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Buying a Property in Australia

Australia's investment potential

If you are considering buying in a city, then investment potential in Australia is very good. Sydney saw a whopping 50 per cent price increase in 2000 thanks to the Olympic Games, while the total growth on the east coast between 1997 and 2003 hit an impressive 112 per cent. Naturally things have calmed down since then, and again the recent floods in Brisbane are bound to have a detrimental effect on economic growth.

If you are planning on renting your property out, then again city centres are a good bet – but so are the tourist destinations. If you buy on a development that offers a rental programme, expect to earn between three and six per cent a year.

Health and education

Australia’s national health service is called Medicare, and is available to British citizens travelling in the country due to the current Reciprocal Health Care Agreement (RHCA) with the UK. Permanent residents are also covered, but if you have entered Australia under another visa programme your eligibility may be waivered. Retirees are a prime example of those that aren’t eligible, so if you are moving to Australia on an Investor Retirement Visa you will need to budget for comprehensive health insurance via an Australian firm.

The education system Down Under has a good name, and since there are no language barriers, parents don’t have to worry about finding an international school for their children. There are, however, the usual choices between state and private schools, but both demand full-time attendance from the age of six to either 15 or 16. Schools tend to be run by the individual state governments rather than by the national government, but pre-schools are unregulated. Tertiary education students are charged higher education fees unless they are Australian citizens.

Transport

In the cities public transport is of a very high standard, with buses, trains and even trams in some places, available on tap. Taxis are also available, for a relatively low cost. Once you leave the city centres however, be prepared to navigate huge distances if you are travelling by road – you will undoubtedly find it easier to take an internal flight if you are travelling from one end of the country to the other. Long-distance buses offer a cheaper alternative to flying, as do interstate trains which often provide unbeatable scenery.

If you are planning on staying in Australia for a while it is advisable to hire, or even buy, a car. This can be an expensive process, due to the amount of vehicles that are imported, but if you are after a second-hand car you’ll find that it offers much better value for money. British driving licences are valid for a year – if you are staying for longer than 12 months in one stretch you will need to apply for an Australian licence by taking a driving test.

And finally…

Buying a home in Australia can be a complicated process. When you combine this with the sheer distance involved, it can be a very daunting experience. Therefore, it is important to evaluate the reasons why you are actually buying – could your criteria be met in another destination? If you are buying solely for investment, then the answer is probably yes.

If, however, you are buying due to a lifestyle choice – such as emigration or retirement – then Australia, and its property market, has a lot to offer. Do be aware, though, that moving lock, stock and barrel to the other side of the world can come with its own problems – such as missing friends and family. In this instance it is a good idea to rent for a few months first if you can, just to be certain that you really are making the right decision.

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More pages

Page 1: Why Buy Property in Australia?
Page 2: Financing your investment
Page 3: Australia's investment potential

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