Stand-Alone Dwellings

Where the new dwelling to be purchased is a stand alone dwelling (for example a house/land package where construction has commenced or been completed) the purchase may be approved under this category providing:

* the developer has constructed a similar dwelling with overlapping construction dates;

* the similar dwelling is being sold, or has been sold for a similar consideration;

* the similar dwelling is in a proximal location; and

* the similar dwelling has been, or is to be, purchased by an Australian or other eligible person.

If a similar dwelling does not exist, foreign investment approval is not available under this category.

A property purchased under this category may be rented out, sold to Australian interests or other eligible purchasers, or retained for the foreign investor's own use. Once the property has been purchased, it is second-hand real estate and is subject to the restrictions applying to that category.