Regarding Australian citizens that would like to purchase a house in Italy, as far as we know and our notary has told us, the condition of reciprocity between our two countries has been satisfied so it is possible to purchase as a “person” a property in Italy, as long of course that you have a valid entry visa or Permit of Stay (Permesso di Soggiorno).
For reference the laws (and links to the pdf files) are:
-T.U. on immigration Dlgs 286\98
-Article n. 51 of law 218\95 – modifications on Italian Private International Law
-Agreement between Australia and Italy signed in Canberra on the 26\09\67
ratified in Italy with the law D.P.R 9 December 1970 n. 1430 art. n. 28
-Tuscan Notary Council – issue n. 7 – 2006
There is also a recent article on the Domain Australia web site here.