I've heard that only Australian citizens and permanent residents can
purchase property in Australia. Is this true? Is there any way that my
spouse and I (US citizens) could retire in Australia, including
purchasing a home? We would be willing to donate the property to a
land conservancy in Australia after our deaths. We are both 45 and
therefore not likely to be able to emigrate now via the Australian
point system, nor would we be likely to both be able to find jobs
there now. We are interested in living in rural Queensland (Atherton
Tablelands). I mention this only because emigration policy seems to
vary somewhat by area--they appear to want more people for rural
areas. The ability to purchase a home is a critical factor.

Hi, it's not true that only Australians can purchase property. There
are a few guidelines for foreign investors, but here's what I've
found:

"Foreign interests are usually given approval to buy vacant
residential land on condition that construction of a dwelling is to
commence within 12 months. Approval will also usually be granted to
buy home units and townhouses off the plan, under construction or
newly constructed (but never occupied), on condition that no more than
half of the units in any one development are sold to foreign
interests.

Other situation where approval is normally granted includes: 

Foreign companies buying residences in Australia for their senior executives 

*** Foreign nationals temporarily resident in Australia for more than
12 months buying for their own use, as a principal place of residence
subject to the sale of the property when they cease to reside in
Australia.

Foreign nationals purchasing residential real estate as joint tenant
with an Australian spouse."


And also from firb.gov.au:

"Q6. I am a foreign person living in Australia on a long stay,
temporary resident visa. Do I need approval to buy an established
house to live in?

A. Yes. Foreign persons temporarily resident in Australia for a period
exceeding 12 months from the time of application for approval are
eligible under foreign investment policy to acquire residential real
estate. If the property being purchased is an established dwelling,
that is, one that has been previously occupied or sold, foreign
investment approval is still available provided that the dwelling is
to be used as the person?s principal place of residence, not for
rental purposes and the property must be sold when their visa expires
or they cease to reside in Australia. For more detailed information,
see Policy Documents
[http://www.firb.gov.au/content/policy.asp?NavID=1]. "


The Atherton Tableands is a lovely area too. I hope you enjoy it!