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.
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.
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.
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.
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.
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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