Forigners now buying property in Australia
There is
now a trend in Australia that foreigners are buying property. The price of property
in Australia continues to increase. The demand for housing much more than the
supply. This is because of Australia high population growth and concentration
of jobs in the Major capital cities, which is where the major increases in
property prices is occurring.
Recently
Chinese people buying Australian real estate have been in the press. Some
people have tried to blame foreigner Chinese paying more than them for a
property. However, it has frequently been local Australians who are ethnic
Chinese but are either immigrants or born in Australia.
The drivers behind Chinese purchasing property in Australia include changes to domestice (Chinese) laws areound property ownership in China making property investment less attractive in China and the exchange rate which has made Australian property on sale for Chinese.
It has
also been reported that the Chinese foreigner are not buying in the same market
as first home buyers as they are often buying more expensive properties.
Given
that Australian is based on immigration and this trend does not appear to be
stopping it is expected that housing will continue to grow in Australia.
There are still some good areas to invest in Australian property including Melbourne suburbs of Maidstone (inner west Melbourne) and the Monash city area middle east Melbourne (Clayton, Glen Waverly and Notting Hill).
Some
Australian lenders are also providing home loans tailored to immigrants, known
as immigrant mortgages or immigrant home loans. Some Australian lenders are
also providing temporary resident home loans. These are tailored to people on
temporary visas such as work visas, study visas, spouse visas.
Due to
the home loan market in Australia being diverse and disorganised local
Australians, immigrants, temporary residents and foreign property investors are more and more often using a
mortgage broker to help them arrange their home loans.
Resources
Property
information was obtained from www.propertyinfo.info
Finance
information was obtained from www.oaklaurel.com.au
Oak Laurel
Notting
Hill VIC 3168
0430 129
662
info@oaklaure.com.au
Oak
Laurel
Kaleen
ACT 2617
0481 368
884
info@oaklaure.com.au
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