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.
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.
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.
Whether you are immigrating or investing in Australian real estate there are many investment opportunities available throughout the country.
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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