The Federal Budget, announced seven days ago, ignored the retirement living sector, which is governed by the States and Territories. 

However, it announced major windfalls for international buyers, with plans to allow overseas investors to snap up Build To Rent (BTR) properties with a “lower foreign investment fee”. 

Treasury officials revealed that international investors, purchasing build-to-rent properties worth $10 million, would have forked out more than $761,000 under previous residential foreign investor fees. 

With the Federal Government’s new incentive, the same overseas buyer will now have to pay “commercial foreign investor fee” of just $14,100. 

The treasury official said international buyers would need to keep the property in the rental market to receive the tax break, with the reduced fee imposed “dependent on the value of the property". 

“International investors will now be able to buy existing BTR housing stock under these new incentives,” the spokesman said. 

In another boost for BTR, the Western Australia Government has announced a 50% land exemption for up to 20 years for developments that: 

• contain at least 40 self-contained dwellings available for three-year residential leases; 

• are completed between 12 May 2022 and 1 July 2032. 

A survey by URBIS found 40% of those residents likely to consider BTR are aged 25-34 years, and 19% are aged 55-74 years.

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