Property In Australia

Property In Australia
Australia has one of the world's most progressive property markets. About 70 percent of citizens within Australia own their own home or property. Although renting is also possible, emigrants will more than likely want to purchase property when living in Australia, especially if the move down under is set to be a long one.

There are many different abodes available for purchase and rent within the cities of Australia. The central districts or downtown areas of Australia's major cities are primarily dominated by high rise condominiums and low rise apartment buildings. These residential properties are generally inhabited by DINK's, which is the acronym for couples with Double Income No Kids. Most DINK couples prefer to live close or near to their areas of employment, which is commonly in or near the city centres.

Close to the city centres are the smaller, terraced housing areas. Some of these terraced housing areas are among the oldest parts of cities like Brisbane and Melbourne. However, many of the older style houses in the inner-city suburbs have experienced renovations over the last two decades. Some of the most desirables homes in large cities are located close to the downtown area.

Moving out of the Australian city centre, houses have been typically one or two storey abodes, with relatively large backyards, often boasting enough room for play areas and a pool. Nevertheless, with the growth in Australia's larger cities, houses are becoming smaller and so are the yards. Despite this, there is usually still enough room for an entertainment area out back. In the outskirts of the larger cities, plenty of new housing estates being developed, as the commuter culture had begun to take affect in Australia since the 1990's.

Even though cities have continued to grown exponentially over the last 20 years, they are still far from oversized. An outward growth has been experienced in places like Sydney, Melbourne, Perth, Gold Coast and Brisbane. Experts expect the property to continue to flourish for at least another decade, making the purchase of residential or investment property in Australia quite beneficial.

For emigrants looking to buy residential or investment property in Australia, the process is somewhat different to that a citizen would have to go through. Emigrants must obtain permission from the Foreign Investment Review Board. However, this is said to be the most difficult process of purchasing property in the country. Most people choose to apply for permission three to four months before serious house hunting. This gives applicants enough time to submit and have the papers returned before a focused search of property.

People can purchase property mostly through one of two ways in Australia. Real estate channels are one way, which basically see the owner approached by real estate agents or private buyers to purchase their property. Another more exciting and quite popular method of house buying is through auctions.