Buying guide: Australia

Australia is without doubt one of the most popular countries in the world for would-be expats. It’s not difficult to see why, as the nation boasts a very high quality of life and dreamlike weather with virtually persistent sunshine. The country’s wilderness is another definite draw. Diverse to say the least, the Australian landscape encompasses deserts, sandy beaches, rainforests and unique barrier reefs. The nation’s flora and fauna that thrive within these terrains include many native species, such as the Tasmanian Devil, the short-legged possum, the kangaroo and the koala, as well as about 350 unique bird species – the kookaburra and the emu being the two most famous feathered creatures.

Needless to say, Australia would make a perfect base for wildlife lovers, but city dwellers will feel equally at home in the country since Australia’s two largest cities, Sydney and Melbourne, are well-regarded in the world-city stakes. Another area with undeniable allure is ‘the sunshine state’ of Queensland, with the Gold Coast being the ultimate draw for foreign investors looking to settle in a year-round sundrenched holiday haven.

Restrictions
Foreigners are invited to purchase residential and commercial properties in Australia of any type. Anyone entering the country from abroad needs to produce a valid Visa and meet any residency requirements; in most cases, the would-be buyer needs permission from the Foreign Investment Review Board (FIRB). It can take FIRB anything from 40 days to 130 days to grant permission. If you are buying a new-build property you are less likely to have to seek permission from the FIRB, and it’s not necessary to do so at all if your spouse is an Australian national, regardless if she or she lives in the country or abroad. Should you decide in the future that you wish to sell your Australian home and buy another one, another application to the FIRB will be required. Prices for properties vary greatly depending on the type of property and its location, but don’t expect to find a bargain.

Forms of ownership
While there are restrictions, approval for foreigners to buy properties in Australia is more likely to be given to foreign individuals who are purchasing an apartment or house in a new development, rather than residential property that has been owned or occupied before. Residential properties are generally sold with a freehold title in Australia.

How safe is it?
Australia doesn’t have a big problem with crime, much owing to its stable democracy and sound infrastructure. As with large cities in any number of countries, caution should be exercised when entering crowded places. The riskiest areas of Australia are not the city-centres late at night, but the beaches. Shark attacks do occasionally occur, but the ocean itself takes far many more lives than the sharp-toothed giant fish lurking within it. To avoid meeting the fate of drowning, swim between the flags and never enter the water alone, and don’t attempt to surf or swim if the beach is not manned with patrolling staff. In some areas of the tropical regions, lurking crocodiles and poisonous jellyfish can pose a serious threat – opt to swim in waters that are fitted with protective nets.

Mortgages
Obtaining a mortgage in Australia is much easier today than in the past, and this is a contributing reason why prices have increased significantly in major cities across Australia in the past few years. Most Australian mortgages are of the “repayment” type, and applications must be supported by proof of income. Banks offering a wide range of mortgages between them include Commonwealth Bank, ANZ Bank, DBS Bank and OCBC Bank.

Choosing an area
As the cliché goes, there’s something for everyone in Australia. While multicultural cities such as Melbourne and Sydney would appeal to urban types, individuals with a more sports-inclined nature will be equally spoilt for choice. Property prices vary widely, and the plethora of properties is vast, stretching from the terraced townhouses of inner city Sydney to the freestanding houses with large gardens of Perth.

Viewings
Foreigners are free to consider purchasing any type of property; the major estate agents often serve up a wide range of different options. Some trusted Australian estate agents include McGrath and Ray White Real Estate.

Legal representation
To buy a property in Australia shouldn’t be too complicated, but foreigners are strongly advised to seek the assistance of a lawyer well-versed in Australian law in order to avoid any potential legal pitfalls.

Taxes
The Australian tax system is somewhat complicated, and it’s advisable, as always, to seek professional advice. Tax is payable on any property you own outside your principal residence, and the overall amount is calculated according to your income

AREA GUIDE

Sydney
Sydney is a widespread city with many diverse suburbs forming part of its sprawling geography. The world famous Sydney Harbour serves as the springboard to a wide range of foreshores and harbour islands that in turn serve up natural wonders such as basins inhabited by semi-tame wallabies and flocks of vocal kookaburras. Speaking of natural wonders, the Blue Mountains should not be overlooked. This World Heritage Area lends itself perfectly for treks that could last for anything from half an hour to days on end. One could forever explore the wilderness and waters that surround Sydney, but the urban charm of the city is worthy of some attention, too. Divided into areas with distinctive characteristics, some notable spots include upmarket Paddington and the altogether more edgy area of Surrey Hill. The oasis that is Centennial Park, meanwhile, should be reason enough to wish to relocate to the city. Having made the parkland their home, birds such as cockatoos, black swans, rainbow lorikeets and other exotic feathery creatures make for quite a surreal discovery for expats used to little else than the odd pigeon.

Melbourne
Often described as an Australian city with a European air to it, Melbourne is the cultural and highbrow cousin of Sydney. Vibrantly energetic, the city serves up a heady mix of restaurants, shopping establishments, art galleries and nightlife spots. There’s no shortage of green spaces either, and Melbourne is home to Australia’s biggest botanical garden, which encompasses 12,000 different types of plants. Featuring an iconic, multifaceted skyline, modern architecture intermingles with heritage buildings, some of which date back 200 years to when the city was formed by European settlers. Looking back in time yet further, one can learn more about the aboriginal heritage of the region by visiting the Bunjilaka Aboriginal Centre at the Melbourne Museum, or embark on the educational adventure that is the Aboriginal Heritage walk in the Royal Botanical Gardens. Located in the south-eastern corner of mainland Australia, the city has often been ranked as one of the world’s most attractive cities to live in. If tempted to hunt for a property in Melbourne, don’t underestimate the charm of the many suburbs surrounding the city – considering the multi-faceted nature of the locale, it’s advisable to carefully explore every nook and cranny of it before settling on a spot.

The Gold Coast
An ever popular spot for folks craving a lifestyle with a distinctive holiday feel to it, The Gold Coast features 57km (35 miles) of coastline, along which some of the most popular surf breaks in the world are lined up. Despite its impressive beach culture, the locale offers much more than sun, sand and a subtropical climate. Located in southeast Queensland, 94km south of the Queensland capital of Brisbane, the city is the sixth most populous spot in the country, with a population of about 540,000. Glitzy and with a high rise skyline, this tourist-friendly destination is not called the Miami of Australia for nothing. Amidst its established mix of monstrously large shopping malls, theme parks and bustling nightlife, families looking to set up base in the city aren’t entirely left out, as the outskirts of the locale are altogether more laid-back. Currently in the spotlight, The Gold Coast is a candidate city for the 2018 Commonwealth Games.

Perth
Located off the west coast of Australia alongside the peaceful waters of the Swan River, Perth combines city life and a distinctive outdoorsy appeal. While the city centre serves up entertainment, nightlife and shopping opportunities aplenty, the beaches lend themselves perfectly to water sports and long walks. A definite highlight, The Swan Valley Region is one of Western Australia’s oldest wine regions, boasting more than 40 vineyards. Other worthy spots are the Perth hills that are defined by rolling landscapes and valleys of native bush land, as well as wineries and orchards – all perched at a height that offers magnificent views over the Perth city centre below. Venture a little beyond the city, and you’ll find the district of Northbridge where there is an abundance of nightclubs, pubs, restaurants and cafes that collectively serve up cuisine and cultural experiences from across the world