Australian real estate: Complete guide to buying property in Australia

If you’re planning to purchase a property in Australia as a local resident, expat, or foreign investor, this guide is for you. We’ll look at the end to end process of buying a property in Australia, from the steps to take, the costs you’ll likely need to budget for, and some top tips. Plus, we’ll cover how services like Wise can help optimize currency exchange, reduce transfer fees, and simplify the financial aspects of property purchases.

Key takeaways

• Buying a property in Australia is possible for foreigners resident in Australia – but there are some eligibility requirements and rules which mean not everyone is able to buy every property 
• Getting professional help from a local real estate agent or solicitor can help the purchase process go smoothly
• Australian property costs have risen sharply in recent years, with the market seeing unprecedented growth recently 
• When buying a property in Australia you’ll need to budget for the purchase costs but also additional legal fees, real estate agent costs and transfer taxes
• Once you’re ready to close on your purchase you’ll need to settle all outstanding debts before you get your keys – if you’re sending your payment to Australia from overseas, a provider like Wise can help you cut the overall costs of your transfer

Can foreigners buy property in Australia?

To buy a property in Australia, foreigners may need to get permission in advance from the Foreign Investment Review Board (FIRB). It’s important to note that rules for foreign ownership of property in Australia are pretty complex and subject to review, which means that getting support from an agent may be necessary to help you understand your options.

Generally, you can buy property in Australia without restrictions if you are:

• A citizen of Australia
• A permanent resident of Australia, residing in Australia
• A New Zealand citizen with a special category visa

If you do not fall into these categories you are likely to need to apply to the FIRB before you buy a property in Australia. Cases are dealt with individually on application, and the permissions available can depend on the property type.

In addition to these rules, from 1 April 2025 to 31 March 2027, temporary residents in Australia may not be allowed to buy established properties.

For this purpose, a temporary resident is an individual who:

• Is a New Zealand citizen who is non-resident in Australia
• Has a temporary visa to stay in Australia for 12 months or more 
• Is in Australia under a bridging visa while a permanent resident visa application is processed

Some types of property may still be bought by temporary residents under these rules. These include new properties, off plan properties, residential land for development and properties for redevelopment.

This article is for information only and does not constitute advice. Get professional support to navigate the legal and practical process of buying a property in Australia as a foreigner.

Requirements to buy property in Australia

The requirements to buy property in Australia depend on your nationality and residency. You’ll first need to carefully check the rules about foreign ownership of property in Australia, which are relatively complex.

Generally there are no restrictions on Australian citizens and permanent residents buying a property. However, other foreigners may need to get advance permission to buy – and in some cases will not be able to buy established homes due to a temporary ban running to 2027.

Once you’ve confirmed you’re eligible to buy a property you’ll need to provide some important documents such as:

• Proof of ID – usually your passport
• Your tax information 
• Proof of assets, earnings or income, depending on how you will finance the purchase

How to buy a property in Australia: Step-by-step guide

A property is likely to be one of the most expensive purchases you’ll ever make – so having a handle on the process to follow can offer peace of mind and make everything move more smoothly.

Here’s an outline of the process you’ll follow when you buy a property in Australia:

Step 1 – Check eligibility rules

Before you start you must check you are eligible to buy a property in Australia. You can usually buy a property without restriction if you are an Australian citizen or permanent resident. If you are not, you may be subject to some restrictions, or you may need to apply for permission to purchase a property.

Under rules in place from 1 April 2025 to 31 March 2027, temporary residents in Australia may not buy established properties in most cases. There are still some property types – including new and off plan homes, and land for development – which you can buy, but getting advice is helpful to navigate these rules. You may need to get permission to purchase a property in advance even if you are eligible to purchase that property type.

Step 2 – Set a budget and get professional help 

Once you’ve established the type of property you are eligible to buy you’ll need to set a realistic budget which may mean you need to get preapproved for a mortgage if you’d like to buy with a loan. Don’t forget to also budget for associated costs like transfer taxes, legal fees and closing costs – plus the ongoing costs of running your new property once you get it.

At this early stage it’s a good idea to assemble professional support – including a real estate agent and lawyer who can help you navigate the process of buying a new home. Finding experts with experience in your preferred area can make the process run far smoother.

Step 3 – Search and view properties

You can start your property search using online real estate portals, which offer simple search tools to find properties in your budget and preferred area to build a picture of the market. Some to look at include:

• Real Estate
• Domain
• View

Your agent can also support this stage – and set up viewings once you’ve shortlisted some places you’re interested in.

Step 4 – Make an offer

Your agent will draft an offer for you once you’ve found the right place for your needs, which includes a lot of information about the agreed purchase, including price, inclusions and offer expiration date. You’re likely to need to pay a deposit of about 10% of the purchase price.

Your offer can be unconditional, or conditional. Unconditional offers are binding, while conditional allow you to add in extra clauses such as getting the home inspected, and getting your mortgage approved if you’ve not already done so, prior to confirming the offer.

Step 5 – Complete due diligence and legal requirements

Your advisor and legal team can now advise you on the due diligence checks you should complete. Usually this will include a home inspection and appraisal – and for some homes, additional surveys for things like pest issues.

Your lawyer will also complete title searches and other legal checks in the background to ensure the property can legally be bought and sold.

Step 6 – Close and complete the purchase 

Once a closing date is confirmed, your agent and lawyer will work together to complete the legal side of the purchase, before you and the seller sign all the required paperwork to close the deal.

On the closing day you’ll need to pay any remaining balance on the property before you take possession. Consider using a provider like Wise to send your payment to Australia – with a dedicated large transfer service, low fees and mid-market rates, Wise is a cost-effective way to get your money where it needs to be quickly.

Insider tip: Why Andy chose Wise to buy a house abroad

Wise offers high value, low cost payments if you’re planning on buying a property in Australia or any other country overseas. When it’s time to pay your deposit, or cover legal or closing costs, your money is converted with the mid-market rate and low, transparent fees – there’s even an automatic fee discount for higher value transfers.

‘Excellent. I have been using Wise for years, bought a house abroad using it and found out that I don’t need a foreign bank account to cover for utilities. The app is easy to use and transactions are done very fast. The fees are reasonable. I love Wise!’

Can I use my Super to buy a property in Australia?

In Australia a Super (Superannuation fund) is a compulsory retirement savings system which employers pay into for Australian citizens and residents working legally in the country. Individuals can then also contribute to their Super fund, which can help to build a pot of savings for future use.

One possible use for some eligible funds in your Super is to buy your first property in Australia. It’s important to note that not all Super funds are eligible for use. You’ll need to have a first home super saver (FHSS) scheme which you pay into yourself to make use of this option. 

You can pay in 15,000 AUD annually, to a maximum of 50,000 AUD. Funds you pay into this account are taxed at 15% which may be lower than your income tax, making this an attractive option for eligible individuals. 
Generally using super to buy property is only an option for your first home. So if you’re wondering – can I use my super to buy an investment property or to buy commercial property – you’re probably out of luck.

How to buy property with Super

If you want to use your eligible Super funds for buying a property you must request a determination of value from the ATO. This will confirm how much money you can access from the Super to put towards your property.

You can then request the release of your savings, and upon providing evidence of your property purchase the funds will be released to you.

Property prices in Australia

Property prices in Australia vary enormously depending on the type of property, the location, the condition it’s in and many other market factors. The average property cost in Australia is over 1 million AUD at the end of Q2 in 2025. While this does cover many regional variations, the shortage of property and soaring prices have been factors which have caused the government to limit foreign purchase of homes.

Ultimately you’ll need to shop around to get a feel for the prices of the property type you are interested in, in the location you’re targeting. Using online real estate portals is a good bet, to build a picture of your options.

Data from a service like Numbeo can also give an idea as this offers prices per square meter, which you can use to build an idea of the costs for the size property you’d like. Here are some examples for major Australian cities:

Location	Price per square meter, city center	Price per square meter, outside of city center
Sydney	18,917.98 AUD	11,075.08 AUD
Melbourne	10,733.64 AUD	8,990.19 AUD
Perth	8,312.50 AUD	7,231.12 AUD

Data taken from Numbeo, 23rd September 2025 – data is sourced from users and changes frequently 

Property prices can be extremely sensitive to changes in external markets – and can change and evolve rapidly, so getting local support and advice from experts on the ground is essential.

Cheapest places to buy property in Australia

If you’re price sensitive, then looking for the cheapest options for Australian property makes sense. However, bear in mind that shifts in supply and demand cause frequent changes to housing prices, so getting up to the minute advice from local agents is advisable.

On a city level, properties in Adelaide, Darwin, and Perth are usually cheaper than Sydney and Melbourne. However, to find the cheapest available properties you usually need to target specific suburbs in the city you want to live in. As the affordability of different areas changes a lot, you may want to talk this option through with your agent when you decide on your budget so you can look in the best locations based on your buying power.

Factors affecting house prices

There are many factors affecting house prices including the location, market conditions, property type and age, and supply in the specific area. 

In fact, supply and demand is key to understanding the house price in many locations. If there are many properties being marketed to buyers, the prices may fall as each seller tries to capture interest – but where there aren’t many homes in a specific location, sellers may put prices up as buyers are willing to spend more for access to the limited supply.

Other important factors include infrastructure development – new highways or facilities can open up interest in an area and push up demand, for example. Broader factors like macro economic conditions, interest rates and global stability can also make a difference in the cost of housing.

Financing a property purchase in Australia

Your choices for financing a property purchase in Australia as an expat are likely to include mortgages and loans taken in Australia or your home country, or paying in cash.

Not all banks will offer a mortgage for an overseas property, so you may find it trickier to get a mortgage in your home country to buy in Australia. Working with a broker might make this process easier.

Australian banks might be able to help you with a mortgage, even as an expat – but the eligibility rules do vary and it can mean you have to have a higher downpayment compared to an Australian citizen. Interest rates might also be higher – compare a few options to find the best deal on the market for your specific needs.

How much does it cost to transfer money internationally to buy a house in Australia

If you need to send money from Australia, Europe, the UK, Canada, or anywhere else in the world for that matter you’ll need to find a reliable and low cost provider to help. Getting stuck with a bad service can mean you end up with poor exchange rates, hidden fees, and a slower than necessary transfer.

Because some providers and banks charge hidden fees, it is important to take a look at the total amount received, instead of the total cost of the transfer when you compare different services to decide which is best for you. To give an example of how this works, let’s imagine you’re sending a payment from the US to Australia to pay for the down payment on your new property. Here’s how the payment may work with Wise compared to a US bank:

Sending 50,000 USD to AUD	Sending money with Wise	Sending money with Chase
Send money fees	122.05 USD	0 USD
Exchange rate	1.51814 (Mid-market rate)	1.49954
Total received in AUD	75,721.71 AUD	74,977.23 AUD

Data taken from Wise comparison site, on 23rd September 2025.

In this example, you can see that you get more in AUD in the end with Wise. This is despite the fact that Wise’s transfer fees look to be higher compared to the fee used by Chase.

The key difference here is that Wise uses the mid-market rate, while the bank adds a percentage fee to the rate used. This is a common practice, but it can mean you’re paying more in fees than you expect. On high value payments in particular, this cost can add up significantly until the conversion cost is far higher than the upfront fee you’re paying for the transfer. 

Wise transfers use mid-market rates and transparent fees, which include a discount for sending large amounts abroad. Plus if you want, you can get a Wise account to manage your recurring payments in AUD, such as mortgage payments or utilities bills, and use your Wise account to manage your money across 40+ currencies conveniently and with low overall costs.

How much does it cost to buy a property in Australia? Cost breakdown

When you buy a property in Australia, the additional fees beyond the agreed property price are significant. You’ll need to build these into your budget to make sure your purchase can proceed. 

Here are some to consider – bear in mind that costs can vary by location, property type and many other factors, so getting personal advice is essential when building your property purchase budget.

• Transfer tax: Fees are very varied by state – get professional advice based on the location you’re buying in
• Inspection fees: Variable costs depending on property, often around 600 AUD – this may also be required by your mortgage company
• Closing costs: Variable depending on property type and location – this covers required legal fees, lender fees, and transfer fees for example
• Downpayment: This may be from 10% – 20% of the property value depending on your choices and the agreement you have with your lender
• Mortgage insurance – insurance may be required if you do not have a high deposit amount, costs vary depending on the provider and amounts

Ongoing costs: Don’t forget to budget for any other fees, as well as utilities, mortgage insurance and other costs

Government assistance schemes

Government assistance schemes to help people buy property in Australia include:

• Help to Buy
• Home Guarantee Scheme
• Home Super Saver Scheme

Help to Buy is available for Australian citizens only, and supports people to buy a first home if they have 2% of the deposit required. To be eligible you must have an annual income under 100,000 AUD and be buying a property which is priced under the relevant cap for the state it’s located in. 

Another option is the Home Guarantee Scheme which is open to Australian citizens and permanent residents. This supports first home buyers, and families buying a property, who have a deposit of 2% – 5% of the required amount. The government is looking to extend this scheme including removing income caps and raising the price of properties which are eligible.

Finally, legal residents of Australia may choose to use the Home Super Saver Scheme which allows you to make additional voluntary contributions to your Super which you can draw to buy a home. You can contribute 15,000 AUD annually, to a maximum of 50,000 AUD and may get tax benefits versus other savings mechanics.

Moving into the new property

Already closed on your new property? There are still a few things to do:

Insurance: Your bank might require you to have home insurance as a condition of your mortgage – it’s not mandatory if you own the home outright. 

Utility transfer: Ask the seller to provide details of utility providers before you close on the property, and contact them in advance of your move to start the transfer. On move in day, take any required meter readings and work with the providers to transfer the accounts into your name.

Setup services: You might want to bring over your old providers for internet, cable TV, phone services and so on – or it might be time to try for a new deal. Look into the options and costs depending on the services you value, so you know what you’ll need to do to keep continuous access when you move.

Manage ongoing expenses: Plan for all ongoing expenses like your mortgage and utilities when you set up your budget so everything is covered.

If you’re paying your Australian property costs from abroad, Wise’s recurring transfers can be set up for regular bills like mortgage payments, and utility costs, which can be especially beneficial for those earning in different currencies. Simply arrange a recurring payment so you can set it and forget it, knowing your bills will be paid on time every time, with the best available exchange rates and low fees.

Is Australia a good place to invest in property?

If you’re buying property for investment purposes in Australia you’ll need to get professional advice to make sure you’re making the best decisions based on your investment timeline and risk tolerance. Property costs are very high in Australia at the moment due to low supply – which also means there are some additional rules about foreign investors buying places there which you’ll need to understand.

As with any investment, market volatility and economic factors can mean that buying property is a good idea for some investors, but less attractive for others. Don’t rush into any decisions, and take time to thoroughly research the opportunities and risks.

It’s important to note that buying property in Australia doesn’t mean you get a visa automatically, and it is not a route to residency for Australia. You’ll still need to complete immigration processes if you intend to live in your property for the long term. 

If you do decide to buy property in Australia as an investment, look out for low cost providers for large amount transfers, such as Wise, which can mean you pay less in fees overall.

Pros and cons of buying property in Australia

Pros	Cons
✅Attractive destination to work, live, study or retire ✅Very broad range of property types for all budgets and needs ✅Well regulated property market with no language barrier to worry about ✅Soaring prices could make it interesting to investors – get advice if you’re thinking of property investment in Australia	❌You may not be entitled to buy certain properties as a foreigner, even with a visa to work there ❌Buying a property does not guarantee you a visa or citizenship ❌Market volatility may mean your investment does not perform as well as you might hope

Is it better to buy or rent property in Australia?

Buying vs renting in Australia is likely to come down to your personal preferences and needs. Rules which prevent foreign buyers from purchasing some property in Australia may also apply depending on your visa type.

High property prices may mean that the day to day cost of renting is cheaper in many locations than home ownership. However, if you choose to buy you do also have the prospect that the value of the home could increase over time – although there are no guarantees here.

If you’re a foreigner moving to Australia for a short while, renting is likely to be a more attractive option. Even if you plan to stay for longer, it gives you flexibility to move, and change homes while you find the place and set up that suits you and your family. On the other hand if you’re immigrating to Australia for good, putting down roots with a property of your own may appeal.

Weigh up the pros and cons of each to help you decide on the best route in your specific situation.

Understanding Australia’s property market and homeownership

In the most recent government census documents, home ownership in Australia was around 67% – a statistic which has been relatively stable in recent times. 

The property market in Australia is experiencing unprecedented growth at the time of writing. In fact, in June 2025, the Australian property market was reported to be worth five times the annual output of the economy. 

Property costs have risen enormously in the last 5 years, and seen steep rises in 2025 as well. This huge rise in property recently was triggered by falling interest rates. Analysts suggest this demand may be around for some time as the Australian government is proposing offering more support to home buyers to help Australians buy property more easily. This action is alongside measures to limit foreign investment in the market.

Expert tips for successful property purchase

Buying a property is a huge life event. To help make sure everything goes smoothly, here are some things to think about:

Know your budget: Before you explore property options, set a realistic budget which includes all the extras like legal fees and closing costs. Be prepared for ongoing costs of running a property to be significant as well – build a long term budget to make sure you have everything covered.

Get professional advice: Buying a property will require local knowledge and professional support from a real estate agent and legal professional. While you can go it alone, working with a professional team can make the process easier to navigate and less stressful on all involved.

Focus on structural details over superficial features: Once you own your property you can change most superficial and cosmetic details, but structural features are trickier. Look at the potential of a property including considering renovations and changes, if you see a fixer-upper and have the time, energy and budget to take it on.

Learn key local property terms and concepts: While Australia’s property market is similar to that in many other countries, it’s not likely to be exactly the same as in your home country. Take a little time to research the purchase process, including the acronyms and terms that a real estate agent may use.

Understand local market cycles and timing: Before you buy, get to know the location you’re searching in, including looking at trends in property costs and closure speeds. Different factors can influence both supply and demand in any given area, so understanding the usual flow can give you a competitive edge.

Managing finances for international property ownership

If you intend to buy a property in Australia from abroad, it’s important to find cost-effective methods of currency exchange management. From sending your downpayment and closing costs, through to managing your ongoing expenses in AUD, you could end up paying large amounts in fees and exchange rate markups if you rely on your bank.

Looking for a dedicated provider for currency exchange and international transfers can make managing your finances across multiple countries far easier and cheaper.

Wise offers a complete solution for international property buyers, including international transfers with mid-market rates and low fees, with automatic discounts when sending large amounts abroad. You can use the Wise rate lock features to protect against currency fluctuations, and set up recurring transfers for regular payments like mortgages and utility bills.

Because Wise fees are transparent – and you get the mid-market exchange rate to convert to or from AUD – you’ll always be able to see exactly what your international property is costing you in your home currency.

Conclusion

While buying property in Australia can be complex, it’s achievable with proper preparation and a local team of professionals in support.

Before you buy your Australian property you’ll need to make sure you understand local eligibility requirements for property ownership, market conditions, and financial requirements, so everything goes smoothly.

If you’re buying your property in Australia from overseas, take a look at Wise as an excellent way to send money internationally, with mid-market rates, low fees – and discounts on high value transfers.

FAQs: Buying property in Australia

How much deposit do I need to buy property in Australia?

The deposit amount you need to pay to buy property in Australia depends largely on the type of loan you have. Down payments from 5% to 20% are most common.

How can I save money on currency exchange when buying property in Australia?

If you want to save money on currency exchange when buying property in Australia, take a look at Wise as an excellent way to send money internationally, with mid-market rates, low fees – and discounts on high value transfers.

Are there limits to how much I can transfer abroad for property purchases?

There may be limits to how much I can transfer abroad for property purchases which are set by the provider you choose to send your money with. For high value international payments check out Wise which has transfer limits to Australia of as high as 5 million AUD depending on payment method.

How do I ensure security when transferring large sums for property purchases?

When transferring large sums for property purchases it’s important to use a reputable provider or bank which has high level digital security features. Providers like Wise use a secure platform, and have industry level safety measures. 

You are likely to need to complete verification checks which help keep your transfer safe, but it’s still crucial that you’re aware of property purchase scams, and take steps to protect yourself. 

Can I buy a house in Australia if I live abroad?

Australia has strict rules about foreign home ownership which may prevent some people living overseas from buying a property in Australia. In some cases you may be eligible to purchase a property but you may need to get advance permission, and not all property types may be available to you. Get advice to help navigate this based on your individual situation.

Useful resources

• Australian Taxation Office – steps to buying property

• Australian Taxation Office – Are you a foreigner buying property?

• Australian Taxation Office – Types of property a foreigner can buy

• Australian Taxation Office – Super Saver Scheme

• Australian Government Moneysmart site – buying a house

• Australian Government Moneysmart site – Super Saver Scheme

• Australia Bureau of Statistics – property data

• Numbeo – aggregated data on costs of living including housing costs in different cities 

• Commbank – stamp duty calculator

• Australian Treasury – government housing assistance

• Wise – Wise for low cost international payments and multi-currency account services 

Sources were last checked 23rd September 2025