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Purchasing Real Estate In Australia

Purchasing Real Estate In Australia


    

Purchasing Real Estate In Australia

by Alani Marani

Australia see's more and more foreigners investing in both property and businesses every year along with being listed as number one for surviving the recession, Australia also boasts a nice warm climate and a relatively low cost of living.

All foreigners must first obtain permission from the Foreign Investment Review Board (FIRB) as the Government rules that only permanent residents can invest in property. Obtaining this permission is relatively straight forward but can take some time.

In general purchasing costs are roughly 5% of the sale price but this can vary from state to state. Varying as to where the property is located and also the value of the property these costs also include mortgage application fees (if applicable), stamp duty, legal fees' and taxes.

Again depending on what state you decide to invest in, the holding deposit required by a seller is normally 10% of the asking price. The balance is then payable upon signing of the sale contracts. Once you have put down a deposit to hold the property you are obligated by law to have insurance. This is generally a cover note and then full insurance upon completion.

All over Australia large amounts of appreciation has been seen on property prices and there are many opportunities to make some money on the property market. Both foreign investors and nationals are investing in commercial property and many small businesses are springing up all over the country.

Every year, more and more people, visit Australia so investing in real estate associated with the tourism industry is a sure fire way in which to make money. If you invest in the right property, in the right location (for example near coastal areas or major towns) then not only will you receive a healthy rental income but also see a good return on your investment.

A fairly substantial deposit will be required if you want t purchase real estate in major cities such as Canberra or the Gold Coast. Similar to other countries, properties in key cities always come with a higher price tag.

There are numerous investment opportunities throughout Australia, so whether you are investing or immigrating, Australia is a very good investment destination.

Locating the right real estate agent is imperative to make the most out of your investment. Once you have decided upon an area then contact local agents who are knowledgeable in the area and can advise you on where the best place to buy is to see the best return on your investment.

About the Author:
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