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Australian market popular but difficult, says expert

Article Date : Monday, April 02, 2007       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

The Australian market is proving very popular with UK property buyers looking to emigrate, despite a general lack of knowledge about the investment process, according to a spokesman from BuyAssociation.

Paul Collins, overseas property editor of the website, said that people are often unaware of the time it takes it to buy a house in Australia, which is exacerbated if the buyer intends to emigrate.

He said that Australia is "little bit different" than the Spanish market in the sense that people who buy in Spain are probably looking for an investment or a holiday home, which is a much simpler process.

"Obviously with Australia and the distances involved, then they're looking more for a permanent move or for a pure investment that they won't ever see themselves," he commented.

He pointed out that property buyers have to put their application before Australia's foreign investment review board, which can delay the whole process. He also made it clear that there can be difficulties in getting permanent residency.

"But I think, equally, at the same time, people don't realise how many routes there are to get a visa. Because a lot of people don't realise that their company can sponsor them, or if they've got family out there already they can get sponsored," he added.

According to Lucas Property Group, falling land prices and rising interests make Australia an ideal investment opportunity for buyers. This is because many sellers are being forced to accept low prices for properties in Sydney and the Central Coast of New South Wales.
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