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Australia Property
House prices in Australia are at the records high in relation to income levels.
Many Australians find it difficult to acquire a home, thus there is a high demand for rented properties.
Investors seeking to buy properties in Australia can expect quick income from letting the property and long term growth.
A recent report says that seven out of 10 Australians own, or are buying, their homes and that the real growth in Australia had slowed since housing prices peaked.
The report predicts that the commodity prices would begin to slow next year.
http://www.upi.com/NewsTrack/view.php?StoryID=20060523-043346-9493r
The property market in Australia has became very popular in the recent years and is predicted to remain so for years to come. Also the rental prices may be increasing in all major Australian cities.
The property prices are varying across the continent.
The Australian federal government has rules which limit the range of properties that can be bought by foreign investors, however the foreign investors can buy brand new properties or of plan and also vacant residential land.
The approval for buying the residential land is only given if the investor starts the construction of the residential building within 12 months.
All foreign investors must receive approval from the government's Foreign Investment Review Board (FIRB)
Your choice may be driven by the investment potential of a particular hotspot or by any other reasons.
However the property buying process in Australia is straightforward but it may differ from state to state,
so it will be best to seek legal advice in the area where you are planning to buy.
A lawyer should be hired to handle all the legal paperwork associated with the property buying process in Australia.
As long as the property has been approved for sale by Foreign Investment Review Board, the foreign investors have no restrictions to buy.
Once a property is found, the buyer can make an offer or he can attend an auction.
Before buying it will be wise to have a full survey done, in order to insure everything is ok with that particular property.
When signing the sale contract, a 10% deposit is required to secure the purchase of the property.
To this may be added some additional costs including legal fees.
The completion of sale should not take longer than 6 weeks.
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Median House Prices as per 2006
Adelaide $262,000
Darwin $259,600
Hobart $256,000
Perth to $255,700
Melbourne $250,000
Brisbane $250,000
Sydney $350,000
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Real Estate Agents
OXFORD PROPERTY GROUP
124 Oxford Street
Bulimba QLD 4171
Phone (07) 3395 7888
Fax (07) 3395 6688
Email info@oxfordpropertygroup.com.au
NATIONAL PROPERTY VALUATIONS PTY LTD
66 Lawler Street
South Perth WA 6151
Phone(08) 9474 2542
Mobile0404 848 000
Email info@nationalpropertyvaluers.com.au
BIGGS & ASSOCIATES REAL ESTATE
50 Le Fevre Terrace
North Adelaide SA 5006
Phone (08) 8239 0300
Mobile 0418 825 835
ACQUMON PROPERTY PTY LTD
1 191 Clarence St Sydney 2000 NSW
Phone: 02 9299 2720
BLOCKSIDGE & FERGUSON LTD
Level 1, 144 Adelaide Street BRISBANE 4000 QLD
Phone (07) 32 333 999
FRANK GORDON AND COMPANY
232 Bay Street Port Melbourne 3207 VIC
Phone 96452411
CENTREPOINT REALITY
3/108 Royal Street EAST PERTH 6004 WA
Phone (08) 9325 3555
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