Purchasing Real Estate In Australia
Boasting a relatively low cost of living and nice warm climate, Australia see's more and more foreign investors every year investing in both commercial and residential properties and the country has recently be voted number one for surviving the recession.
All foreigners must first obtain permission from the Foreign Investment Review Board (FIRB) as the Government rules that only permanent residents can invest in property. Obtaining this permission is relatively straight forward but can take some time.
Purchasing costs can vary slightly from state to state but in general they are 5% of the sale price. These costs include stamp duty, legal fees, taxes and mortgage application fee's if applicable. Costs can also vary as to where the property is located and also the value of the property.
Again depending on what state you decide to invest in, the holding deposit required by a seller is normally 10% of the asking price. The balance is then payable upon signing of the sale contracts. Once you have put down a deposit to hold the property you are obligated by law to have insurance. This is generally a cover note and then full insurance upon completion.
Property prices throughout Australia have seen large amounts of appreciation and there are numerous opportunities available to make money on the property market. Small businesses are springing up all over the country as both foreigners and nationals invest into the commercial sector.
Properties involved in the tourism trade are also popular. Australia see's more and more visitors every year so apartments and holiday homes near coastal areas or major towns are always in demand. Smart investors can earn a handsome rental income and a large return on their investment over a course of years.
Purchasing properties in major towns such as Perth, Canberra, Melbourne and Sydney will need a quite substantial deposit put down and, as in other countries, real estate in major cities always come with a higher price tag.
There are many good investments to be had in Australia and whether you are investing or immigrating to Australia there are still many investment opportunities available.
Locating the right real estate agent is imperative to make the most out of your investment. Once you have decided upon an area then contact local agents who are knowledgeable in the area and can advise you on where the best place to buy is to see the best return on your investment.
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