Australia Property Ownership

If you are not an Australian resident, or entitled to permanent residence in Australia, your purchase may require the prior approval of the Foreign Investment Review Board. Generally speaking, the Board will not approve the purchase of residential real estate by people who are non-residents and not entitled to become residents. However, each case needs to be looked at on its merits, and if you are an overseas investor looking to buy in Australia, you will need detailed legal advice on the issue.

Australia Transaction Information

Real estate agents in Australia share an MLS that operates in all major capital cities and some provincial cities. The MLS is usually provided by Real Estate Instituties. There are seven such systems or networks in Australia and the systems are regional.

Australia Trade Associations

Real Estate Institute of Australia (REIA)
P.O. Box 234
Deakin West
ACT
2600
Australia

Phone : +61 2 62824277
Fax : +61 2 62852444
Web : www.reia.com.au

The Real Estate Institute of Australia (REIA) is the national professional association for the real estate sector in Australia. Founded in 1924, REIA is one of the oldest professional associations in Australia. Since 1975, REIA has been based in Canberra. REIA represents the interests of the real estate sector to the Federal Government. REIA has 8 members, being the State and Territory Real Estate Institutes, which collectively represent about 6500 real estate firms and licensed estate agents (about 70% of the industry nationally).

Urban Development Institute of Australia (UDIA)
Suite 404a
16-18 Cambridge Street
Epping
NSW
2121
Australia

Phone : +61 2 98683677
Fax : +61 2 98687117
e-mail : info@udia.com.au
Web : www.udia.com.au

The Urban Development Institute of Australia was first established in New South Wales in 1961, followed by Victoria, South Australia, Western Australia and Queensland, and became a National body in 1972. UDIA National is a federation of five state associations which aims to advance the interest of members and improve the urban development industry through achieving sustainable urban development.

Australia Land Rights

A person who buys a property is required to pay State stamp duty on the purchase price, but no duty is payable on any chattels shown on the contract. The value of the chattels is deducted when the stamp duty is being calculated. If the total value of the chattels is more than four per cent of the purchase price, you must show the value of each item in the contract.

Australia Forms of Ownership

Sole proprietorships are common in Australia. The registration requirements for a sole proprietorship are similar to those for a partnership. Foreign proprietors must appoint a resident agent, and that agent must be a resident in the state where the business is registered.

Australia Real Estate Info Summary

Title & Contracts in Australia

Real property is sometimes conveyed after death by means of a written will or by operation of law. If the property owner dies within the state and has no survivors, the property will escheat to the government.
Deeds are used to convey ownership of real property in Australia. They must be signed by the grantor and delivered to the grantee.

Australia has a land title system based on the torrens system of land regulation. There are land registration districts throughout Australia and titles must be registered in the district where the property is situated. The register is designed to be relied upon and registration provides conclusive proof of ownership and related matters affecting title.

The standard contract for the sale of real estate has two sections:
Contract for Sale of Land by Offer and Acceptance
Joint Form of General Conditions for the Sale of Land
Both forms have been issued by the Real Estate Institute of Australia and the Law Society, and approved by the Settlement Agents Association.

Property Taxes:

Land tax levied by each of the state governments (but not the Commonwealth government) on the value of land (other than land that is exempt.) The rates vary on a sliding scale, increasing according to the value of the property.

The legal representative arranges the settlement date, time and location and will inform the mortgagee. Generally, the settlement takes place some four to six weeks following the exchange of contracts.
On settlement day, the balance of the purchase price is paid and the title deeds are transferred.