The Property Game Australia - What To Do
The real estate market in Australia, over the course of the last ten years, has been thriving in many locations, making Australia towards the top of the list for a thriving real estate market. Real estate values have seen a significant increase over the past ten years or so in Australian cities, bringing both Australian nationals and people from abroad investing some of their capital in both businesses and property in Australia. Seemingly the main Australian cities such as Sydney, Melbourne and Perth are leading the way, along with rural areas seeing an increase in their own real estate markets.
With an ever growing number of tourists to Australia, lots of people have invested in real estate that are involved in tourism in one way or another. The market for apartments or similar style housing remains on the up as many travellers choose to stay in Australia for months rather than weeks. Because of this both nationals, and foreigners, have invested in this type of housing. Understandably major urban areas are the key place for foreign nationals to purchase but recently an increase in more rural areas has been seen with more apartment units being built in smaller communities to accept the demand.
Buying this kind of property is a great way of getting a foot on the Australian property ladder!
Foreign nationals, themselves spending time in Australia for holidays, are going for larger holiday homes which they can use themselves as a ‘home from home’ base whilst in Australia. With tourism a primary industry in Australia, these holiday homes can be leased or rented out when not being used by the owner, and in some cases a nice, tidy profit can be made from this arrangement.
Steps to buying Real Estate in Australia
Prior to purchasing real estate in Australia, all foreign nationals must get permission from the ‘Foreign Investment Review Board’. Once permission has been received, buying real estate is then quite simple.
When you have identified a property you wish to purchase a verbal, or written, offer can be given to the seller. The seller will then accept or reject the offer tendered. When the offer has been agreed, a ten percent holding deposit is asked for whilst a ‘Contract of Sale’ is drafted. During this time both the buyer, and seller, have the ability to pull out of the sale. If this does occur the buyer will normally receive a full refund of the deposit. When the ‘Contract of Sale’ has been battled out, in most states of Australia, the purchasers deposit is now non-refundable. However, in some states, purchasers can be offered a ’ten day cooling off period’. If the buyer decides to back out now then the holding deposit is refunded but a small legal fee may be applied. At this point the seller must ensure the property is in condition to sell both physically and legally, and the buyer obtains appropriate financing (where necessary).
Overall, purchasing real estate in Australia is fairly straight forward once you have obtained permission from the ‘Investment Review Board’.pokolbin real estate are specialists in Real Estate in Hunter Valley and Surrounding areas – A Revolution in Real Estate. cessnock real estate
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