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 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.
In general purchasing costs are roughly 5% of the sale price but this can vary from state to state. Varying as to where the property is located and also the value of the property these costs also include mortgage application fees (if applicable), stamp duty, legal fees’ and taxes.
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.
All over Australia large amounts of appreciation has been seen on property prices and there are many opportunities to make some money on the property market. Both foreign investors and nationals are investing in commercial property and many small businesses are springing up all over the country.
As Australia see’s more and more visitors to the country every year, properties involved with the tourism trade are also popular. Investing in the right property, in the right place (near coastal areas or major towns) can not only benefit the investor with a healthy rental income but also a good return on their investment over the 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.
Whether you are immigrating or investing in Australian real estate there are many investment opportunities available throughout the country.
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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