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Permanent residents of Australia can purchase homes in Australia. Foreign nationals who do not have Permanent Residency can purchase homes only after getting approval from the government. The government grants approvals only when foreign investment leads to an increase in supply of new housing. Approvals are granted for:
- Purchase of vacant land provides continuous construction commences within 12 months.
- Purchase of existing residences for redevelopment, which must remain unoccupied during redevelopment.
- Purchase of any units, townhouses, and house/land packages in a new development.
Property investment is a low risk profitable option because Australian properties have enjoyed consistent growth.
For migrants, low interest rates on home loans, affordable pricing and the main fact that weekly rental payments are on par with the weekly loan repayments, are good enough reasons to buy property. As a new migrant, however, renting might be a good option until one is sure of the location, neighbourhood, and type of housing. Buying a home is a big investment and there is minimum deposit that needs to be arranged for. Finances need to be worked out with provisions for weekly repayments, as well as council taxes, etc.
A rough estimate:
|Australian Cities Median House Prices December 2016|
|Sydney – NSW||$852,000|
|Melbourne – VIC||$641,200|
|Canberra – ACT||$595,000|
|Perth – WA||$490,000|
|Brisbane – QLD||$486,000|
|Adelaide – SA||$425,000|
|Hobart – TAS||$335,000|