Boasting a relatively low cost of living and nice warm climate, Australia see’s more and more foreign investors every year investing in both commercial and residential properties and the country has recently be voted number one for surviving the recession.

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.

Purchasing costs can vary slightly from state to state but in general they are 5% of the sale price. These costs include stamp duty, legal fees, taxes and mortgage application fee’s if applicable. Costs can also vary as to where the property is located and also the value of the property.

Again depending on what state you decide to invest in, the holding deposit required by a seller is normally 10% of the asking price. The balance is then payable upon signing of the sale contracts. Once you have put down a deposit to hold the property you are obligated by law to have insurance. This is generally a cover note and then full insurance upon completion.

All over Australia large amounts of appreciation has been seen on property prices and there are many opportunities to make some money on the property market. Both foreign investors and nationals are investing in commercial property and many small businesses are springing up all over the country.

As Australia see’s more and more visitors to the country every year, properties involved with the tourism trade are also popular. Investing in the right property, in the right place (near coastal areas or major towns) can not only benefit the investor with a healthy rental income but also a good return on their investment over the years.

Purchasing properties in major towns such as Perth, Canberra, Melbourne and Sydney will need a quite substantial deposit put down and, as in other countries, real estate in major cities always come with a higher price tag.

Whether you are immigrating or investing in Australian real estate there are many investment opportunities available throughout the country.

Choosing the right real estate agent is essential when investing in Australian real estate. It is important to find an agent that is local to the area you have chosen as their local knowledge can prove invaluable when seeking your next investment.

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This entry was posted on Sunday, February 7th, 2010 at 3:46 am and is filed under Real Estate.