Australia is one of the most beautiful countries in the world, and despite taking many hours to get there from the UK, its well worth the journey. Over the last few years, a large number of British people have started buying up property in Australia, and it’s clear to see why.
Not only does it benefit from a glorious climate, golden beaches and great hospitality, but the basic standard of living is a lot higher than anywhere else in the world. Let’s take a look at some of the things to note when buying a property in Australia for the first time.
Understand What You’re Moving For
The American Dream used to be the words on everyone’s lips, but now it’s most certainly Australia. As more and more Brits look to move down under, they’re realising they can get a better standard of living, as well as better education for their children too. Taxes are also lower in Australia, and the basic minimum wage is one of the highest in the world. Although things cost a little more down under, you’ll be safe in the knowledge that nearly all of Australia’s industries are booming, creating plenty of jobs for skilled workers.
Consider Where You Want To Buy
From Sydney and Perth to Melbourne and Brisbane, Australia is full of wonderful and vibrant cities, and it can be quite a decision where to settle down with your family. Sydney and Perth are seeing some of the biggest rises in property prices, mainly due to the increased interest from British expats. Where there is property price rises however, you’ll certainly find a lot of jobs, so you shouldn’t have a problem finding work once you’re out there.
If you’re looking to make your money stretch further however, then why not consider moving to a rural area outside the city. The roads in Australia, as well as the transport network, are very well maintained, so you’ll be more than able to get in and around the city. Furthermore, you get a lot more for your money the further you move outside the city, and this can even include your own piece of land. Visit cheapflights for the best deals on flights to Australia this summer.
Legalities of Buying Property
You’ll need to be an Australian citizen if you want a smooth ride when it comes to buying a property down under, otherwise you’ll need to apply for permission from the Foreign Investment Review Board. Thankfully, you’ll get an answer within a month of applying, however if there are some questions raised about your status, whether it’s work or finances, they reserve the right to extend this answer period up to 130 days.
You are able to exchange property contracts before you receive approval from the Foreign Investment Review Board, however this does also mean that the contract can be null and void if approval is not granted. Some of the cheapest properties can be purchased at auction, however make sure you enlist the help of a seasoned auctioneer before you start bidding.