Foreign persons generally need to apply and receive foreign investment approval before purchasing vacant residential land for development.
Foreign persons will normally be allowed to purchase vacant land for residential dwelling development, subject to conditions that:
- The development is completed within four years from the date of approval; and
- Evidence of completion of the dwelling/s is submitted within 30 days of being received. This could include a final occupancy or builder’s completion certificate.
Vacant land that previously has an established dwelling on the land would generally not be considered as vacant land for the purposes of Australia’s foreign investment framework.