Australia boasts a nice warm climate and a relatively low cost of living and every year see’s more and more foreign investors investing in both commercial and residential properties throughout Australia. Australia has also been voted number one for surviving the global economic crisis.
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.
There have been large amounts of appreciation on property prices throughout Australia and there are many ways in which to make money on the Australian property market. Both nationals and foreign investors have been seen investing in the commercial sector as more and more small businesses spring up all over the country.
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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