Over the last five years, an increasing number of Pakistan are investing in Australia, particularly in Sydney, where property prices increase by eight to 10% each year, making real estate a worthwhile investment.
If you are thinking about investing in property in Sydney, factor in the following:
1. You can purchase residential and commercial property in Sydney (as well as other cities in Australia) even if you are not an Australian resident.
2. In order to purchase property, you will have to be physically present in Sydney to finalize the deal after securing the services of a solicitor there to make care of all the legal requirements.
3. Prior to purchasing property, you will have to attain permission from the Foreign Investment Review board (FIRB). This process is a relatively straightforward one will be required to play a buyer’s fee (which amounts to almost 0.5% of the property’s value) to the FIBR.
4. You can apply for a mortgage for a bank, which can amount to 80% of the property’s value; the interest rate is 4.39%.
5. Suburbs in Sydney which are attracting the most investment include Black town, Bondi Beach and Parramatta.
6. The prices o property in these neighborhoods are as follows:
Purchase prices range (per square foot): Rs 250,000-300,000
Monthly rental range (per square foot): Rs 180,000-220,000
Available sizes include: 700,800 and 900 square feet
Purchase price range (per square foot): Rs 500,000-760,000
Monthly rental range (per square foot): Rs 235,000-350,000
Available sizes include: 2,000, 3,000 and 3,500 square feet
By Nimra Sajjad. Information provided by Open Agent, Australia.