The Property Marketplace Down Under – What You Can Do
Posted by Foreclosure Prevention in Real EstateThe real estate market in Australia, over the course of the last ten years, has been booming 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. Naturally 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 increase 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 strong as many travellers choose to stay in Australia for months rather than weeks. Because of this both nationals, and foreigners, have invested in this style of housing. Understandably major urban areas are the key place for foreign nationals to buy but recently an increase in more rural areas has been seen with more apartment units being built in smaller communities to meet the demand.
Purchasing this style of property is a good way of getting a foot on the Australian property ladder!
Foreign nationals, themselves spending time in Australia for vacation, are opting 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 rented or leased out whilst 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 buying real estate in Australia, all foreign nationals must get permission from the ‘Foreign Investment Review Board’. Once permission has been obtained, purchasing of real estate is then quite easy.
When you have identified a property you wish to buy 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 10% 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 purchaser 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 areas, purchasers can be given a ’ten day cooling off period’. If the purchaser decides to back out now then the holding deposit is refunded but a small legal fee may be incurred. At this point the seller must make sure the property is in condition to sell both physically and legally, and the purchaser obtains appropriate financing (where necessary).
Overall, purchasing property in Australia is quite easy once you have obtained permission from the ‘Investment Review Board’.Hunter valley real estate agents are specialists in Real Estate in Hunter Valley and Surrounding areas – A Revolution in Real Estate. cessnock real estate
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