Australia is an island of European mentality in Oceania and Asia. The local tropical climate has suffered less from global warming than the European one. Due to this, as well as the emphasis on industrial development, the country attracts specialists from abroad, who end up staying in Australia for a long period. But newly built Australian real estate is popular not only because of this - the general distance from European countries also plays into the country's hands. Australians have experienced for themselves that it is better to watch the crisis from the outside, and while the European economy is stagnating, the Australian one is growing.
Features of buying new real estate in Australia
Australian legislation strictly regulates the real estate market. The first thing you need to know is that non-residents need to get approval to buy real estate through the Foreign Investment Review Board (FIRB). This is a paid service and will cost a potential buyer 14,100-88,000 AUD ($9047-$56,468). The minimum threshold is charged for property valued at up to AUD 1 million ($641,690). Such measures have helped to cut off speculators from the market.
There are also types of property ownership in the country that apply to new housing in Australia:
- Freehold. Full ownership of the land and building. Most common for houses and townhouses.
- Strata Title. Shared ownership with shared responsibility for communal areas (entrances, swimming pools). The buyer must pay annual building maintenance fees of between AUD 500 and AUD 5,000 ($320–$3,200).
- Leasehold. Rare for new properties, but possible in some states where buyers plan to lease land from the state or a private owner.
Buying new housing in Australia from a developer begins with signing a Contract of Sale, which includes:
- Price and payment terms.
- Completion date (for off-the-plan). If the deadline expires, the buyer can terminate the contract and return the deposit.
- Developer's guarantees (usually 7 years).
- Cooling-off period. A period (usually 5-10 business days) during which the buyer can cancel the transaction without serious penalties (except for a small penalty of up to 0.25% of the cost).
Prices for real estate from the property developers in Australia
The Australian real estate market offers all types of real estate in all segments: from economy to luxury. The average cost per square meter in the country is 7,000-15,000 AUD ($4,494-$9,630). In large cities, prices are twice as high as average, and in small towns and rural areas they are 20-40% lower.
New building prices in Australia:
| Property type |
Average price (AUD/m²) |
Average price (USD/m²) |
| Apartments | 7000–20,000 | 4494–12,840 |
| Townhouses | 6000–10,000 | 3852–6420 |
| Villas | 8000–15,000 | 5136–9630 |
Popular cities in Australia for purchasing new housing
The most popular city is Sydney. It is both the capital and the main magnet for both expats and those seeking premium real estate. The price per square meter here is also the highest, so developers are developing the suburbs. In general, Sydney is more suitable for investors due to the high flow of temporary residents.
Other popular cities in Australia:
- Melbourne. The city is considered the cultural capital of the country: the Melbourne International Comedy Festival and the Melbourne International Film Festival are held here. In terms of their number per year, the city is not inferior to the capital. The city is suitable for earning money by renting out housing, mainly due to students from local universities.
- Brisbane. Brisbane is the third largest city in Australia. The city stands out against the background of the two previous ones with an abundance of parks and greenery. If Melbourne and Sydney are more about concrete jungles, then Brisbane has more than 2,000 green areas and parks, the largest of which are South Bank, Parklands Roma Street, New Farm Park. Perhaps that is why Brisbane has the largest influx of population from internal migrants from other states of Australia.
