The Overseas Investment Amendment Bill (OIAB) came out earlier this week, which was said to have “softened” what is now dubbed as the foreign buyer ban.
There has been a lot of uncertainty about any unintended consequences these changes may have – including effects on the rural sector.
Law-firm Duncan Cotterill’s Special Counsel Christina Lefever told Rural Exchange that the Bill contained significant changes, but won’t be hugely significant for rural property.
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The changes primarily target residential property, so Ms Lefever said rural property with residential features may be included in the amendments. The Bill also made changes to forestry investments.
“Other than that, the amendment bill won’t have a significant impact on the rural sector,” she told Rural Exchange.
She explained that the bill typically defines property type as it’s used, rather than how it’s zoning.
“It will be reasonably black and white,” she said.
Rural Real Estate on Rural Exchange is a regular feature on REX thanks to our friends at Bayleys Real Estate.
Watch the full interview with Christina Lefever above.