Like many Western countries, Australia has had a large flux of immigrants in the past ten years. From 2004 to 2007 it was estimated the number to be about 30,000. And they are having an increasing impact on the Australian property market.
Australia is a favorite place for many people to emigrate for several reasons. The economy is stable an expanding at a rate better than most Western countries. The lifestyle is relaxed an it has a good climate.
Foreigners in a new land have many issues to deal with when they first arrive. The first and most important is finding a place to live temporarily. Some might have family but others must find a place to rent. In Australia in urban areas the rents are about $250 per week.
Like many countries, the prices of houses has risen greatly in the last few years. Australia is no exception, and it has been worse because there is actually a housing shortage. Values of houses has increased 127% in the last 12 years. Some are saying in the future there may be a housing bubble similar to what happened in America.
Of course Australia has been affected by the world wide slowdown in trade and the economy has been cooling down, but to a lesser extent that other countries.But at least the job market is much better than in other Western countries.
Australia in unique in that it is a Western style country, but with strong trade ties to Asia, especially China. The geography of Australia makes it a convenient trade partner for many Asian countries. Australia also has the advantage that anyone can buy land, one does not need to be a citizen. Because rents are so expensive, naturally many foreigners are interested in purchasing a house or property. Some hints an tips are listed below.
One should not think of buying a house until they have a steady job an know the country well. Sometimes it is better to take a wait an see attitude.Renting a house for a year is a good idea.
Immigrants also have no credit history or rating, so it would be impossible to get a bank loan anyway. So having a steady job for a year would help build a good credit rating and get more points for a mortgage. Even if one has cash in a bank from selling their old house back home, this does not help their credit rating.
But even before one builds a good credit rating, it is a good idea to consult a mortgage broker or banker and get his ideas how to proceed. Right now is an opportune time to invest in the Australian property market
Australia is a favorite place for many people to emigrate for several reasons. The economy is stable an expanding at a rate better than most Western countries. The lifestyle is relaxed an it has a good climate.
Foreigners in a new land have many issues to deal with when they first arrive. The first and most important is finding a place to live temporarily. Some might have family but others must find a place to rent. In Australia in urban areas the rents are about $250 per week.
Like many countries, the prices of houses has risen greatly in the last few years. Australia is no exception, and it has been worse because there is actually a housing shortage. Values of houses has increased 127% in the last 12 years. Some are saying in the future there may be a housing bubble similar to what happened in America.
Of course Australia has been affected by the world wide slowdown in trade and the economy has been cooling down, but to a lesser extent that other countries.But at least the job market is much better than in other Western countries.
Australia in unique in that it is a Western style country, but with strong trade ties to Asia, especially China. The geography of Australia makes it a convenient trade partner for many Asian countries. Australia also has the advantage that anyone can buy land, one does not need to be a citizen. Because rents are so expensive, naturally many foreigners are interested in purchasing a house or property. Some hints an tips are listed below.
One should not think of buying a house until they have a steady job an know the country well. Sometimes it is better to take a wait an see attitude.Renting a house for a year is a good idea.
Immigrants also have no credit history or rating, so it would be impossible to get a bank loan anyway. So having a steady job for a year would help build a good credit rating and get more points for a mortgage. Even if one has cash in a bank from selling their old house back home, this does not help their credit rating.
But even before one builds a good credit rating, it is a good idea to consult a mortgage broker or banker and get his ideas how to proceed. Right now is an opportune time to invest in the Australian property market
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