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Property in Australia

Getting to know Australia

Immigration has played a hugely significant role in Australia’s history ever since the first convicts arrived in the country from the UK back in 1787. While those convicts had little choice about being shipped to what was then a largely untouched, barren land located deep in the Pacific, those who have followed in their footsteps certainly knew what they were doing.
 
From the migrants who arrived during the 19th Century Gold Rush to those who moved to Australia through various repopulation schemes in the post Second World War years, right up to modern day migrants, it’s not hard to fathom the country’s long-lasting appeal.
 
After all, this is a nation that boasts a fantastic climate, plenty of space (Australia has one of the lowest population densities in the world), over 10,000 beaches and some of the most iconic landscapes and scenery found anywhere on this planet.
 
Add to the mix a great education system, fantastic healthcare and a healthy economy and its appeal only grows.
 
Unfortunately, Australia’s popularity as a migrant destination today is so high, that the Oz government is mainly only interested in welcoming immigrants who can either benefit the country through their skills or who have close family already living in the country – without the right skills or close family ties, then a new life in Oz may remain little more than a dream for some.
 

Property Market overview


Australian property prices, particularly in the locations most popular with immigrants have increased rapidly in recent years. Houses in the country are among the most expensive in the world, but there are, of course, local house price variations. However, in the first few months of 2015 there were signs that the pace of price rises is starting to slow. Growth in housing values slowed in the first quarter of 2015, from the previous quarter and from a year ago, according to the CoreLogic RP Data.

National average house price: AUD 658,608 (approximately £321,747)
State capital with lowest average price: Hobart, Tasmania – AUD 382,500 (approx: £186,874)
State capital with highest average price: Sydney, New South Wales – AUD 929,842 (approx: £454,284)

Price sources: Australian Property Monitors (May 2015)
 
Basic Mortgage Facts

  • Max 80% loan to value for non-Australians, and up to 95% loan to value for Australian citizens
  • Max term 30 years
  • AUD 100,000 minimum loan
  • Rates from 4%

Eligibility criteria for mortgages in Australia are generally quite good, and you can still borrow up to 80 per cent of the value of a property if you’re not an Australian national, and the minimum loan is AUD 100,000. Rates currently start from 4 per cent and lenders will use affordability calculators, which can differ from one institution to another, so maximum borrowing amounts can vary significantly. Many will use a debt coverage ratio that takes into account anticipated monthly capital repayments on all mortgages, so that the sum total of all mortgage and personal loan commitments does not exceed 50 per cent of your net monthly income.
 

Sydney Opera House and Skyline - Halo Financial

Population:
23,815,000

Area:
7,692,024 km2

Population density:
2.8 people per km2

Capital City:
Canberra

Largest City:
Sydney

Currency:
Australian Dollar (AUD)

Average national property price:
AUD 658,608
(May 2015; source www.apm.com.au)

Average temperature in Celsius

Month Perth Darwin Brisbane Syndey Canberra Melbourne Hobart Adelaide
Jan 24 28 25 22 20 20 16 21
Feb 24 28 25 22 20 20 16 21
Mar 22 28 23 21 17 18 15 20
Apr 18 28 21 18 13 15 12 17
May 16 27 18 15 9 12 10 13
Jun 13 25 16 12 6 10 8 11
Jul 12 25 15 11 5 8 7 11
Aug 13 36 16 12 7 10 8 11
Sep 14 27 18 15 9 11 10 13
Oct 16 28 21 17 12 13 12 15
Nov 16 29 22 19 15 16 13 18
Dec 21 28 24 21 18 18 15 20


 

 

Fun facts about Australia

  • Australia's first Police Force in Australia was made up of the most well-behaved convicts
  • The world's largest sand island is Fraser Island, off the coast of Queensland
  • It would take about 29 years to visit a new Australian beach everyday
  • Canberra meant 'woman's cleavage' in Aborigine
  • Uluru is not actually the world's largest rock; Mount Augustus in Western Australia is actually twice the size.
  • There are 60 wine regions across Australia
  • Melbourne was briefly called Batmania, and you can still find Batman Park in Melbourne

Deciding on your preferred location and property type

Take a quick look at what Australia’s six states and the Northern and the Australian Capital Territory have to offer newcomers.

A map of Australia

Map of provinces and territories of Canada - Halo FinancialAustralia map with states - Halo Financial
 
Discover More About Emigrating to Australia
 

Download your free guide for migrating to Australia

Emigrate2 Australia guide
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