Housing

HOUSING IN AUSTRALIA

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, provided 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 rental estimate:

Weekly House Rents Weekly Unit Rents Median House Prices In 2013
CITY RENT CITY RENT CITY PRICE
Darwin $500 Darwin $460 Sydney $655,250
Sydney $550 Sydney $460 Melbourne $563,000
Canberra $500 Canberra $440 Darwin $540,000
Perth $400 Brisbane $365 Canberra $530,000
Brisbane $380 Melbourne $350 Perth $520,000
Melbourne $360 Perth $350 Brisbane $445,250
Adelaide $340 Adelaide $280 Adelaide $386,000
Hobart $320 Hobart $258 Hobart $330,000