Australia is undeniably one of the most beautiful places on the planet, so it’s no surprise that it’s also one of the most sought-after places to buy a home. From breathtaking beaches and natural landscapes to a rich cultural frontier to the comparatively simple buying process and steady market, the land of OZ is an ideal place to buy. However, there are a few things you should know, especially as a first-time property buyer in this country. Read on to find out.
Australia Makes Foreign Investing Easy
Unlike other countries that require foreign investors in real estate to jump through almost innumerable exhausting hoops, investing in Australia’s real estate is a relative breeze. For instance, as a foreign prospect, you aren’t required to buy property with an Australian citizen or establish a company in Australia.
The political, social and economic stability of the Australia also means that there is a very little risk for investment. As a buyer, you’re also protected by the robust legislation of the National Consumer Credit Protection Act of 2009.
Finally, the Australian government boasts a solid and affordable approval process and rate for investors, so you don’t have to endure exhausting application processes or long and costly delays.
Australia’s Property Values On the Rise
Australia is also a financial safe and sound place to invest. In fact, the real estate market in Oz has seen consistent growth during the past 100 years — and every seven to ten years, the property values double. While this is a boon to investors with money, it can be a pain point to those who are short of funds. The reason to the increase in housing prices has a lot to do with the lack of affordable housing in big cities thanks to a growing population in these metropolises.
Not Limited to Homes
Australia also has an influx of buying opportunities for investors looking to own commercial properties. With tourism leading the way as one of the island continent’s major industries, hotels, restaurants, and shops are some of the most lucrative properties to purchase.
Whether you’re looking for a real estate agent with an unfettered understanding of the area, a mortgage professional to help sort out loans, or a reputable land surveyor to help you understand exactly what you’re buying, Australia has no shortage of property pros to help you get the property you want at a price you can afford — and it’s important that you use local professionals. These are people who have made a business out of knowing their turf, so they will be able to help you better than someone who’s hundreds of miles (or a couple countries) away.
Equipped with this knowledge and these tips, you should feel more confident and equipped to step into the warm and welcoming waters of property buying in Australia.