Hunter valley real estate agents
The Real Estate Game Down Under - What You Can Do
The property market in Australia, over the course of the last decade, has been thriving in many locations, making Australia towards the top of the list for a thriving property market. Real estate values have seen a significant rise over the past decade or so in Australian cities, bringing both Australian nationals and people from abroad investing some of their capital in both businesses and property in Australia. Seemingly the main Australian cities such as Sydney, Melbourne and Perth are leading the way, along with rural areas seeing an increase in their own property markets.
With an ever growing number of tourists to Australia, many people have invested in real estate that are involved in tourism in one way or another. The market for apartments or similar style housing remains on the up as many travellers choose to stay in Australia for months rather than weeks. Because of this both nationals, and foreigners, have invested in this style of housing. Noticably major urban areas are the main place for foreign nationals to buy but recently an increase in more rural areas has been seen with more apartment units being built in smaller communities to accept the demand.
Buying this type of property is a great way of getting a foot on the Australian property ladder!
Foreign nationals, themselves spending time in Australia for holidays, are going for larger holiday homes which they can use themselves as a ‘home from home’ base whilst in the country. With tourism a primary industry in Australia, these holiday homes can be rented or leased out when not being used by the owner, and in some cases a nice, tidy profit can be made from this arrangement.
Steps to buying Real Estate in Australia
Prior to buying property in Australia, all foreign nationals must get permission from the ‘Foreign Investment Review Board’. Once permission has been received, buying property is then quite simple.
When you have identified a property you want to buy a verbal, or written, offer can be presented to the seller. The seller will then accept or reject the offer tendered. When the offer has been accepted, a 10% holding deposit is asked for whilst a ‘Contract of Sale’ is drafted. During this time both the buyer, and seller, have the ability to back out of the sale. If this does occur the purchaser will usually receive a full refund of the deposit. When the ‘Contract of Sale’ has been battled out, in most areas of Australia, the buyers deposit is now non-refundable. However, in some states, buyers can be given a ’10 day cooling off period’. If the purchaser decides to back out now then the holding deposit is refunded but a small legal fee may be incurred. At this point the seller must make sure the property is in condition to sell both physically and legally, and the purchaser obtains appropriate financing (where necessary).
Overall, buying real estate in Australia is fairly easy once you have obtained permission from the ‘Investment Review Board’.pokolbin real estate are specialists in Real Estate in Hunter Valley and Surrounding areas – A Revolution in Real Estate. pokolbin real estate