Buying Real Estate In Australia
Ranked number one for surviving the recession, Australia is, by far, the best country in the world to reside. The cost of living is relatively low and along with the climate, Australia see’s more and more foreigners investing in both property and businesses every year.
The law in Australia is that only permanent residents are allowed to purchase real estate. Any foreign nationals wanting to purchase need permission from the Australian Government. This is fairly easy but can take some time. The property must also be approved by the Foreign Investment Review Board for overseas buyers.
Purchasing costs are about 5% of the sale price. This includes mortgage application fees (if applicable), stamp duty, legal fees and other taxes. Costs can differ due to where the property is located and the cost of the property.
Costs Involved In Property Investment
Most sellers require 10% deposit and the balance upon signing of the contract. This may vary, however, depending on what state you decide to purchase in.
Insurance must be arranged once you have signed a contract of purchase. Primarily a cover note and then full insurance upon completion.
Taxes including Stamp Duty, GST Taxes and Land Tax may also be applicable depending on where you decide to purchase. Make sure you ask your Real Estate Agent about taxes involved.
Real Estate prices all over Australia are experiencing large amounts of appreciation so investment opportunities are in high demand.
The Best Investment?
Allot of foreign investors are looking at commercial real estate and setting up businesses in major towns such as Melbourbe and Perth.
Some investors are looking at the tourism side. With more and more people coming to Australia each year theres a big demand for vacation homes and apartments. These homes can be used by the owner and then rented out for the remainder of the season earning the owner a tidy income.
Some popular areas for investment include Redbank Plains, which is a prime area for both residential and commercial properties. Redbank Property is an established agency specialising in this area and have a database of properties in all price ranges.
The area of Carindale is popular with both foreigners and nationals. Real Estate Carindale provide a professional approach to finding you the right home. Carindale Real Estate have properties ranging from apartments to family homes.
So whether you are thinking of immigrating or investing in some kind of property in Australia, there is still lots of opportunities to be had in both major cities and suburban areas..