Still a fantastic opportunity for ‘Real Estate’ investment is Australia, the seventh biggest country in the world. Major cities such as Sydney, Brisbane, Canberra and Melbourne are still seeing an rise in demand for residential homes.
The purchase of ‘Holiday Homes’ by many over sea buyers and nationals is also popular. These homes can be leased out when not occupied and can provide the owner with a handsome rental income. The building of new holiday apartments is also on the rise to meet the high demand.
Commercial property is another favourable investment and ready commercial property, whether for rent or for sale, is always in high demand. A tremendous gain can be made from commercial property, either through short term trading or a rental income.
The Australian law states that only Australian nationals can buy real estate in the country, therefore, any over sea investors will first need to receive permission from the Foreign Investment Review Board (FIRB) before making a purchase. This is a fairly simple process but can take some time.
Finding the right ‘Real Estate’ agent is very important so choose the right one wisely. An agent who knows the area you have decided to invest in can be very beneficial. Choosing the right agent can make locating, and purchasing ‘Real Estate’ easy and simple.
Nowadays, the majority of property agents in Australia, work alongside conveyancing solicitors, which avoids any costly mistakes being made when other professionals are involved on the sale/purchase.
Certain taxes are always applicable when buying property and Australia is no exception. Ask your property agent for advice on these different taxes so you are not caught out and presented with a invoice you knew nothing about.
There are still many fantastic opportunities to be had even though many Australians and foreigners have already been lured into the Australian Real Estate market.