Australia has a bustling property market in the cities and the suburbs. If you are a foreign national who plan on living in the country long term, whether because of work or family obligations, you may wonder whether it’s best to purchase property. Non-nationals in Australia have to undergo a different purchase process than Australian nationals. But that doesn’t mean it’s not possible. Here are some things you should keep in mind when considering purchasing residential property in Australia on visa:
Make Sure Your Visa Allows You to Own Property
In Australia, foreign nationals purchasing residential real estate is subject to oversight from the Foreign Investment Review Board (FIRB). There are some exceptions, such as if you have a permanent residential visa or an Australian spouse. The local government will review whether your purchase is of any benefit to the city, such as by boosting construction jobs.
While foreigners are not explicitly prohibited from owning property in the country, it’s best to consult with a lawyer and your country’s embassy regarding property purchases. Make sure there are no legal hurdles you’ll face when you finally do so.
Determine Your Budget
Most aspects of buying a property in Australia isn’t much different from doing the same in your home country. You will have to start by setting a budget. Determine the price range that you can comfortably afford. You will have to first look at general house prices in Australia to understand exactly what your budget can afford. As it is in any country, houses in urban areas will be expensive. In Australia, the urban areas are located along the coast. Therefore, if you want an affordable property, look inward from the coasts.
Check Out Display Properties
Research is key to finding a great neighbourhood and a property. Locate a great real estate agency in an area you have your eye one. If you are a foreigner, you may not know the great neighbourhoods. In that case, find an agency that operates on a state or territory basis, like our house & land JG King homes service. You can work with the agency to narrow down your options to city or town and neighbourhood.
Plan on Doing a Lot of Online Research
To fully understand what, and where, you are buying, a lot of online research will be in the works for you. Read local news articles, blog posts, and hang out in real estate related forums to understand local property markets better. You can talk to other property buyers in the country as well. There will be plenty of areas to learn about, such as schooling, work option, commuting, zoning regulations, and so on.
Hire a Local Solicitor
A local solicitor will help you not only to transfer the title deeds of the property, but also to handle all the foreign property investor fees as well. There will be tons of paperwork to take care of, so you will need help from a local expert.
Generally speaking, the residential property buying process moves really fast in Australia, even for foreigners. You can expect to secure a purchase within a month in the least. If you come well organised, it might even be faster.