Property in Australia

The most popular areas to buy property in Australia tend to be the major cities such as Sydney, Perth or Brisbane, but this has also led to a rise in property prices.

If you have made a move to Australia and want to purchase property, even though you haven’t yet gained your permanent residence status, you may need to apply to Foreign Investment Review Board before the purchase goes through.

After the offer on a property has been accepted you will most probably exchange contracts right away. You will get a cooling off period of usually 5 – 10 days. Some contracts will have certain clauses for surveys and mortgage approval, but even so you will be tied to the purchase.

Other people who don’t want such a large commitment will opt to rent a house or apartment. Again a legally binding contract will be involved. Rental agreements will run for a month, 6 months or 12 months at a time. Check the paperwork for the length of agreement as if you only want to stay in a certain area for a short period of time, you will not want a 12 month agreement.

Not all agreements will cover the utilities such as heating, water or electricity, so find out about your property and compare prices.

House prices in Sydney are gradually rising. Average price in March 2006 was AU$521,807 and March 2007 it was AU$524,926. Prices in and around Adelaide were AU$314,398 in March 2006 and AU$342,655 in March 2007.

For flats and units, March 2006 saw an average price in Sydney at AU$302,580 and AU$350,328 in March 2007 Adelaide march 2006 prices were AU$208,266 and AU$217,275 in the same month 2007.

C.source www.homepriceguide.com.au

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