Purchasing Commercial Or Residential Property In Australia
Australia, along with Canada seems to have weathered then economic downturn fairly well
. Thanks to stricter lending rules and more land available to build new homes, Australia failed to see the 'boom' which many other countries experienced in 2004 - 2006.
However, expert opinions are divided as to whether 2010 will see an increase or a decrease in prices. The majority of financial specialists in Australia tend to agree that property prices will fall by between 5 and 10% next year and an increase in property prices will not be evident until at least 2011.
Inevitably, the Australian property market will be affected by four main factors. Employment, debt, global economy and house price stability. Debt is at an all time high and as the property market increases numbers of buyers will drop as they simply cannot afford to get into anymore debt.
Due to the global economy, unemployment rates may also increase. Local businesses are already saving on health care and taxes by cutting employees hours from full time to part time.
The Australian property market, throughout 2009, managed to maintain solid ground. If interest rates and repossessions are kept to a minimum then modest increases in property prices should be seen in a couple of years.
The Australian banks seem to be working with their customers to help bring back the economy and are allowing customers to keep hold of their homes. If banks hold large amounts of overvalued repossessions then the market will surely suffer.
In all, Australia seems to have ridden the storm rather well. Both commercial and residential properties are still being bought by overseas buyers with the added bonus of additional taxes and fees being fairly low in the country for property owners.
Investment from foreign parties is important to any countries economy. Due to this, Australia has made purchasing property fairly simple. Even though agreement from the Australian Government has to be sought prior to purchasing after this the process is fairly straightforward.
Australia is still a prime country to invest in, whether in residential or commercial properties and the country will no doubt ride the economic storm for the next few years.
by: Alana Redmana
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