Australian real estate has been flourishing in the past year, according to the nation’s Bureau of Statistics. The housing values have increased by almost 20 percent in the past 12 months. Melbourne properties had the most significant gains of approximately 24 percent. However, Sydney, Canberra and Darwin are growing as well. The RP Data Index is expecting a drop in average home prices over the next six months; therefore, this is a good time to purchase your dream home in Australia.
Many British investors are searching for Australian dream homes, according to research by MoneyCorp. The weather in Australia is beautiful most months of the year, and the location is also beautiful. The economy in Australia is stable, and the housing values are expected to increase as the year progresses. Experts say that the houses in Australia are a good investment. Individuals investing in property in Australia will find the natural surroundings inviting, the nightlife appealing and the homes beautiful for purchase.
Currently, Australian citizens and foreigners with permanent residency status can purchase property without any restrictions. Other individuals must seek approval from the Foreign Investment Review Board (FIRB). Potential buyers may gain more information from their official office. Representatives will guide potential buyers through the process as the need arises.
Potential buyers should research each property before the purchase. Contact the representing real estate agent for a viewing or to make an offer. Homes will be for sale through auction or through private treaty. An offer is only legally binding after the contract is signed. Before the contract is signed, the owner may be outbid by another buyer. Any fees paid such as, survey fees, solicitor’s fees and other fees will be lost. The deposit, however, may be returned depending upon the terms of the deal.
If the buyer is certain they want the home, the buyer could offer to waive the five day cooling off period to accelerate the process. Ensure the contract includes the items that will be left during the purchase of the home such as dishwashers, blinds or other removable fixtures. After the contracts are signed, the process usually takes approximately four to six weeks for the completion of the sale. During this time, the mortgage documents may be signed, stamp duty paid and arrangements will be made with the lender.
At an auction, the bidder may bid in any increment they prefer on the property. However, the auctioneer attempts to guide the bidding in the appropriate direction. Most properties at an auction have a lowest price they are willing to accept for the property. The price is typically not revealed as to not sway the bidder’s opinion of the price. If the price of the highest bidder falls below the minimum acceptable price, the highest bidder may negotiate with the seller to reach a reasonable price for both the buyer and seller. The buyer is not allowed a cooling off period, because multiple buyers are bidding and are interested. As the winning bidder, be prepared to pay a 10 percent of the deposit immediately.
Home loans are available to the potential home buyers. First Home Owners Loan, Fixed Rate Loan, Investment Loans and Fixed Rate Loans are all available to suit your home buying situation. Loans may be found online or in traditional banks. Perform substantial research to find the home loan that best suits your needs.