Real estate in Australia: rules, features of purchase and owner feedback

In a huge number of Russians, the phrase "real estate in Australia" is associated with something fabulous and transcendental. And it's not even that housing in this exotic country is simply not affordable, but because of the considerable distance of the continent, where the endless prairies are harmoniously combined with crocodile and ostrich farms. However, the interest of Russian investors in housing on the continent is not only not quenched, but is also growing: for many, real estate in Australia is a profitable investment. What attracts the country? Let's consider this issue in more detail.

Where is better?

Statistics show that our compatriots prefer to purchase housing in such major Australian cities as Sydney, Melbourne and Brisbane. The fact is that it is in them that the cultural and business life of the whole country is concentrated. Naturally, and the cost per square meter in megacities is very high.

However, large cities are not all that investors are interested in. Not so few of our businessmen, viewing ads in the category of "real estate in Australia", ultimately stops the choice of apartments located in close proximity to the coast. In this respect, the resort town of Gold Coast wins and the preferences of domestic money-bags are on its side. Of course, those who have purchased real estate here can count on solid dividends: tourists coming to rest, renting accommodation, will not pay little money. Even if you buy a bungalow off the coast for yourself, then make a profitable investment: the sun and water will help to stay in great shape in terms of health.

But housing in the Australian capital is not a priority for Russian entrepreneurs. Canberra is a city that performs administrative functions, therefore houses and flats here are bought less often.

Thus, before buying property in Australia, you need to analyze several points: the climatic conditions in the region, the degree of its distance from the coast, how intense its business and cultural life, the level of prices.

What should I remember?

However, one should not think that an apartment or a house bought on a distant continent will automatically give the Russian a privileged position.

This is just a place where you can live or temporarily stop (if you rent an object). It should be remembered that if you bought real estate in Australia, prices in which are not democratic, then this does not entail the automatic receipt of a visa.

The authorities of the country are positioning a deal for the purchase and sale of local real estate by an alien as an investment project: it is assumed that the buyer becomes the owner of the dwelling for the purpose of his subsequent leasing, but not for permanent residence in it.

In this case, it is not necessary to fly through the ocean to control the transaction: everything will be done by an attorney who will tell the exact date when you can get title documents. But all this, of course, is not without risk.

Experts recommend another option: first you need to issue a visa, then come to Australia and get a document from the authorities that will allow buying a house. The next step is to hire a lawyer involved in legal support of the transaction.

Only after obtaining a certificate of ownership can you look for tenants.

New housing

To get an opportunity to buy property in Australia, there is one condition for foreigners. It is necessary to obtain a special document from the Foreign Investment Review Board (FIRB), where it will be indicated that the foreigner has the right to formalize the transaction of purchase and sale. The above-mentioned body is obliged to take a decision no later than 30 days from the date of submission of the application. As a rule, building organizations independently get permission to sell flats to foreigners, but in Australia there is a legal rule that according to which the share of foreign investments in the residential building being erected is strictly limited: non-residents can count only 50% of all apartments in a new building. The same rule applies to private sector entities. If the developer took care of the permits for foreigners in advance, the "overseas" buyer is relieved of additional hassle, but he must have a temporary visa on hand.

Housing category used

As for housing in the secondary market, this niche is closely monitored by real estate agencies.

And their services, included in the cost of the property being sold, are paid by the seller. Anyway, but secondary real estate in Australia for foreigners, the price of which is one and a half times cheaper than new buildings, is in great demand. But in this case, you can not do without the permission of the authorities. Students of Australian universities are exempt from the obligation to receive a document from the FIRB, provided that they have a temporary visa for more than 1 year. In addition, the second-hand property for sale should be located near the university, and cost no more than 300 thousand Australian dollars.

Price range

Of course, for Russians the first question is: "What is the cost of real estate in Australia"? It should be noted that the spread of prices is quite large: it all depends on the individual preferences of the client and his financial capabilities. Private households are in great demand. The average cost of a villa, an area of 180 square meters is approximately 450 - 500 Australian dollars. The most preferred cities for investment in real estate have been and remain Brisbane, Sydney, Melbourne, Perth. Apartments in Sydney will cost 450 thousand Australian dollars, Perth - 500 thousand dollars, and in Melbourne - at 400 thousand dollars.

In Perth, the apartments will cost the same half a million Australian dollars. Again, many Russians can not help but worry about the question of whether there is cheap real estate in Australia.

The most budgetary option is the accommodation in Adelaide, which costs 320 thousand Australian dollars. Anyway, but now the price per square meter on the distant continent is 3000 - 3,500 dollars, and if it is an elite housing, then for the "square" will have to pay 5 500 - 6000 dollars.

Naturally, the pricing of real estate in Australia is affected by several factors: distance from the coast, geographical location, proximity to major cities, category of real estate.

Reviews

Most Russians consider the purchase of a house or apartment in Australia a profitable investment of money, since real estate here is constantly growing in price.

Yes, and apartments bought on credit, stimulate: in the first months you have to save money, which under normal conditions could be thrown to the wind. The only negative is a rare opportunity to buy a house where you most want.

Conclusion

Of course, Australian officials are doing everything possible to attract foreign investment. But it would be wrong to say that housing in Australia will be cheaper. The authorities are trying to turn the property market into one of the main income items, and they are successfully moving towards this goal.