Australia Real Estate

Australia has stood out among other nations with its distinct landscape, rich natural habitat and successful economic performance. Also known as the smallest continent in the world, Australia lies in the Pacific and Indian oceans near Indonesia, New Zealand and Papua New Guinea.

Australia is composed of the main island Tasmania, and other several islands. Tasmania has been the home of the Australian aborigines since 40,000 BC. In the seventeenth century, Australia was colonized by the United Kingdom, a rule that ended in 1788 as the population opted for self-governance.

At present, the country is classified into the Northern Territory and Australian Capital Territory. It is home to a population of about twenty one million, most of which are of European ancestry, specifically British and Irish. The current population is also composed of immigrants, the majority from the United Kingdom, New Zealand, China, Vietnam and Italy.

The Australian economy has been among the best performing economies around the globe. It has a competitive labor force and service sector. Its industries include the manufacture of technological devices. Taxation of imported goods is levied with high charges as the local production of commodities for export is weak. Its major export partners are the United States, New Zealand, Japan and China. The government has been pushing for the privatization of public-owned enterprises to expand its economy. A large bulk of the country's resources is composed of fiscal services, tourism and education. As of the first quarter of 2007, its economy ranks third in the world in terms of freedom. The country employs notable policies on residential and commercial property rights, and employment. Adhering to a democratic rule even in the state's financial system, the country has a low rate of corruption and employs strict protection of property rights.

Foreign investment is encouraged by the Australian government. Business proposals on banking, media, telecommunication, transportation and real estate are receive national handling.

The real estate industry of Australia is supported by the country's significant increase in population over the last few years, as well as the rapid growth of immigration. In 2004, however, the market for residential property experienced a rapid decline as the interest rates rose especially in the cities of Sydney and Melbourne.

Residential real estate properties in Australia are classified into flats, apartments or units, and townhouses. Investors in Australia go through defined procedures before their purchase. The top consideration of real estate investors is income. Australia offers a variety of lucrative business opportunities that can gain with no significant difference as that of real estate. The advantage of investing in real estate is that the leverage, tax and appreciation of property are considerably superior compared with other ventures.

The rental scheme in Australia is highly profitable. Each year, a property can gain at least $2,000 given that the stream of income is not obstructed.

Among the sought after areas in Australia is Blacktown, Kellyville Ridge and Mt. Druitt. The prices of real estate properties in these areas rose to more than one hundred percent in 2006. Residential investors also opt for the suburban districts such as the Cronulla, Caringbah and Menai, collectively the Sutherland Shire, wherein property cost increased by almost eighty percent.

Facts on the property sales in Australia are carefully documented by the state departments. Real estate purchasing is also done through auctions, a method that seems to be favored in Australia. Auctions take full advantage of the property values and drive a vibrant market. It also through estate auctions that the full worth of properties are more transparently evaluated as interested parties and competition are able to see each other.