The FIRB application fee for overseas property purchases has doubled from July 29, 2022.
According to FIRB data, foreigners have been purchasing Australian homes annually for the past four years, with VIC, NSW, and QLD remaining the most popular regions. Compared to 2019-20, sales in 2020-21 increased by 58.6%*, while the value of sales increased by 83.9%*.
Although the latest annual report has not yet been released, the extent of the impact of the interest rate hike on foreigners' willingness to purchase Australian homes remains unknown. However, we believe that, driven by the economic impact of the 2032 Brisbane Olympics, the government is expected to launch large-scale infrastructure projects to improve transportation, community facilities, and other supporting facilities to support the Olympics. Therefore, Australian real estate will remain a key investment project in the next 10 years.
*Source: https://firb.gov.au/…/insights-foreign-purchases-and……
The Australian government currently allows foreigners to purchase new buildings, with no limit on the number, but they must apply for FIRB in accordance with the requirements of the Australian Taxation Office.
Q: What is FIRB?
A: FIRB stands for The Foreign Investment Review Board. It is a body established under the Foreign Acquisitions and Takeovers Act 1975 (Cth) (FATA) and reports to the Treasurer. FATA requires certain investments in Australian businesses, entities, or land to be reviewed by FIRB before they proceed.
Q: Who needs to apply for FIRB?
A: Temporary Resident
Holders of temporary visas (e.g. Partner visa, 457 work visa, Temporary Skill Shortage visa, Investor visa 188 or student visa);
Foreign residents, foreign investors
Q: How much does a FIRB application cost?
A: Currently, if you are purchasing a new property priced at AUD$1M or below, the application fee is AUD$13,200 (~HKD$72,600)*
* For detailed fee information, please visit:https://firb.gov.au/guidance-resources/guidance-notes/gn29
Q: How long does it usually take to apply for FIRB?
A: It usually takes 10-30 days for approval + 10 days for notification. Please check with your lawyer/Buyer's Agent for details.
For more information on FIRB, please visit 
https://firb.gov.au/apply-now
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