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Buy Property For Commercial … Residential Use In Australia

By Alana Redmana

Thankfully Australia has managed to weather the economic downturn quite well. Along with Canada they have felt the ‘credit crunch’ allot less than other countries around the world. Due to stricter lending rules and more land available to build homes, Australia did not see the ‘Boom’ which other countries experienced in 2004 – 2006.

However, expert opinions are divided as to whether 2010 will see an increase or a decrease in prices. The majority of financial specialists in Australia tend to agree that property prices will fall by between 5 and 10% next year and an increase in property prices will not be evident until at least 2011.

Four main factors will affect the Australian property market. These are debt, employment, global economy and house price stability. Unfortunately throughout Australia debt is at an all time high and the amount of buyers will drop as they cannot afford to get themselves into more debt.

Due to the global economy, unemployment rates may also increase. Local businesses are already saving on health care and taxes by cutting employees hours from full time to part time.

The Australian property market, throughout 2009, managed to maintain solid ground. If interest rates and repossessions are kept to a minimum then modest increases in property prices should be seen in a couple of years.

The Australian banks seem to be working with their customers to help bring back the economy and are allowing customers to keep hold of their homes. If banks hold large amounts of overvalued repossessions then the market will surely suffer.

Although reserved, overseas buyers are still evident. Like any investment, real estate has its upsides and downsides but in Australia, extra taxes and fees associated with owning property are kept fairly low.

Australia knows that investment from foreigners is important for their economy. Agreement must be obtained from the Australian Government prior to buying property but after this has been received the process is fairly straight forward.

Australia is still a prime country to invest in, whether in residential or commercial properties and the country will no doubt ride the economic storm for the next few years.

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MLA Style Citation:
Redmana, Alana "Buy Property For Commercial … Residential Use In Australia." Buy Property For Commercial … Residential Use In Australia. 3 Jul. 2010. uberarticles.com. 30 Jun 2015 <http://uberarticles.com/real-estate/buy-property-for-commercial-residential-use-in-australia/>.

APA Style Citation:
Redmana, A (2010, July 3). Buy Property For Commercial … Residential Use In Australia. Retrieved June 30, 2015, from http://uberarticles.com/real-estate/buy-property-for-commercial-residential-use-in-australia/

Chicago Style Citation:
Redmana, Alana "Buy Property For Commercial … Residential Use In Australia" uberarticles.com. http://uberarticles.com/real-estate/buy-property-for-commercial-residential-use-in-australia/


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