OFFPLAN NEWS

(20.06.2007 )
Property in Australia Australia Property

House prices in Australia are at the records high in relation to income levels. Many Australians find it difficult to acquire a home, thus there is a high demand for rented properties. Investors seeking to buy properties in Australia can expect quick income from letting the property and long term growth. A recent report says that seven out of 10 Australians own, or are buying, their homes and that the real growth in Australia had slowed since housing prices peaked. The report predicts that the commodity prices would begin to slow next year.  The property market in Australia has became very popular in the recent years and is predicted to remain so for years to come. Also the rental prices may be increasing in all major Australian cities. The property prices are varying across the continent. The Australian federal government has rules which limit the range of properties that can be bought by foreign investors, however the foreign investors can buy brand new properties or of plan and also vacant residential land. The approval for buying the residential land is only given if the investor starts the construction of the residential building within 12 months. All foreign investors must receive approval from the government's Foreign Investment Review Board (FIRB) Your choice may be driven by the investment potential of a particular hotspot or by any other reasons. However the property buying process in Australia is straightforward but it may differ from state to state, so it will be best to seek legal advice in the area where you are planning to buy. A lawyer should be hired to handle all the legal paperwork associated with the property buying process in Australia. As long as the property has been approved for sale by Foreign Investment Review Board, the foreign investors have no restrictions to buy. Once a property is found, the buyer can make an offer or he can attend an auction. Before buying it will be wise to have a full survey done, in order to insure everything is ok with that particular property. When signing the sale contract, a 10% deposit is required to secure the purchase of the property. To this may be added some additional costs including legal fees. The completion of sale should not take longer than 6 weeks.  
  
 Median House Prices as per 2006
Adelaide $262,000
Darwin $259,600
Hobart $256,000
Perth to $255,700
Melbourne $250,000
Brisbane $250,000
Sydney $350,000

News by Country

»(20.06.2007 ) Property in Australia The Byron Bay icon may be up for $65 million
Byron Bay's iconic Beach Hotel is expected to be sold for more than $65 million. Although the hotel is not officially on the market, its 65-year-old owner, former film producer John "Strop" Cornell, is preparing to sell, and won't accept less t... » find out more

»(20.06.2007 ) Property in Australia Australia Property
House prices in Australia are at the records high in relation to income levels. Many Australians find it difficult to acquire a home, thus there is a high demand for rented properties.... » find out more

»(20.06.2007 ) Property in Australia What price good housekeeping in Australia?
After seven years in office, the Bracks Government has cut stamp duty on conveyancing for the first time. ... » find out more

»(20.06.2007 ) Property in Australia The science of Sydney real estate, Australia
Does anyone understand real estate in Australia and Sydney's real estate market? Latest figures show overall prices have risen 1.6 per cent, but in some suburbs, prices have fallen 40 per cent. ... » find out more

»(20.06.2007 ) Property Australia Sign a mortgage in Australia
Despite being up to their eyeballs in debt, people who have mortgages have a greater sense of wellbeing than footloose renters, dealing with rentals property in Australia, research shows. ... » find out more

»(20.06.2007 ) Australia property Why invest in Darwin, Australia
Introducing Darwin, Northern Territory (NT), Australia’s northernmost capital city and International gateway.... » find out more

»(20.06.2007 ) Australian properties A booming tourism sector in Darwin, Australia
Darwin features a strong tourist industry and the region’s Crocodile Dundee image attracts tourists and seekers of holiday homes in Australia from all over the world to the splendors of Kakadu and Litchfield National Parks,... » find out more

»(20.06.2007 ) Australian property Real estate head sees alarming trend in Australia
Queensland houses and land for sale in Australia were 4 times more affordable 5 years ago than they are today according to Raine & Horne CEO Stephen Sharry. ... » find out more

»(20.06.2007 ) Australian real estate Invest in Queensland, Australia
It may not have a glossy image but Gladstone is the under-rated economic powerhouse of Queensland and shapes as a shiny prospect for long-term investment, considering the numerous opportunities for land investment in Australia.... » find out more

»(20.06.2007 ) Australia real estate Mt Barker, South Australia
Mt Barker in the Adelaide Hills faces a rental accommodation shortage: it's one of Australia's population growth spots and already has almost zero vacancies of houses for rent Australia.... » find out more