Australia see’s more and more foreigners investing in both property and businesses every year along with being listed as number one for surviving the recession, Australia also boasts a nice warm climate and a relatively low cost of living.
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.
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.
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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