Can Foreign Investors Buy Property in Australia? New Homes, Apartments and FIRB Explained
Yes — foreign investors can buy property in Australia. But there are rules about what they can buy, a government approval process they must follow, and additional costs that apply specifically to non-residents.
This guide explains the framework clearly.
What Foreign Investors Can Buy
Non-resident foreign investors are generally limited to purchasing new residential property — newly built apartments, off-the-plan developments, and vacant land approved for residential construction. They cannot purchase established dwellings unless they are temporary residents and intend to use the property as their primary place of residence.
This makes Melbourne and Gold Coast new apartment developments, house and land packages in growth corridors, and off-the-plan projects the primary eligible products for offshore investors.
What Is FIRB?
FIRB stands for the Foreign Investment Review Board. It's the Australian government body that reviews and approves foreign investment in residential real estate. Before a foreign person can complete a property purchase in Australia, they must apply for and receive FIRB approval.
The application is submitted online through the ATO's foreign investment portal. The fee scales with the property purchase price — for a property under $1 million, the application fee is $14,100 (2026 rates; confirm current rates at time of application). Approval is typically received within 30 days.
The FIRB Application Process
Buyers submit their application with details of the property, purchase price, and intended use. For straightforward new residential purchases by individual foreign investors, approval is generally granted without conditions. Applications involving commercial property, agricultural land, or purchases by foreign government entities are subject to more detailed review.
Additional Stamp Duty for Foreign Buyers
In addition to standard stamp duty, foreign buyers pay a surcharge on residential property purchases. In Victoria, this is 8% of the purchase price. In Queensland, it's also 8%. This surcharge applies to the full purchase price and must be paid at settlement.
For a $650,000 apartment in Melbourne, the foreign buyer stamp duty surcharge is $52,000. This is separate from standard stamp duty and must be budgeted as part of total acquisition costs.
New Homes vs Established Property
The restriction to new property is a feature, not a limitation, for most foreign investors. New apartments and house and land packages deliver maximum depreciation benefits, modern construction standards, lower maintenance requirements, and — in Victoria — off-the-plan stamp duty concessions that can offset some of the foreign buyer surcharge.
Financing Australian Property from Overseas
Some Australian lenders provide mortgages to foreign buyers, though the lending criteria are more restrictive than for residents. Foreign buyers typically need a higher deposit (30–40%), and lenders will assess income from overseas employment or business operations.
VSNRY can connect international buyers with mortgage brokers experienced in foreign buyer lending.
Next Steps
VSNRY Property works with foreign buyers from initial inquiry through to settlement. We identify FIRB-eligible new properties, coordinate with legal and tax advisors, and manage the purchasing process from Australia on behalf of buyers who are unable to be present during the transaction.
