Australia is the sixth largest country in the world and is one of the most attractive places to live in based on income, healthcare, and high standards of living. It is home to 21 million people in a big piece of land. The country’s economic growth is fuelled by strong domestic demand. Non-Australian’s may find the cost of living in the country relatively high.
For several years, Australia property market has been on fire — and in 2015 it recorded an astonishing 10.53% house price rise for the whole country. It has now slowed, despite the country’s stable economic growth and the increase was still a healthy 4.65% 2016.
Sydney and Melbourne grew faster than the national average thanks to various factors including migration. The capital of New South Wales recorded the most expensive housing in Australia at US$1,017 per square foot (sq. ft.) with rental yields at 4%. House prices in Melbourne are around US$608 per sq. ft. with rental yields ranging from 3.96% to 4.37%. Melbourne saw the biggest increase in residential property prices by 8.2%.
Canberra’s housing is offered at US$455 per sq. ft. with rental yields at 5.73%. Perth’s house prices are US$403 per sq. ft. with rental yields at 5.92%. House prices in Adelaide cost around US$353 per sq. ft. with rental yields at 5.95%.
Non-Australians may invest in real estate but must be subjected to Foreign Investment Review Board approval. Non-Australians are not allowed to purchase established or previously occupied homes as they may only buy a new house but still subjected to FIRB approval after evaluating that the purchase will not cause a shortage of properties available to native Australians.
However, Australia remains a popular destination for expats because of its low population density, high standards of living, and the clean and healthy environment.