The real estate market in Australia is showing a great potential and has been attracting the interest of many investors from within and outside of the country throughout these years. One of the contributing factors to this development is the fact that the process and procedure of buying a property in Australia is fairly straightforward and easy to comply with.
Foreign investors are allowed to own real estate in this country with the condition that the particular land or property is approved to be sold to overseas buyers by the Foreign Investment Review Board.
The Australian taxation authorities also require owners to report their income and capital gains from their properties annually and as for overseas investors, certain incentives will be imposed in order to reduce their taxation liability.
Basically, at the early stage of a property buying process, you as an investor will have to source for a suitable real estate or land for sale, such as from this Brisbane real estate listing for example, that you think fulfills your particular requirements. For any particular property that you are interested in, always make sure that it is legitimately approved by the Foreign Investment Review Board as mentioned earlier so that you can proceed to the next step, which is to make a purchase offer either directly to the current owner or by attending an auction.
There are plenty of rental properties in Melbourne and also real estate in Sydney that are worth investing in. Popular places like Brisbane, Melbourne and Sydney are active in buying, selling and renting properties hence a better chance in making profit.
It's always safe to check and survey the resale properties thoroughly before making a final decision because certain buildings could be prone to structural damage and problems such as termite infestation, excessive moisture and so forth in the future. You may also hire a representative to review and survey these investment properties on your behalf.
For people who prefer to use the services of a local real estate agent in Australia, it is best to seek for an agent that is a member of the Real Estate Institute of Australia (REIA). REIA is the national association of the professionals in the local real estate industry and more than half of the country's real estate agents are members of the organization and they are bound to their practice guidelines.
When making an offer, there is no guarantee that it will be accepted. Many times you will have to negotiate with the vendor until an agreement is reached, if you really wish to secure the particular property. Sometimes a buyer can also acquire a pre-auction property before it goes to bidding if the price offered is favorable.
A so called conveyancing process will commence once an offer is accepted and investors will usually hire legal companies to handle all the necessary paperwork. Finally, an agreement contract is signed between both parties, transaction is made and the property is transferred.