Changes to property rules to benefit overseas investors
TEMPORARY residents and overseas businesses will soon be able to purchase residential property more easily in Australia.
The Federal Government has relaxed rules restricting their ability to buy local real estate.
The changes will streamline and update foreign investment screening arrangements, and benefit more than 7500 overseas purchasers.
Market flexibility will be enhanced, while compliance costs for temporary residents and the construction industry will be reduced, Assistant Treasurer Chris Bowen said.
The definition of temporary residents will also be aligned with contemporary visa categories.
Changes to property rules to benefit overseas investors - THE AUSTRALIAN
