Hundreds and thousands of kilometers separating Australia from other countries are not obstacles for those who decide to buy real estate on the green continent. There are many reasons for encouraging people from all over the world to invest overseas. Among them: steadily growing prices for Australian housing, rising rents, which will make it profitable to invest, the desire to emigrate and live in a comfortable country. According to Mercer’s Quality of Living survey, in 2021, five are in Australia in the 30 best cities in the world to live in. This article will show you how to find the right home in Australia.
Where and how to look for a home in Australia
At the first stage of real estate purchase, the buyer must find the best option. You can search while in Australia, and this, of course, is the best way – there is an opportunity to see and “touch” everything.
The second option is to purchase a distance without leaving your country. In this case, you will have to limit yourself to photos and videos and rely entirely on the agency. The buyer’s interests must be represented by a licensed real estate agent from the state, and best of all is from the area in which the selected housing is located. There are platforms online that offer you the best services and tools to help you find your dream house. A perfect example is Lotmix – house and land platform that will find the best land or house for you in Australia.
Today in Australia, it is pretty simple to choose the property that suits you – the real estate market is full of offers, and there is plenty to choose from. It has houses for every taste and wallet. From imposing houses to the most modest and smallest, private houses are in particular demand. For example, for 180 square meters, you may be asked about 450 thousand AUD (Australian dollar, the course can be found on the related resources).
Buyers prefer to buy homes in Canberra and such large cities as Sydney, Melbourne, Brisbane, and Perth.
According to the Australian Property Monitors, the most expensive houses were considered those located in Sydney – about 680 thousand, and more affordable were in Hobard – about 325 thousand AUD. Today, the average price per square meter of living space in Australia will cost you $ 2.5-3.8 thousand and more respectable from $ 6 thousand. The location of the property also affects the value. More expensive will be those that are closer to big cities or the coast. Shopper preferences are influenced by other factors, such as local scenery, attractions, etc.
It’s pretty simple, and foreigners can buy houses both at the construction stage and ready-made ones, in which no one has lived yet. There is the option of purchasing a plot, but only on the condition that you submit a plan for the future house, but at the same time, construction should begin no later than a year after the purchase is made.
Also, a foreigner can buy a plot with a non-residential building to demolish the old one and build a new one in the future. If you are going to build yourself, you must spend at least half of the amount you bought the site before. The buying and selling procedure is complicated and time-consuming. However, if you are still in the mood to buy, you will first have to complete and submit an application to the Investment Supervisory Board. It will take about a month to consider the application. The developer is allowed to sell to foreigners only half of what is built. In the case of buying a subsequent house, you need to have a temporary visa, the validity of which does not exceed 12 months.
When buying residential real estate (primarily urban), you should remember that there are additional costs, which include:
- body corporate. It is a payment for maintaining the entire apartment complex in proper condition (minor repairs, replacement of burnt-out lamps, maintenance of a communal pool or gym, etc.). From 800 to 3,000 AUD can be issued per year.
- Rates are payments to the municipality for the city’s improvement: maintenance of cleanliness, landscaping, street lighting, maintenance of sports and playgrounds. A year – about 1,300 AUD.
- Utility bills for electricity, water, sewerage, etc. – up to 1 200 AUD per year.
Australian real estate
While buying a home does not provide an advantage in obtaining a residence permit in Australia, many see investing money in local housing or commercial properties as a profitable investment. To buy a home in Australia, you don’t have to travel to a distant continent. All stages of the transaction can be arranged through a trusted agent and a lawyer using the Internet.
At the same time, high housing prices and the policy of the Australian authorities trying to improve the situation in the real estate market through benefits for permanent residents and restrictions for non-resident foreigners should be noted as disadvantages. Buying Australian real estate will become more profitable when you immigrate to this country.