The Office for National Statistics’ recent findings that 200,000 Britons emigrated in 2006 were startling enough – but combine this with the fact that of those who left almost 1 in 3 moved down under – principally to Australia but also to New Zealand and you can quite see why Brits love property in Australia.
As new data is released to show that we Brits and Irish have 3.81 million properties overseas worth billions and that increasing numbers of Britons are looking abroad to get on the property ladder, is Australia a good place to be looking for real estate right now?
The property market in Australia is certainly not stressed like the markets in Spain and the US…but having said that it has already suffered some slowing of house sales and a certain amount of price reductions from the heady heights the market reached back in 2006. So, anyone in a position to make a cash purchase and who is happy to haggle can potentially bag themselves something of a bargain in Australia.
Rather than being a perfect market for Britons buying abroad to consider as a way on to the UK housing ladder, property in Australia perhaps makes a better bet for those thinking of emigrating. It can take time to get through the emigration process and this time can be well spent researching the market in Australia. Even if you’re not sure about where you want to live, if you are determined to get on the housing ladder and you spot a property bargain it can be worthwhile making a move.
Brits really do love property in Australia – simply because there are so many Britons living down under! But Australian real estate can also make a good investment choice. You can buy ahead of your relocation and rent out your home, you can buy an apartment in a city environment where there is a strong buy to let market and you can enjoy income from this regardless of where you ultimately want to own a home for you and your family.
If you are going to be buying property in Australia at the moment be aware that there are pockets of negativity in the market that you can work to your advantage. You can talk down the price, you can haggle quite hard especially if you’re coming in with your financing in place or cash in the bank after selling off your UK assets.
If you can wait to buy until you get to Australia, some of the best property deals are done at auction. Whilst you can of course employ someone to stand in in your place and bid for you, you really do need to have viewed the home first to ensure it is all you expect.
Finally, if you are thinking of moving to live in Australia, remember that you have to get your residency sorted out well in advance of your relocation. This doesn’t affect your right to own property in Australia, but it does have a complete impact on your right to reside in the nation.