Can foreigners buy an investment property in Melbourne, Australia?
Can foreigners buy an investment property in Melbourne, Australia?

Can foreigners buy an investment property in Melbourne, Australia?

Melbourne is the capital of Victoria. Placed around a central city, the suburban area of ​​Greater Melbourne is approximately 9800 sq km, 40 km to the south, 30 km to the east, 20 km to the north, and an area of ​​large, flat basalt plains. West.

The municipality of Melbourne includes the inner city as well as the inner suburbs of metropolitan Melbourne. Our municipality is approximately 37 km 37 and shares its boundaries with seven other councils.

The municipality of Melbourne is the gateway to Victoria, the seat of the Victorian government, and the headquarters, bodies, and government and non-government agencies of many local, national, and international companies.

Real Estate in Melbourne

According to the annual report of the Foreign Investment Review Board (FIRB), the combined investment in commercial and residential real estate by foreign buyers stood at $ 87.8 billion in the previous fiscal year, surpassing investment in all other industries. Commercial property invested $ 73 billion, while residential property invested $ 14.8 billion.

Can foreigners buy an investment property in Melbourne, Australia?

Foreigners can purchase an investment property in Australia but there are rules and laws around the type of accommodation to purchase.

Foreigners or non-residents should apply to the FIRB to purchase their desired investment property.

According to the FIRB, the government’s policy is to inject new investments into new homes, create jobs in construction and support the economy overall.

While foreign investment in real estate can also fuel government revenue (such as through stamp duty and taxes), the FIRB states that against which it is generally believed that investment should increase the supply of housing.

Keeping that principle in mind, what type of housing can foreign investors buy:

New Buildings: These are usually unconditionally approved.

Vacant land: Investors will be approved for this, provided there is a plan to complete the construction of the house within four years.

Installed Housing: Foreign investors can only buy these if they plan to move out of existing housing and convert in greater numbers than before. For example, if a foreign investor bought a house, it was demolished and replaced by two townhouses.

Buying a house to live in: Foreign investors can buy a house to live in if they are temporary Australian residents. However, the house should be sold when you leave it until you become a citizen or permanent resident.

Top Tourist places in Melbourne

Federation Square

Federation Square opened in 2002 to commemorate 100 years of the Federation dividing Melbourne. Some liked it and people who hated it.

Either way, it has become an integral part of the city and is a great place for tourists to begin their sightseeing. Located in front of Flinders Street Station, a major public transport center, the building’s ultra-modern design contrasts with Victorian architecture in open and closed spaces.

Melbourne Cricket Ground and National Sports Museum

Melbourne is the sports capital of Australia, so it is no surprise that the city’s top tourist attractions have a sports stadium number. As the main stadium for the 1956 Olympic Games and the 2006 Commonwealth Games, the birthplace of Test cricket and the home of Australian rules football, “The G” is woven into the fabric of Melbourne.

The daily 75-minute tour takes visitors to tour the memory lane of great moments in the history of the sport and includes the National Sports Museum including the Australian Sports Gallery and the Olympic Museum. You can catch the game of cricket in football in summer or even during winter.

Southbank and Arts Center Melbourne

For a stroll away from the Flinders Street station on the banks of the Yarra River, the area is full of cultural attractions.  

National Gallery of Victoria

The oldest public art gallery in Australia, the National Gallery of Victoria produces more than 70,000 works of art in two city locations.

The International Collection is found in the building of St Kilda Road, which formerly opened in 1965 and was widely renovated in 2003. The building is famous for The Great Hall, where visitors are encouraged to lay on the floor and gaze at the stained glass ceiling.

Eureka Tower

Named in recognition of the Eureka Stockade, the Rebels were revolted at the Victorian Goldfields in 1854, the Eureka Tower occupies 91 stories above the ground in the center of Southbank.

Melbourne Museum & Royal Exhibition Building

This modern purpose-built museum has a diverse collection depicting societies and cultures. The main attractions include the Banjilaka Tribal Cultural Center; Stage Lap Exhibition, about Australia’s largest breed; And a children’s gallery, a series of hands-on activities designed to excite and engage the youth.

City Circle Tram Tour

According to a commentary, the Hop-on, Hop-off Heritage Tram passes through various other historic buildings including the Parliament House, the Old Treasury Building, the Princess Theater, and the Windsor Hotel. The tram goes every 12 minutes and the entire circuit takes about 50 minutes to complete.

Melbourne Zoo

Melbourne Zoo has 320-plus animal species has modern facilities in state-of-the-art enclosures. Another attraction is the Orange-Upton Sanctuary, where animals live in their treetop houses. The Melbourne Zoo provides a fun experience for animal lovers.

Yarra River Cruise

A riverboat cruise is not only the ideal way to see the sights, it is also an insight into the history of the Yara River. Many cruise companies can be found along Southbank, and rolling their bearings is a relaxing and fun way to get around before walking into the city. When you are gliding the river, the waterfront parkland, which originally celebrates tribal ties with the Yar River, is called the “river of head and shadow”.

Queen Victoria Market

A favorite place with locals and visitors, this traditional icon has been at the center of fresh food shopping. Apart from the luxurious food hall, the market stalls sell everything from clothes, art, and toys to that hard-to-find unique. Souvenir, five days a week. Visits are available, and special events such as night markets, music, and other ceremonies are often held during the summer.

Parliament House

Open to the public, the Parliament House is one of Melbourne’s best tourist secrets even during the session of Parliament House. It was built during the Gold Rush, and its interior is lavishly decorated with gold leaf, chandeliers, and luxurious mosaic floors. In the absence of a Parliament session, free, informative tours are held from Monday to Friday.

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