The Realty Game Down Under – What We Can Do .

The property market in Australia, over the course of the last ten years, has been thriving in many locations, making Australia towards the top of the list for a thriving property market. Property values have seen a significant rise over the past ten years 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, lots of 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 strong as many travellers choose to holiday in Australia for months rather than weeks. Because of this both nationals, and foreigners, have invested in this type of housing. Understandably major urban areas are the main place for foreign nationals to purchase but recently an increase in more rural areas has been seen with more apartment units being built in smaller communities to accept the demand.

Purchasing this kind of property is a good way of getting a foot on the Australian property ladder!

Foreign nationals, themselves spending time in Australia for vacation, are opting for larger holiday homes which they can use themselves as a ‘home from home’ base whilst in Australia. With tourism a primary industry in Australia, these holiday homes can be leased or rented out whilst 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 obtained, purchasing of property is then quite simple.

Once 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 given. Once the offer has been agreed, 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 pull out of the sale. If this does happen the buyer will normally receive a full refund of the deposit. Once the ‘Contract of Sale’ has been battled out, in most states of Australia, the buyers deposit is now non-refundable. However, in some areas, buyers can be offered a ’10 day cooling off period’. If the buyer decides to back out now then the holding deposit is refunded but a small legal fee may be applied. At this point the seller must make sure the property is in condition to sell both physically and legally, and the buyer gets appropriate financing (where necessary).

Overall, purchasing real estate in Australia is fairly easy once you have obtained permission from the ‘Investment Review Board’.Hunter valley real estate agents are specialists in Real Estate in Hunter Valley and Surrounding areas – cessnock real estate A Revolution in Real Estate.