FOREIGN INVESTMENT REVIEW BOARD (F.I.R.B)
Residential
Residential real estate means all Australian Urban land other than commercial properties (that is offices, factories, warehouses, restaurants, shops). Acquisitions of "hobby farms" and "rural residential" blocks by foreign interests are included in the residential real estate category.
Foreign purchasers intending to acquire real estate in Australia must seek prior approval form the Government through the Foreign Investment Review Board unless specifically exempted by the Foreign Acquisitions and Takeovers Regulations.
Entering Into a Contract
All contracts by foreign persons to acquire interests in Australian Real Estate must be made conditional upon Foreign investment approval, unless approval was obtained prior to entering into the contract.
If you are unsure of your situation, always refer to your Legal Representative for guidance.