Starting 1 April 2025, foreign buyers will be banned from purchasing residential properties in Australia for at least two years. This restriction, set to expire on 31 March 2027, applies to all established dwellings and extends to foreign companies and entities, unless they qualify for a limited exemption.
In general, if you are not an Australian citizen or not ordinarily residing in Australia, you will be classified as a foreign purchaser under these rules.
With an upcoming federal election, the laws surrounding these changes remains uncertain while the Australian government is in ‘caretaker’ mode. However, it is important to proceed as if these changes are already in effect until after the election.
If you’re considering purchasing residential property in Tasmania and are unsure how these changes affect you, Simmons Wolfhagen is here to help.
Contact us today for expert legal advice and guidance on your property inquiries.