Australia boasts a nice warm climate and a relatively low cost of living and every year see’s more and more foreign investors investing in both commercial and residential properties throughout Australia. Australia has also been voted number one for surviving the global economic crisis.

The Australian Government rules that only permanent residents in the country can buy real estate. Any foreigner wishing to invest must first obtain permission from the Foreign Investment Review Board (FIRB). This is a fairly easy process but can take some time to process.

Generally purchasing costs are roughly 5% of the sale price, but can differ from state to state. Stamp duty, legal fees, taxes and mortgage applications (if applicable) are included in this 5%, however these costs may vary as to where your property is situated and the value of the property.

Again depending on what state you decide to invest in, the holding deposit required by a seller is normally 10% of the asking price. The balance is then payable upon signing of the sale contracts.…