Investing in canberra
If you’re thinking about investing in Australian real estate, here’s our quick guide to get off on the right track.
Do I qualify?
To buy an established property, you must have been a resident for at least 12 months or be buying in partnership with a resident if you meet certain conditions. If you do not qualify as a resident, you may still be able to a newly developed property.
What about taxes?
You will usually pay a tax, known as Stamp Duty, of .3% to 2.5% of the purchase amount, depending on where the property is. You may also have to pay an annual land tax if you own property worth more than a certain amount.
These taxes vary between states and territories, so visit the relevant government website to see what taxes will apply to you.
If you’re new to Australia, don’t rush in and buy the first property you see.
Get to know the city you’ve targeted or consider using a local buyer agent to help you with your search.
If you want to see if you qualify to buy established property in Australia, check with the Foreign Investment Review Board at:
www.firb.gov.au
