Online resources to assist you with renting or buying a property:
realestate.com.au
raywhite.net
firstnational.com.au
property.com.au
ljhooker.com.au
reiaustralia.com.au
domain.com.au
hockingstuart.com.au
firb.gov.au – Foreign Investment Review Board
HOUSING FACTS
Australia’s reputation for a high standard of living has a lot to do with its standard of housing and wide range of housing options. Australia has one of the highest home ownership rates in the world. In fact 60% of the Australian population are home owners. One of the great things about Australia is the vast amount of land. This means that in general, property prices are relatively low compared to the rest of the world. As a result, most Australian houses are renowned for having large backyards and swimming pools. Nearby playing fields, parks and shopping centres allow for a lifestyle desired by many people.
The majority of Australians live within 50 kilometers of the coast in large cities or towns. A wide range of housing is available in larger cities. House architecture has been based predominantly on European and American styles, but modern housing is distinctly Australian. There are terrace houses and “Queenslanders” with housing design and style based on the weather and lifestyle of the particular region.
Apartments are becoming more popular in the bigger cities of Sydney, Melbourne and Brisbane, and are well suited to younger people, and couples with small families. Apartments are also ideal for young professionals who need to live close to work and/or public transportation.
Country towns and regional cities are predominately smaller and widely separated. Life in a country town is considered more relaxed and less expensive when compared to life in a big city. There is usually more housing available to people who choose to work and live in towns away from popular capital cities.
People living in Australia will often rent before they choose to buy a home or decide where to live. Together with the type of housing, the cost of accommodation will vary between the states and the cities of Australia. Most people live in the suburbs of the state capital cities and like to live close to where they work, go to school, access community facilities and use leisure areas.
As a new migrant it’s often wise to rent in your selected area before you decide to buy. By living in the area for a few months you will have the opportunity to assess all the practicalities (proximity to work, shops, schools, medical care, entertainment, new friends). The will give you time to fully absorb and assess the neighborhood, market trends, and property prices, and learn of any planned development.
RENTING IN AUSTRALIA
Property owners and landlords in Australia often advertise in newspapers, online and in real estate agencies. The staff members of real estate offices will assist you with finding, inspecting, and deciding on a suitable house or a flat to rent, depending on your needs and circumstances. When you find a house or flat that you would like to rent, it is a common practice to enter into a “lease” or a “residential tenancy agreement” which is a contract outlining your tenancy for an agreed period of time (usually 6 – 12 months). It is important that you completely understand the terms and conditions of the lease, since you will be bound by the conditions as set out in the contract.
In most cases, you will be required to pay a bond (security deposit) prior to moving into your new rental accommodation. Often the bond is 4-6 weeks rent in advance. Provided you leave the accommodation clean, undamaged and with no rent owing, the bond will be returned to you once you leave. Rental assistance is available to people having difficulty in finding or maintaining accommodation in the private rental market. Limited assistance can be given with bonds, rent in advance and rent arrears.
BUYING PROPERTY IN AUSTRALIA
As with rental accommodation, property owners and landlords in Australia often advertise in newspapers, online and in real estate agencies. The staff members of real estate offices will assist with finding, inspecting, and deciding on a suitable house, flat, or apartment to purchase. The Australian Federal Government often introduces home owner incentive programs. The Australian Federal Government introduced a First Home Owner’s Grant of $14,000 AUD, which was available to permanent residents and citizens to assist in the purchase their first home. If you are buying a home for the first time in Australia and are a permanent resident, you may be eligible for a Commonwealth “First Home Buyers Grant” or a similar type government incentive program. If you need to borrow money for a mortgage on the property, you should contact your bank, building society or other financial institution. In Australia, when buying a property, it is recommended that you use a solicitor or conveyancer to check the title deeds and organize the paperwork.
The Australian Government requires that all applications from foreign citizens (including temporary residents) or companies to buy residential real estate be approved by the Foreign Investment Review Board (FIRB). If you are NOT an Australian citizen, an approved migrant, a permanent resident of Australia, a foreign national holding a permanent visa, or a person who holds a “special category visas” (such as a citizen of New Zealand), you are required to obtain FIRB approval before purchasing residential real estate. The FIRB advisory board reports to the Australian Treasury and reviews all applications to purchase residential real estate, no matter what the value of the intended purchase. The primary goal of the FIRB is to ensure that the foreign real estate ownership will be of benefit to the community and in keeping with individual community needs. There are no “general” approvals available and an approval can only be granted on a specifically nominated property. Most applications require at least thirty days for FIRB review.
PUBLIC HOUSING IN AUSTRALIA
If you are receiving a Centrelink payment or are on a low income you can apply to rent public housing. The waiting time for public housing varies according to where you want to live, your household size and the urgency of your housing needs.