Moving to Australia conjures up images of buying a house with a swimming pool, A flowing open interior and a BBQ area for those all important social occasions. Whether this property dream can come true will be dependent upon where you move to and what your budget is.
If you decide to move to one of Australia’s major cities such as Sydney, Melbourne or Brisbane you can expect to pay what are considered ‘eye-watering’ prices for apartments and houses. Recent reports showed that in Sydney, prices are over the $900,00 price range and 42% of your monthly wages can be eaten up by your mortgage.
Despite worldwide economic fluctuations, Sydney saw a 10.2% increase in property prices between June 2016 and June 2017. Melbourne and Brisbane saw staggering 13.8% rises during the same period.
That said, the good news is that if you move out of the major areas into some of the Suburbs, you can expect to get a lot more for your money. For example, you can buy a house in Adelaide for $436,000, in Perth for $495,000 and Hobart for $360,000.
Beginning a search for a new home in Australia needs to be considered within the the guidelines of the Foreign Investment Review Board (FIRB). This gives information about what kind of homes non-resident foreigners can purchase. It’s worth checking out their website before proceeding with any property searches. You will also need to apply to the board in order to purchase a home.
As with house-hunting in the UK, the best place to start is with well known websites that list various properties. The most relevant in Australia are Real Estate, Real Estate View and Domain. Prime Location and Right Move also offer similar options.
Property styles will vary throughout Australia. You can expect to find more apartments in the big cities where location may be more important than size. There are a number of different styles dating back to the 1800’s which saw the typical two storey house with veranda and spacious rooms developed across NSW and Sydney.
Others such as the ‘Queenslander’ which was built on stilts with timber cladding came a little later. Bungalows, which many expats will probably be most familiar, arrived in the early part of the 20th century with their paved gardens and red brick facade.
Buying a property always requires a great deal of organisation and research and it is no different in Australia. Some banks will offer special mortgages to expats so it’s worth looking for the best deal. You will need to prove you can afford the home and details of your finances back home may be a requirement to secure a mortgage. Make sure you have all your details to hand. You will be expected to pay a 20% deposit on property purchased and expect another 5% to go on legal fees.
There is more than one way to buy a home in Australia. A buyer’s agent can help find, negotiate and purchase a property. You can find a professionally accredited agent through REBAA, Australia’s premier industry association for buyer’s agents. Getting yourself a conveyancer and mortgage broker is also essential. Again pick one based on reputation. Your estate agent should be able to point you in the right direction.
Australia also offers a good selection of houses up for auction. This is a common way for residents to buy new homes. When buying a house you have a cooling off period in which to change your mind, but at an auction there is no such luxury. It’s worth seriously considering what you are prepared to buy for before visiting the auction and sticking to your price. It’s easy to get caught up in the action and walk away with a home that doesn’t suit you or your budget.
PSS International Removals can help you move to Australia. For more information see here. If you are considering moving abroad, PSS International removals can help. We are a family run company, which has specialised in international removals for over 35 years. We are committed to providing a friendly, professional and stress free overseas move for all our customers. Whether you’re sending a full or part household removal, excess baggage or a vehicle, we will ensure that you receive the highest level of care and attention. Contact us now for a free estimator’s survey, or simply fill in our online moving or baggage quote.