There’s plenty of property opportunities in Australia and no reason why you can’t partake of it – providing you play by the rules. Non-residents can only buy and invest in certain properties (see Purchase Process, next page); otherwise it’s a level paying field. Exit costs, in particular capital gains tax (CGT) on the sale of assets, are prohibitively high, starting at 29 per cent. But, as they say, don’t let the tail wag the dog.
Most cities in Australia are on the cusp: property prices have fallen around 4.75 per cent in the last year but have flattened out in almost all of the nine major cities. In a couple – Perth and Brisbane – house prices rose in Q1 2009. Do you have a gambler’s instinct? Do you stick or twist? Odds are for a flat-ish couple of years, but ‘pockets’ will outperform the majority. Now, it’s just a question of picking them.
GlobalPropertyGuide.com reports that gross rental yields for Sydney apartments are 8.04 per cent, up by 1.5 per cent from the previous year. The sting in the tail is income tax on rental income for non-residents starts at 29 per cent. Holiday lettings website: http://holidaylettings.co.uk/ has more than 285 properties to rent on its books in Australia; 42 in Sydney. Prices start from around £410 per week for an apartment that sleeps four in Sydney.
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Amanda Lamb is on her travels finding you the ideal location for your new house
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