Perth, WA -- (SBWIRE) -- 05/05/2014 -- The National Australia Bank estimates that in many parts of Australia, nearly one quarter of new properties are going to foreign buyers.
In Queensland, foreign buyers currently account for an estimated 9.5 per cent of property sales. In New South Wales, this figure is as high as 12.7 per cent.
The Foreign Investment Review Board figures suggest that Chinese buyers alone account for $6 billion, or 2.4 per cent of the total investment in Australian real estate. These high figures may come as an alarm to Australian home buyers.
Recently, the Federal Government launched a parliamentary inquiry into the rules governing investment in Australian real estate. This inquiry is intended to discover whether or not the rules are being properly enforced by foreign buyers.
Development of Australian Real Estate
Australian home buyers have a watchful eye on foreign investment in property. Fear of being priced out is already prevalent in a market where property prices keep rising. Although the instinct is for Australian home buyers to be distrustful of foreign investment, there are other factors involved.
According to regulations, foreign investors can only purchase new homes, not established ones. This means that every home purchased by a foreign investor must be constructed from scratch. Foreign property investors encourage construction of new Australian properties and housing developments. These foreign investors boost the overall housing supply.
Australian Home Buyer Grants
Many Australians want to enter the property market while it is still hot. There are many reasons to invest in property now. Interest rates on loans are at a record low figure. Availability of grants and financial assistance has never been higher.
First time home owners in Australia are eligible for the First Home Owner Grant. Grants vary from state to state. They are only available for Australian and New Zealand citizens, and they can assist home owners with up to $7,000 dollars in grant money.
These grants often favour homeowners who intend to build, rather than purchase an established home.
Regardless of where the market is heading or who is investing, Australian home buyer grants provide financial stability when purchasing a new home. Australians are well positioned to take advantage of first time home ownership options, like loans and home builder services.
About Aveling Homes
Aveling Homes is an award winning home builder based in Perth dedicated to providing exceptional service. Find out more about our display homes and our house and land packages by contacting one of our representatives today.
Visit the Aveling Homes website at http://avelinghomes.com.au for more details about our services and available financing options for first time home buyers.
Aveling Homes Contact Information
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