Ranked # 1 for making it through the recession, Australia is, by far, the best country in the world to reside. The cost of residing is relatively low and combined with warm climate, Australia see’s more and more foreigners investing in both property and businesses each and every year.
The Australian Government rule that only permanent residents can purchase real estate property, however over sea investors are able to buy quite freely once they have obtained permission from the Foreign Investment Review Board (FIRB). This can be a relatively simple procedure but could take up to 6 – 8 weeks.
Buying expenses are approximately 5% of the selling price. This consists of mortgage application fees (if applicable), stamp duty, attorney’s fees and other fees. Costs can vary because of where the house is located and the worth of the property.
The majority of sellers ask for a 10% deposit to secure the property and the balance upon completion.This may differ, however, based on what area you decide to buy in.
Once you have signed a contract of purchase insurance of the house must be arranged. This starts with a cover note and then full insurance upon completion.
Taxes including Stamp Duty, GST Taxes and Land Tax can also be payable depending on where you purchase. Be sure to ask your Real Estate Agent about taxes involved.
Pokolbin real estate prices all over Australia are experiencing large amounts of appreciation so investment opportunities are always in high demand throughout the country. Make contact with a local real estate agent for a list of properties available in your chosen area.
A lot of foreign investors are looking at commercial real estate and setting up businesses in major towns such as Canberra and Sydney.
There is also a huge demand for rental properties as the number of visitors to Australia increases year by year. Investors are purchasing properties linked to the tourism sector and are earning healthy rental incomes as the house gains in value.
So whether you are thinking of immigrating or investing in some type of Property in pokolbin in Australia, there’s still many opportunities to be had in both major cities and suburban areas.
Make contact with us today for more information and resources on buying real estate in Australia.