New builds are proving hard to sell.
As some experts predict a further fall in house prices in the UK, on the other side of the globe Australia is seeing house prices soar dramatically.
On average houses in Australia have shot up in the last three months alone by 5.2% throughout the eight major cities. Melbourne, traditionally one of the cheaper cities to buy property, saw the biggest increase – a whopping 6.8% rise whilst Sydney lagged behind with a 5% increase in its house prices. Adelaide saw the lowest rise at 2.1%.
The yearly increase for homes across Australia is now at around 13.6%, way ahead of initial estimates that put the yearly rise at 11%. For 2009 Melbourne saw house prices shoot up by almost 20%.
Blame for the surge is being put upon first home buyer’s grants and an increase in demand for the more affluent areas of city suburbs.
However in stark contrast to the rises, new home sales have seen a marked slump in interest. New build sales were down by 4.6% during the latter half of 2009 according to the Housing Industry Association.
So for immigrants heading to Australia this year our advice is simple – look towards Adelaide where prices, whilst still rising, are way below those of the other Australian cities. Annually Adelaide is seeing rises of 5.1%. And as migrants to the country, you are restricted in the type of house you can buy in Australia. The Foreign Investment Review Board will generally only allow foreigners to buy new build properties. And as new builds are actually seeing a decrease in price this can only be good news for those looking to emigrate to Australia.
Be warned though, Australia’s economy is very strong at the moment and you’ll find that your British pound won’t go far. Australia is also experiencing other rising costs such as higher prices for accommodation and utilities according to a report by TD Securities and Melbourne Institute, however you’ll get more fruit and veg for your money as those prices declined last month.  A rate rise is also expected from the Reserve Bank of Australia.
If you are thinking of immigrating to Australia, have a look at our Australian visa options and chat to other members of our Australian forum who can give you advice and information on making your relocation to Australia as smooth as possible.
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