5 March 201. 5First National Real Estate's chief executive, Ray Ellis says the network has received enquiry from New Zealand citizens, concerned that the Government's crackdown on foreign investment in residential real estate could apply to them.
'As the Australian dollar falls, more New Zealand citizens are exploring opportunities to invest in Australian real estate but some are concerned that proposals to increase compliance requirements for foreign investors might affect them as well' said Mr Ellis.
'It's not surprising that our Kiwi cousins are keen to take advantage of the current strength of their dollar and there is no impediment to them investing here.'
The Government released a consultation paper on 25 February that seeks feedback on its proposal to strengthen Australia's foreign investment framework, particularly in relation to its effects on residential real estate and agriculture. New fees, penalties are proposed as well as prison sentences for those who breach foreign investment rules.
'Australian and New Zealand citizens have long bought property on both sides of the Tasman. The Government's policy is that New Zealand citizens are exempt from applying for Foreign Investment Review Board approval when purchasing Australian residential property' said Mr Ellis.
'Discussion about foreign investment over the past twelve months has centred on compliance and enforcement of existing legislation, not the exclusion of any nationality from buying in Australia.'
Foreign national's interested in investing in Australian residential real estate are advised to visit the Foreign Investment Review Board website - www.firb.gov.au
