Housing in Australia: how to buy for a foreigner?
Under the laws of Australia, a transaction of purchase and sale of real estate by foreigners must be approved by the “Foreign Investment Review Board” (Foreign Investment Review Board). But to simplify the process, some new apartments and houses get pre-approval. Foreigners can also buy land. But only if they build a house (or at least start construction) no later than one year from the date of purchase. Otherwise, the committee may require them to sell the land.
To purchase a property that is not pre-approved, you can apply to the committee on a case-by-case basis. As a rule, the purchase of an existing home is rarely approved, but a positive answer is possible if the foreigner is a temporary resident (for example, is legally in the country on a student visa). But in case he returns to his native country, he will have to sell it.
If after the purchase was obtained a permanent residence permit, it is necessary to notify the Committee on Foreign Investment. Then the sale of the property will not be necessary in the case of moving to another country.
Foreigners who are not residents of the country can buy real estate in Australia. This means they do not need to have a residence permit, residency, or citizenship. In the country, you can buy any type of property: both commercial and residential, but the non-resident foreigner can only buy brand new housing.
Real estate prices in Australia
Two major Australian cities Sydney and Melbourne – are among the five most expensive cities in the world (which every conveyancer in Parramatta, Sidney, or Melbourne will confirm). This also applies to real estate.
Analysts found the “cheapest” city in Australia in the northwest of New South Wales (NSW). The average cost of housing in Brewarrina (Brewarrina) does not exceed 32 500 Australian dollars or 33 832 U.S. dollars. However, when rented, such housing brings the owner not less than $100 a week.
According to a study conducted by Australian Property Investor (API) magazine, there are 43 communities in Australia, which can attract buyers with more than affordable real estate. The median transaction amount in these towns is only $192,500.
According to Deputy Editor-in-Chief of API Lauren Cross, houses and apartments in small towns in Australia are slow to sell, but when it comes to renting a home in the province brings a steady income. Thus, in the place, Mount Morgan in Queensland, just 38 km south of Rockhampton, the median price of housing is $ 140,500, and renting brings $ 176 a week. Homeowner spending in Australia is still low.
In some regions, cheap housing is gradually becoming more expensive. In particular, the opening of new mines and gold mining in Queenstown in Tasmania and Coober Pedy (Coober Pedy, South Australia), led to the “revival” of local real estate markets.
People usually buy property in Australia because of its political stability based on a strong legal monetary system. Moreover, owning property in Australia entails all sorts of immigration benefits for citizenship, which makes capital investment in Australian property even more worthwhile.