Investing in a home in Australia has become more popular than ever. In December of 2020, Australian homes for sale averaged $852,940. Between residents, Australian expats, and overseas investors, there is no shortage of buyers looking to cash in on a stable market with strong returns and a great quality of life.
So how do you choose a home in paradise? We’ve rounded up a few tips to keep in mind while you search. From why investing in Australia is a strong move to how to choose a type of property, this guide has everything you need to know about the real estate market in Australia.
How Will You Use the Property?
When you’re looking for a home, one of the first things you’ll need to consider is how you’ll use the property. Are you looking for an investment property, a vacation home, a permanent residence, or a short-term rental property?
How you use the property will determine your next steps. This will also help determine the best home loan for you and your investment. With a rental property, for example, you can use this home as a form of income.
With the popularity of short-term vacation rentals, these types of property are also great revenue streams that you can utilize yourself for vacation. With the popularity of Australia’s tourism economy, the possibilities are endless.
If you’re looking to relocate to Australia as a permanent resident, you’ll look at home buying through a different lens. This is the home you’ll live in, retire in, or grow your family.
Choosing a Location
Once you know how you’ll use the property, the location is the next important decision to make. A vacation or short-term rental property should be located near a popular tourist destination, beach town, university, or recreation area.
From Queensland to the outback of the Northern Territory and all the miles of coastline in between, there is something for everyone. In Sydney and other regions of New South Wales, you’ll see a bustling nightlife, strong economy, and vibrant population.
Each unique location offers historic cities, stunning views, wildlife, beaches, and reefs. You’ll never run out of outdoor adventure, water sports, and leisure time. This is a great opportunity to own property in one of the most beautiful parts of the world.
Choosing a Property Type
One of the most important considerations, when you’re looking for a home, is what type of property you’d like. There are single-family homes, waterfront homes, remote cottages, urban condominiums, and great rental properties.
In a condo, for example, you may find luxury amenities such as a fitness center or private pool. You could also find a cottage with land and room to roam. The type of property will also depend on how you use it.
Consider what you need out of the property and what is important to you. If a gym and amenities are critical, you can rule out a single-family home. The type of home also helps to narrow down your wish-list and what location would be best for you.
Remember to check any rental restrictions or if the home needs to be owner-occupied. You’ll just want to be sure if you’re buying an investment property, you’re able to rent it out for income. Some places also have restrictions on short-term vacation rentals.
Why Buy a Home in Australia?
Australia has a reputation for its stable housing markets. In most key cities, there has consistently been a low supply of homes. To help avoid a housing bubble, the Australian Prudential Regulation Authority or APRA was set up.
Due to strong markets, proper legislation, and a stable economy, you’ll find responsible lending practices. This consistency leads to a better economy and less risk for home buyers.
You’ll also notice fewer investors impacting the housing market. Much of the market is owner-occupied. This means the risk of an economic downturn or housing crash is much lower.
The Benefits of Investing in Australia
In some countries, it’s difficult to invest if you aren’t a citizen. In Australia, you don’t need to be a citizen or own a business to own properties in Australia. This makes buying a vacation home or investment property easier.
The Australian legal system is also based on the legal system in the United Kingdom. This is also similar to Singapore and Hong Kong. This makes it more familiar to many investors overseas looking for a comfortable investment.
Whichever home and location you choose, this is an exciting opportunity to own a home in one of the most beautiful and vibrant parts of the world. From the art and culinary scene to world-renowned beaches and coastline, there is something for everyone.
How to Choose the Best Australian Homes for Sale for You?
When you’re looking for Australian homes for sale there are a lot of factors to consider. First, you’ll want to consider the location, your budget, as well as the type of property you’re looking for. You may look for something different in a rental property than you would a home for you personally.
Enjoy this exciting time house hunting. You are making a great investment in your future and your quality of life. The Australian housing market is money well spent. For more real estate and finance tips, head to the travel section.