Visit the Foreign Investment Review Board website for more information on rules and regulations about buying a property as a foreign citizen.
www.firb.gov.au/content/real_estate/residential.asp
Purchase of Property
Any proposed purchase of urban real estate ‘hobby farms’, or rural residential blocks must be approved by the Foreign Investment Review Board. Proposed investment of $10 million or more in rural properties or industries, and most manufacturing and service industries also must be approved by the FIRB.
Generally people with Visitor visas can only purchase new or ‘off the plan’ dwellings. Temporary visa holders can also purchase a second-hand dwelling as long as they use it as their main residence and sell it again after they leave Australia. Permanent residence holders have no restriction.