Demand from Chinese speaking investors is up – but that’s not the whole story

Property Observer

According to AustraliaÕs foreign direct investment laws, non-residents can purchase new dwellings directly from developers. They are also able to purchase single blocks of vacant land to build a new home, so long as they commence continuous construction within 24 months of receiving approval. The same conditions apply to buying a block for the development of multiple residences. They cannot purchase a second-hand or established property unless it is uninhabitable and they intend to redevelop. Temporary residents are able to purchase established residences, so long as they live in the property for the duration of their ownership and donÕt rent any part of it out. Of course, there are ways around this. ItÕs unclear who exactly is responsible for checking a buyerÕs citizenship status when a property is purchased. And with many foreign investors with family members living in Australia it isnÕt difficult to park a property under a relativeÕs name. But according to Esther Yong, the director of ACProperty.com.au, an Australian Chinese-language property listings site, the foreign investors sheÕs encountered are meticulous about obeying AustraliaÕs regulations…