Expatriate and Foreign Investors
PK PROPERTY – YOUR “EYES & EARS” ON THE GROUND WHEN PURCHASING PROPERTY IN SYDNEY
After establishing ourselves as Sydney’s first Buyer’s Agents back in 1997, PK Property today services more expatriates and foreign investors than anyone else in our field.
We have worked for clients in many overseas destinations including the UK, Hong Kong, Singapore, USA, China, UAE, Japan, Sweden, Africa, Indonesia, Ireland, Netherlands, Spain and many more.
Whether returning to Australia, relocating, or looking for an investment property to get ahead of the growth cycle, PK can assist you every step of the way. Our complete buying solution service not only eliminates emotional impulse buying that often arises as a result of time restrictions, but also provides you with the confidence that you have bought the right property at the right price.
At PK Property, we understand that when you return home for a brief visit, the last thing you want to spend your time doing is looking at properties that don’t suit your criteria or negotiating on a contract of sale.
We also understand the challenges of buying property remotely and will ensure every detail is attended to, resulting in a sound, stress-free and educated property purchase.
Some key benefits:
- At PK Property, we deal with a large number of overseas buyers and understand that part of our job is operating within different time zones. We also understand the urgency of a property negotiation and the emotion it entails. Therefore, we make ourselves available 24 hours a day, 7 days every week of the year. See contact us or meet the team
- We also understand that the wants and needs of expatriate/foreign investors are very different to local buyers. We specialise in accommodating these wants & needs and make it a priority at all times to keep you totally informed and up to date on your property purchase.
- Our service levels are maintained to the highest possible standard, therefore you will always be allocated two senior staff members to your property search & negotiation. One will be a senior property search consultant, the other an experienced qualified Buyer’s Agent for superior negotiations.
- One of the most important things when representing an expatriate or overseas client is protecting their confidentiality. If the agent or seller knows they have an expat or overseas buyer wanting to purchase their property, they instantly think they have someone that can afford to pay a lot more than a local buyer. There are many creative techniques used to ensure confidentiality in the buying process. Here at PK Property, we have all the techniques.
As a PK Property client, you can be assured of professional and thorough service from exchange of contracts until settlement.
Above all, we promise to help you counter misinformation, overpricing and emotional impulse buying to ensure you buy the right property at the lowest possible price every time.
- When you have arrived and settled into Sydney, your Buyer’s Agent can pick you up and take you to the shortlisted properties or you are welcome to follow in your own transport. We can also organise a child minding service should you want more freedom during property inspections.
- PK has purchased many properties “sight-unseen” over the years, and should you prefer to purchase in that manner, you can always ask a family member or associate to view properties with us for a second opinion.
- You will be given access to a secure client access login area on our website. This allows you to view all digital photos, videos, floor plans etc of properties that may suit your brief. This login area will be your main line of communication with PK Property and is where all information is stored for quick reference.
- We can organise all support services relating to your purchase – solicitors, finance & tax advice (both local and overseas) pest & building inspections, valuers, strata searches, property management, FIRB approval and many more industry related referrals. All you have to do is choose your dream home or investment property and we will do the rest.
We understand that purchasing a property from overseas can seem stressful and overwhelming. That’s why we are here to provide a calm and educated approach during the decision making process.
Please note : Peter Kelaher Director of PK Property has been conducting overseas property buying seminars since 2001 for expatriates & foreign investors. So make sure you join our Sydney property market update newsletter (top right hand corner) for your next seminar invitation.
The Australian Government’s foreign investment policy has been designed to increase investment in Australia, and ensure that such investment meets the needs of the Australian community. The Australian Government acknowledges the important contribution offshore investment makes to the development of Australia’s industry and community.
Definition of A Foreign Investment is briefly described as:
- A person not ordinarily resident in Australia
- A corporation, business or trust in which a foreigner and any associates have 15% or more ownership or in which several foreigners have 40% or more aggregate of the ownership.
- A Temporary resident’ including all foreign nationals living in Australia who;
- Holds a valid temporary visa which permits them to stay in Australia for a continuous period of more than 12 months (irrespective of how much time is remaining until that visa expires); or
- Have submitted an application for permanent residency (PR), and hold a bridging visa which permits them to stay in Australia until their PR application has been finalised
Short-term visitors such as tourists, business people and those here for a medical procedure are not temporary residents.
Proposed purchase of residential real estate is exempt from examination in the case of Australian citizens living abroad who are holders of permanent visas or entitled to hold a ‘special category’ visa. Other situations where approval is normally granted includes:
- Foreign nationals purchasing residential real estate as joint tenant with an Australian spouse.
- Foreign companies purchasing second hand dwellings for the use of their Australian based staff provided that they sell or rent the dwelling if it is expected to remain vacant for more than 6 months. There is no limit to the number of established dwellings which can be purchased, where required for employee accommodation.
- Foreign nationals being Temporary Residents [i] purchasing:
- An established dwelling to be used as their principal place of residence (not for investment purposes);
- Any new dwellings; and
- Single blocks of vacant residential land (other acquisitions of vacant land will require notification and will normally be approved subject to development within 24 months).
4. Foreign students resident in Australia are able to purchase an established dwelling as their principal place of residence.
Redevelopment of second hand dwellings
Foreigners may apply to redevelop a second hand dwelling. Development must increase the number of dwellings and no rental income can be obtained from the existing dwelling prior to demolition. Such redevelopments are required to demolish the existing dwelling and commence construction of the new dwellings within 24 months in line with vacant land.
Proposed acquisitions of commercial development is normally approved unless it is contrary to the national interest. Accommodation facilities such as hotels, motels, hostels and guesthouses are treated as commercial real estate rather than residential real estate. Acquisitions of such facilities – or individual units within them – valued below the relevant developed commercial property threshold are exempt from the FATA and do not require notification and approval. This is determined by the Government on a case by case basis.
For further information, click here to view the Foreign Investment Review Board web site.
Call our Buyer’s Agents now on (+612) 9960 1066 or email us today to receive our full fee guide.