Published on 13 March 2007 at 12:51 pm
Filed in Property News for Australia » Is Tasmania the Best Place for Investment Property in Australia?
As property prices have boomed right across Australia and now many in the real estate industry are predicting periods of slowdown, stagnation or even negative correction in destinations from Melbourne to Brisbane for example, is remote, lesser explored, out on a limb Tasmania the best (only?) place for investment property in Australia, or is there actually nowhere left for potential profitability and property price appreciation?
Well, Tasmania is certainly having its day as a great investment property destination for a number of factors that we will explore in this article – but there are many other destinations down under that offer an investor the chance to profit…let’s take a closer look!
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The property buying process in Australia is relatively straightforward and foreign investors are permitted to own real estate in Australia as long as the land or property for sale has been approved for sale to overseas buyers by the Foreign Investment Review Board.
Income and capital gains derived from property owned in Australia has to be reported to the Australian taxation authorities but there are certain incentives in place for overseas property investors to reduce or negate their taxation liability.
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Many people question whether property investment in Australia remains a profitable possibility seeing as the real estate sector in Australia has been one of the most positively affected markets during the latest worldwide property boom.
As house prices across the country are now at record highs in relation to income levels in Australia this has made property ownership a less achievable goal in real terms for many Australians, this has pushed up demand for rental accommodation so far that a rental crisis is now looming in many major Australian cities - thus creating a ripe market for the property investor seeking immediate income and long term growth.
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Depending on your perspective, real estate investors in Australia either have the smallest continent in the world to search or perhaps one of the largest countries in the world in which to search for that ideal property - either way, it’s a fact that Australia offers a wealth of property investment opportunities to a potential buyer.
And whichever way you prefer to view the Commonwealth of Australia there’s no denying the fact that it boasts one of the most striking and diverse natural landscapes in the world and that its attractions are as deep as they are manifold for its citizens and also for many international real estate hunters who travel down under annually in search of the latest opportunities in the property sector.
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