by: Tim McIntyre www.News.com.au | February 14, 2014
"Under FIRB regulations, foreigners can only buy: a new dwelling, which must be purchased directly from the developer and cannot have been previously occupied for more than 12 months; a vacant block of land for residential development, and construction must commence within 24 months of approval; or vacant land for the development of multiple dwellings"
"Because foreigners can only purchase brand new or off-the-plan, we can assume the “Asian packed” auctions of established houses in Chatswood, Eastwood and Epping are actually auctions full of Australians, who happen to have Asian ancestry"
