Real Estate

Australia see\’s more and more foreigners investing in both property and businesses every year along with being listed as number one for surviving the recession, Australia also boasts a nice warm climate and a relatively low cost of living.

All over sea buyers must first obtain permission from the Australian Government as the rules in Australia state that only permanent residents can purchase real estate. This is a straight forward process by the Foreign Investment Review Board (FIRB) but can take some time to process.

Generally purchasing costs are roughly 5% of the sale price, but can differ from state to state. Stamp duty, legal fees, taxes and mortgage applications (if applicable) are included in this 5%, however these costs may vary as to where your property is situated and the value of the property.

Once again varying on where you buy, most sellers will ask for a 10% holding deposit. The balance of payment will then be paid when final sale contracts are signed. It is also obligatory to obtain insurance once you have paid a deposit. This is generally a cover note and when you complete, full insurance.

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.

Every year, more and more people, visit Australia so investing in real estate associated with the tourism industry is a sure fire way in which to make money. If you invest in the right property, in the right location (for example near coastal areas or major towns) then not only will you receive a healthy rental income but also see a good return on your investment.

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.

Choosing the right real estate agent is essential when investing in Australian real estate. It is important to find an agent that is local to the area you have chosen as their local knowledge can prove invaluable when seeking your next investment.

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