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.
Generally purchasing costs are roughly 5% of the sale price, but can differ from state to state. Stamp duty, legal fees, taxes and mortgage applications (if applicable) are included in this 5%, however these costs may vary as to where your property is situated and the value of the property.
Once again varying on where you buy, most sellers will ask for a 10% holding deposit. The balance of payment will then be paid when final sale contracts are signed. It is also obligatory to obtain insurance once you have paid a deposit. This is generally a cover note and when you complete, full insurance.
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.
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.
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.
Whether you are immigrating or investing in Australian real estate there are many investment opportunities available throughout the country.
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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