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 The Gold Coast of Australia: |
| With miles of surf beach, lush green rainforest, world-class golfing greens and world-famous theme parks, and of course the Indy weekend you are surely spoilt for choice here! The Gold Coast can boast an average of 245 days of fine weather each year and daytime temperatures above 22 degrees Celsius for 279 days a year. This is truly the Sunshine State and you will simply love it. The Gold Coast is located on the Eastern seaboard of Australia just 80km south of the City of Brisbane.
If you’re interested in buying property in Australia for investment purposes or you’re moving down under and will want to secure a home for your family, this article examines the Australian real estate buying process. Australia follows a similar pattern to the UK in terms of home ownership with around 70% of Australians owning or in the process of owning their own homes, therefore buying property in Australia is a very straight forward process. If you are not a permanent resident or citizen of Australia then you have to seek permission to purchase from the Foreign Investment Review Board before you seriously begin your property hunt. Check out their website for details of how to apply: - http://www.firb.gov.au If you prefer a more simple approach, then talk to use about other options for ownership. With property prices varying massively across the entire continent your search will likely be focused on a small and specific area. Your search may be dominated by location because of work requirements, it may be driven by the investment potential of a particular hotspot. Whatever area you decide to search for property in you can begin by talking to us to see how we can help find the property of your dreams. There are two main ways to buy in Australia, the first is at auction, and the second is by making a formal offer on a property and once accepted going down the ‘conventional’ exchange of contracts route. Let’s look at each one in turn… Buying at Auction If you’ve never bought a property at auction before we strongly advise you to take some time out to go to a few before you start bidding for your dream home! When buying at auction you will need a 10% deposit available on the day. If you’re the successful bidder you have to pay the deposit there and then and it is non-refundable if you change your mind about the property later. We can front for you at auction to help maintain your privacy and security. Buying Conventionally The other route to purchase is what many of us are used to already. You find a property you like, make an offer on it and go from there. If the offer is accepted you can pay a holding deposit while the Contract of Sale is being drawn up. This holding deposit is refundable during this period if you decide to back out of the sale for some reason. The Contract of Sale details all the restrictions and conditions of the sale and once you sign it is it usual to pay a 10% deposit which is not refundable if you later pull out - though in some Australian States there’s what’s called a cooling off period of a few days after both parties have signed the contract and in which you can change your mind, pull out and get your deposit back. The contract will be subject to the usual satisfactory completion of all inspections and searches...and once they have been completed correctly the exchange of contracts takes place and the sale process is basically complete. When it comes to legal fees, mortgage arrangement fees, taxes and the like you should budget for about an additional 5% of the purchase price but this can vary from State to State and also depend a little on the value of the property you’re purchasing. |
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