FIRB Rules Restrict Foreigners to New Dwellings

Foreign persons typically require Foreign Investment Review Board (FIRB) approval to buy residential property in Australia, with current rules largely restricting them to new dwellings, off-the-plan properties, and vacant land for development.

This policy aims to prioritize local buyers for established homes. In Melbourne's western growth corridor, this means foreign investors will likely focus on new developments, potentially boosting demand for new housing projects in the area.