Real Estate and Property in Australia

Is buying a house in Australia a good investment?

A Guide to the Australian Real Estate Market.

What are the rules are pertaining to foreign ownership of property in Australia?

What you can buy for your Aussie dollar?

If you’re not an Australian citizen or permanent resident of Australia and want to buy property, you must get prior approval from the Australian Government.  If you are a citizen or permanent resident of Australia then you are not restricted on purchase in any way.

If you’re looking for a mortgage to purchase your property dream in Australia, lenders will usually require at least a 10% deposit and you will also have to factor in transaction costs as you will be liable for these. 

Transaction costs amount to about 5% of the purchase price and may include stamp duty on both the title and the mortgage, mortgage insurance, loan application fees, legal fees, a survey fee, building and pest inspections etc.

As Australia is a country with a vast land mass and relatively low population it is still possible to buy a fair amount of real estate for your Australian dollar. 

Though as with many countries worldwide, Australia has enjoyed a property boom through to the beginning of 2004.  It seems property prices are likely to slow down in the short term.  Depending on what type of property you’re after - from a pied a Terre in Sydney or a rambling Queenslander in Cairns or a sheep station in the outback, Australia can probably suit your property requirements!

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