The Federal Government’s decision to change the foreign investment framework to allow foreign buyers to purchase an off-the-plan dwelling when another foreign buyer has failed to reach settlement has been welcomed by the Real Estate Institute of Western Australia.

REIWA CEO Neville Pozzi said Australia’s national real estate body, the Real Estate Institute of Australia (REIA), had been instrumental in actioning these changes and that they would reduce the negative ramifications of off-the-plan sales to foreign purchases falling through.

“Off-the-plan developments are very prominent in Perth, so these changes will have a big impact on our local real estate industry by helping to eradicate the element of risk currently inherent with off-the-plan developments and foreign purchasers.

“We commend REIA for their advocacy efforts on this issue and are thrilled with how quickly it has been addressed by the Federal Government,” Mr Pozzi said.

The changes to the foreign investment framework come into effect immediately.

source:  REIWA  Nov 2016