to reside in Australia, and
• Foreign nationals purchasing residential real estate as joint tenant with an Australian spouse.

Full details can be obtained from the Foreign Investment Review Board:

http://www.firb.gov.au/content/default.asp