Property in Australia
Exploring the property market across Australia, identifying any real estate investment hotspots and examining the property buying process
Australia’s economy is being talked down: so is property in Australia a bad buy, is employment Down Under drying up?
Australia remains one of the most popular overseas destinations with Britons dreaming of a new life abroad. It embodies the dream with its near perfect climate nationwide, its strong economic record to date, the lovely Aussie laidback lifestyle, and the outdoor centric way of life.
However, ever since at least 2008 economists have been consistently talking the nation down, warning of an economic cooling, of rising interest and inflation rates and a property bubble about to burst.
Against this backdrop of doom and gloom however, Australia was continuing to rise – defying all those who said the real estate market was overvalued, and that the fundamentals were not in place to support the nation’s economic ascension. But…things are finally beginning to change…for the worse. But don’t panic – it’s certainly not all bad. Here are the 3 things that expats and would-be emigrants need to know about Australia’s cooling economy, and how it may affect jobs and property in Australia.
The property market in Australia is offering up some bargain homes for those brave enough to buy repossessions at auction
The property market in Australia has almost mirrored the one in the UK in terms of its fortunes which have flowed and which are now ebbing away for some people. As a result, just like in the UK, Australia is witnessing a massive rise in the number of homes being repossessed at the moment.
The government has put pressure on lending institutions to apply a little more leniency to cases where homeowners have repaid well in the past and are only now encountering financial difficulties, however, that hasn’t stopped there being a strong increase in the numbers of homes being repossessed.
For those on the receiving end of eviction notices, the rise in this rate is a terrible and awful fact. For those hoping to get on the property ladder Down Under, who are moving to live in Australia, or who recognise the investment potential in many Australian cities, here are ten tips for buying bank repossessed property in Australia – because it can truly be a great way of getting in to the market.
Is the investment climate, the property market and the economic situation right for investors to buy property in Australia and profit right now?
Australia’s finding that she’s not immune to the global credit crisis and forecasts are that there will be around 30,000 home repossessions by the end of this year with almost half a million Australians plunged into severe mortgage stress.
A further problem that is affecting the Australian property market is the unemployment rate that’s predicted to rise from the current 5.2% to 7.5% by the end of the year. Whilst this may mean the end of the Australian property dream for many, it is also sending out strong “buy” signals for investors looking to buy real estate in Australia.
With an estimated 7,300 new dwellings to be built in Sydney this year, the lowest rate of growth in 50 years, the outlook is leading economists to predict huge rent rises of around 12% this year, following on from an 8% increase last year. Many investors are aware of this, and of the profit that they can potentially make from Australian property…so the question is, is it time to invest in property in Australia or not?
The state of the rental and resale property market in Australia is changing for the worse, should we be worried?
Looking at the Australian property market which we Britons love, especially as so many of us are emigrating to Australia
The Office for National Statistics’ recent findings that 200,000 Britons emigrated in 2006 were startling enough – but combine this with the fact that of those who left almost 1 in 3 moved down under - principally to Australia but also to New Zealand and you can quite see why Brits love property in Australia.
As new data is released to show that we Brits and Irish have 3.81 million properties overseas worth billions and that increasing numbers of Britons are looking abroad to get on the property ladder, is Australia a good place to be looking for real estate right now?
Examining the news that property prices in Australia’s Queensland could rise significantly in 2008
How newly arrived immigrants in Australia can build up credit history and get a grant to buy property
A new survey reveals Australia is the least affordable nation for property which bodes badly for Australian real estate
The Australian property market may be on the positive turn making it of interest to foreign buyers
Why Australian property auctions are so popular and how an expat living in Australia can save money on property