Australia Property Guide

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.

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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?

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With many of the major real estate analysts reporting on the state of the Australian housing market at the end of July, the consistent results but conflicting opinions relating to the data suggest that Australia’s property market is getting ugly as those with vested interests continue to talk up the worsening data, and sensationalists talk of nothing but doom and gloom.

One would imagine that all this hype, negativity and worthless statistical analysis would be having a particularly harmful effect on the market, but a recent report in the International Herald Tribune has shown that in Europe for example, the media can crow on all it likes about the credit crunch, mortgage market meltdowns and the end of the world, but people everywhere still retain perspective and therefore long-term optimism.  So, is the same true in Australia?

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