Despite of economic instability across much of Europe, international buyers continued to flock to Australia during the 2012 financial year
Australia: the sixth-largest country in the World by land mass, a comparatively small population and a concentration of real estate in the highly-urbanized areas at the east of the Australian continent. Australia’s abundant and diverse natural resources attract large flows of foreign investments and include extensive reserves of coal, iron ore, copper, gold, natural gas, uranium, and renewable energy sources.
The real estate market remains complicated due to differences of purchasing processes, particularly in Sydney and Melbourne. Property purchases in Australia are regulated by The Foreign Investment Review Board (FIRB). The FIRB is an Australian Governmental body which places certain restrictions on the types of property that non-residents can acquire. If you are not a permanent resident of Australia and want to buy a home there, you must get prior approval from the Australian FIRB.
Despite of economic instability across much of Europe, international buyers continued to flock to Australia during the 2012 financial year. Prices for luxury real estate are increasing by 0, 3% in Sydney, by 0,4% in Brisbane, by 0,6% in Adelaide. On an annual basis Darwin saw the biggest surge with prices up 8.2%, followed by Perth up 4.4%. Melbourne saw the biggest drop, at 2.3%.
Australian housing market Overview
By number of houses purchased in 2012
