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Property PricesBack to top Back to main Skip to menu
Australia - Property Prices
In September 2010, the average house prices in the five main cities were fairly high. In Sydney, the most popular destination in Australia for expats, the average price was $582,000 which showed a rise of 2.3% over the previous year. In Melbourne the average house price was $499,000 which was an increase of 2.5% during the previous 12 months. The highest percentage rise was in Brisbane, where the average price of $460,000 was an increase of 6.7% from the year before. Prices in Adelaide actually dropped over the 12 months from September 2009, with the average price of $400,000 showing a drop of 5.2% from the previous year. Prices also dropped in Perth, at a rate of 2.8% with an average house price of $495,000. It should be noted that these are average prices for the whole city and that houses can be purchased in suburban areas for much less than the quoted prices.
The Australian property market has been fairly strong in recent years, despite the problems experienced in other countries due to the economic recession. Experts are predicting that the market will slow down in 2011 as a result of changes in interest rates. It is also predicted that immigration will slow down over the next few years so while there will be demand for property, it will not be as strong as has been seen in recent years.
The property market in Australia is still a good investment. The growth in property prices in some areas means that if you do choose to sell your property in a few years you stand to make a very reasonable profit and the demand for houses is set to continue, so a good quality home in a desirable neighbourhood does not stay on the market for very long. Prices continue to rise in areas where there is plenty of commercial activity. If you wish to invest in property to rent out you can consider this to be a good investment also, as there is high demand for rental property in many cities in Australia. People who are in the country on temporary visas are wary of buying a property so are looking to rent instead.
The current situation with mortgages means that it is easier than ever for an expat to get a home loan in Australia and there are many mortgage deals to be had, such as interest free loans (for a limited period of time) and other incentives. Taking advantage of one of these deals means that it could be more cost effective to buy than rent and if you are on a visa which means that you have to sell the property when you leave the country then by buying in a desirable neighbourhood you can be sure that it will sell quickly when you need it to.
Expats are not generally charged more than Australian residents for houses. Many houses are sold at an auction which means that the bidding is open and you will know that you have not been overcharged. As expats are made welcome in the country there is no policy of suspicion and rarely any attempt to defraud in this way.
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