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Buying
Properties
in Australia

Note: Foreigners can by properties in Australia but the fact does not assures the permanent residence in Australia. You can stay in your home as long as your visa allows you, but if you intend to live permanently will you need to apply for a residence visa with the Immigration department.

A property in Australia is a good investment for sure one of the safest of all. Just to give an idea, the last years the house prices sky rocket, with the stable economy, in some cases going up 80% in an only year. That is a lot of gain for those who invested in properties. Of course it was not the whole market that had this kind of valuation, but even so, usually it is not less than 10% per year (except Sydney that had prices on moon and now is accommodation down) The Australian property market is opened, and not only receives investors from Australia as from all parts of the world. Some of these buyers are from overseas and are buying a property to invest (understand to rent and with the money from the rent pay the mortgage) besides the valuation of the property throughout the year. It is a goo move.

Buy a property is the dream of most Australians, and sooner or later one is going to buy the dream home. Australians love the financial security a Real Estate provides, and will get in debt for many years to get there. In reality, a Real Estate in Australia provides very good increase in value, well above the inflation mark and also above the interests paid by the banks if you put only money there. Also the government created incentives for the first-home-buyer, which facilitates to anyone to buy its own property.  

It is easy to buy a house or apartment. as soon as that the person has an evidence of constant income. Also is some times required the presentation of at least 10% of the value of the property. The more you give, less the mortgage payment will be, as well as the property value you aim can be higher. The number of instalments during the mortgage also changes due your capacity of pay back. That means as much money you put in you mortgage, less the instalments will be or your finance period can be reduced to a shorter time. Normally the banks finance in 30 years. There are finance companies (or Banks) that may accept to mortgage your home without you giving any initial money, but of course your instalments will be higher and the time for payments too. A Mortgage Broker ( a person who knows the different types of mortgages offered by different banks will certainly be able to guide you who is the best financer to you.

The interests charged for a loan vary, and can be made with the bank for one determined period. There are two modalities of finance, one with fixed interests and another with market interests, example: Fixed per two years. Passed theses two years, the interests comes back to the market interest, that in 2006 was around 4.5% per year. You can during the time of the mortgage, put in extra money, and diminish the value of the instalments or the time of payment. Everything is negotiable with the bank (as soon as they earn on you). Until you have not paid back the whole amount borrowed from the Bank the property is mortgaged to the bank. You can sell it during the mortgage period, but you will need an approval from the bank, and the money received will go to them, and only after taking what you own to them, they will handle to you your share. Delay in instalments, may cause you to loose your property, and in this case a re-negotiation of your mortgage is a must.

There are extra expenditures in the purchase of a property, such as, appraiser, lawyer, pest report (to know if there is infestation of termites in wood properties), register, insurances (Compulsory from the Bank in casa of Mortgage) and stamp duty (an official stamp, certifing the transaction). In an A$ 300000 home, these expenditures can reach A$ 30 thousand. 

The Periodicals of Saturday in the Real Estate session, have hundreds of property for sale. Real Estates in Australia are sufficiently controlled by the competent agencies, and the Agents in their great majority are honest and competent. The price established fo sale of a property, more or less corresponds to the cost of other property of the same type and size in the same area. This does not guarantee that you will pay more or less, but therefore it is not bad idea to contract an independent valuator or appraiser, and get another opinion if the price is right.. 

Another modality that is in very fashion, is to buy properties through Auctions. Instead of fixing a final price, the Auctioneer will fix a minimum, and during the Auction, (that is made in the place or inside the proper property), the Auctioneer pulls the offers. In case the proprietors do not get a satisfactory price, they can call for the cancellation of the Auction. The two cases happen with frequency and the market will determine.

Average prices of property in 2005 in Australia

Note: The prices below have as base the Gold Coast, that is considered a city of average size in Australia. Cities as Sydney, that traditionally has the most expensive properties in Australia, and/or the proper Gold Coast, which depending  of the location of the property, prices can be up to twice higher than mentioned below. These prices are for the average property in a common place and is to be taken as a guide only. If you to want to know more about the Real Estate market in any city of Australia, look for a local Real Estate in the area you wish to buy.

Real Estate-Type

AU$ x 1000

Apt. 1 bedroom 200
Apt. 2 bedrooms 250
Apt. 2 bedrooms 320
Casa 3 bedrooms 380
Casa 4 bedrooms 500

Don't jump yet Mary Help, I promisse the prices will go down !

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