Landlords looking to make a overseas money transfer to invest in Australian property. Either for renting or for a holiday home, have been told that prices vary greatly between regions.
According to the Australian Visa Bureau, the independent immigration advisory service. Competition to live in the country is fierce because of the associated benefits.
"For almost a decade, housing prices have risen steadily across the country. In step with interest rates and the economic boom," commented Tom Blackett, spokesman for the organisation.
"One of the issues that despite the nation's vast geographical size, the population clustered around the coast. Where conditions more liveable and there abundant access to water and resources." Compare money transfers to Austrailia
Compare money transfers to Austrailia
He explained that this makes the property marker "daunting" for potential settlers as supply squeezed by demand.
"There is also a large disparity between housing costs in different regions of Australia. With average prices in Sydney almost twice as much as in Tasmania," he added.
House hunters should be aware that buying a property in Australia will also incur a number of added costs. Such as stamp duty and land transfer registration, which can raise the costs by as much as six percent.
"Another issue is that short-term rates are quite volatile and related to movements in the commodities markets," he continued.
"This means there is a risk for migrants that plan to buy and sell over small periods of time. However, given the overall strength of the Australian housing market and economy. It still considered highly lucrative to make long-term investments in Australian property."