It may sound like it’s quite literally situated at the end of the world. However, there are plenty of compelling reasons to move to Australia. With a low population density, multicultural vibe and excellent weather, the quality of life is an obvious attraction. In addition, the Australian economy has made great strides in recent years while the unemployment rate is notoriously low.
So, if you are looking to make the big move, then where should you settle down? If you are going to be looking for work or business opportunities, then it is probably best to head to one of the big cities, in particular the state and mainland territory capitals.
Many of them boast some of the world’s top rankings for quality of life. The state of Victoria is a real melting pot and is Australia’s most urbanised state. It is also perhaps the country’s most multicultural region while many of Australia’s biggest companies are headquartered in the state capital Melbourne.
The other big major metropolis which is often particularly popular with ex-pats is New South Wales, home to seven million people. The state capital Sydney is a major world city and includes famous sites such as Bondi Beach and the Sydney Opera House. The whole state though is famous for its stunning scenery, including numerous eye-catching beaches, rolling mountains and hills.
If beach and sun is your thing though, then check out the ‘Sunshine State’ of Queensland. It is a surfer’s paradise and there are plenty of tourists travelling through to visit the Great Barrier Reef. State capital Brisbane is another major metropolis where you will find plenty of work opportunities.
For something a little more out of the box, Perth is becoming increasingly popular with new immigrants to Australia. One of the world’s most isolated cities, Perth is the capital of Western Australia and enjoys a climate similar to the Mediterranean.
However, despite its remoteness, Western Australia clocked up the country’s highest state GDP in 2011/12.
Of course, there are differences in the property market in all of these cities. However, in general the global economic recession did not hit Australia to the same degree as other Western countries.
House price rises have slowed down and so potentially there are good deals to be done. However, there are a number of practical things to consider when purchasing an Australian property. As a non-Australian, any purchase must be approved by the Foreign Investment Review Board (FIRB). This usually takes forty days and should be a formality, but make sure you have a conditional clause in your purchase contract to cover any eventuality.
In Australia, once you have an offer accepted, an exchange of contracts usually takes place within a matter of days. So, make sure that you have your investment securely financed in advance. Companies such as Australia’s 1300 Home Loan Mortgage Brokers can help make sure that everything is in order. You must also factor in the cost of fees and taxes for making your purchase.
It is prudent to budget around five per cent of the purchase price. If you have a less than credible finance history or credit rating, there are still options available to you and Australian lenders are in a strong financial position to be able to take on some riskier loans. All in all though, investment potential is very promising in the big cities, making Australia an even more attractive destination.