History
Australia is an independent western democratic country with a population of over 18 million. Approximately 70 percent of the whole population live in the 10 largest cities. Australia is a very multi-cultural country it has settlers from 200 different nations. It is one of the most urban countries in the world; it is also the only nation to cover a whole continent. There are rainforests and vast plains in the north, snowfields in the south east, desert in the centre and fertile croplands in the east, south and south west. About one third of the country lies in the tropics. Australia has a coastline of 36 735km. The majority of the population live along the eastern coastline and the south-eastern corner of the continent.
Property Prices
Range varies according to what you wish to purchase as shown below:
From around £60,000+ 1 bed apartment
From £120,000/150,000 2 bed apartment
From £135,000+ House
From £150,000+ 3 bed Town house
Where to buy
The popular places to buy property are Cranberra, Melbourne and Queensland. The property is very affordable yet in the best locations. There is sunshine all year round and there are superb facilities available.
Cost of living
The average cost of living in Australia is generally low compared to other countries.
Buying real estate
Foreigners wishing to purchase property in Australia will have to put their application forward to the Foreign Investment Review Board (FIRB). It takes 30 days for them to review the application and a further 10 days to advise the buyer of the decision. If accepted then the buyer will be able to purchase real estate within Australia. Contact details for the FIRB are at the end of the page.
Legal
After the FIRB accept the application then a solicitor or lawyer will need to be appointed to deal with the contracts of buying and selling.
Fees payable
Solicitor fees.
Taxes
A tax accountant or the Australian Taxation Office will need to be contacted to ask about the tax implication when buying property in Australia.
Finance
Mortgages can be arranged from Specialist mortgage and Australia's First Bank. There are various other mortgage providers which offer competitive interest rates.
Embassy
Australian High Commission
Australia House
Strand,
London
WC2B 4LA
Tel: 0870 005 6701
Fax: 0207 240 5333
Foreign Investment Review Board (FIRB)
The Executive Member
Foreign Investment Review Board
C/o Department of the Treasury
Langton Crescent
CANBERRA ACT 2600
AUSTRALIA
Fax +61 2 6263 2940
Telephone Inquiries +61 2 6263 3795 (Mon-Fri 9:00am-5:00pm AEST)
