Preferred Real Estate

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.

The Australian Government rules that only permanent residents in the country can buy real estate. Any foreigner wishing to invest must first obtain permission from the Foreign Investment Review Board (FIRB). This is a fairly easy process but can take some time to process.

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.

Again depending on what state you decide to invest in, the holding deposit required by a seller is normally 10% of the asking price. The balance is then payable upon signing of the sale contracts. Once you have put down a deposit to hold the property you are obligated by law to have insurance. This is generally 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.

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.

If you are looking at investing in places like Canberra or the Gold Coast then a fairly substantial deposit will be needed. Like other countries, real estate in key areas like this always carry 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.

If you are thinking of investing in Australian real estate then it is important to locate the right real estate agent. Once you have decided on the area in which you want to invest then finding an agent who is local to the area is essential as their local knowledge can prove invaluable.

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