subject: The Thriving Property Market In Australia [print this page] The Australian property market seems to have held up pretty well compared to the property markets in other western European countries and the United States. In some Australian property markets they have even seen an increase in property values during 2009.
Many factors have influenced the Australian real estate market. Firstly stricter Government rules on lending mean fewer people taking on mortgages that are way out of their league, more variable interest rate lending is available and an underlying demand and supply.
Due to these rules there are less repossessions on the market as in other countries and prices remain stable both in cities and in surrounding suburbs. The market for more up market properties, topping the 2 million Australian dollar mark, are also in demand and new developments are on the horizon to meet the demand for these as well.
Foreign nationals, either wanting to immigrate or invest in Australian real estate is increasing annually. Real estate involved in tourism is popular and with more and more people visiting the country every year there is never a shortage in demand for this style property. Investors can make a healthy rental income from their investment if chosen carefully.
Over the years, Australia has seen an increase in household numbers turn towards fewer occupants per household. To meet the demand developments of smaller properties are being built all over the country.
First time buyers, if eligible, are being given financial assistance which seems to have had a direct impact on properties up to the 600.000 dollar bracket. Borrowing is also more affordable, with banks offering more variable interest rate loans.
Australia is still a fairly safe bet for investors and with more small businesses spring up all over the country, more and more over sea investors are investing in commercial properties throughout the country.
For over sea buyers purchasing real estate in Australia is relatively straight forward. You must first obtain permission from the Government Review Board but once received the process is fairly simple.
Be sure to choose your agent carefully when purchasing real estate. Finding an agent knowledgeable in the area you wish to buy in is invaluable. Rest assured Australian Real Estate agents are specialized in their field and can offer sound advice on all aspects of real estate.
