Australia boasts a nice warm climate and a relatively low cost of living and every year see’s more and more foreign investors investing in both commercial and residential properties throughout Australia. Australia has also been voted number one for surviving the global economic crisis.

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.

The holding deposit, depending on the state in which you invest in, is generally 10% of the asking price. The balance is then payable to the seller upon signing of the sale contract. You are also obligated to have insurance once you have put down a deposit. This is normally a cover note and then full insurance upon completion.

Property prices throughout Australia have seen large amounts of appreciation and there are numerous opportunities available to make money on the property market. Small businesses are springing up all over the country as both foreigners and nationals invest into the commercial sector.

Properties involved in the tourism trade are also popular. Australia see’s more and more visitors every year so apartments and holiday homes near coastal areas or major towns are always in demand. Smart investors can earn a handsome rental income and a large return on their investment over a course of years.

If you are looking at investing in places like Canberra or the Gold Coast then a fairly substantial deposit will be needed. Like other countries, real estate in key areas like this always carry 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.

If you are thinking of investing in Australian real estate then it is important to locate the right real estate agent. Once you have decided on the area in which you want to invest then finding an agent who is local to the area is essential as their local knowledge can prove invaluable.

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