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 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.
The holding deposit, depending on the state in which you invest in, is generally 10% of the asking price. The balance is then payable to the seller upon signing of the sale contract. You are also obligated to have insurance once you have put down a deposit. This is normally 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.
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 numerous investment opportunities throughout Australia, so whether you are investing or immigrating, Australia is a very good investment destination.
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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