The lure of sunny beaches and a laid-back lifestyle have made many Britons curious about taking the leap and moving Down Under. Australian home prices have long been more affordable than housing prices in the UK, giving higher square footage and a more desirable location for the money you would spend at home. There are certainly bargains to be found in Australia, such as affordable house and land packages in Perth, but there are also incentives to look at UK real estate. It’s helpful to take a closer look at how the two property markets compare in order to determine where the best investment lies.
The lure of sunny beaches and a laid-back lifestyle have made many Britons curious about taking the leap and moving Down Under. Australian home prices have long been more affordable than housing prices in the UK, giving higher square footage and a more desirable location for the money you would spend at home. There are certainly bargains to be found in Australia, but there are also incentives to look at UK real estate. It’s helpful to take a closer look at how the two property markets compare in order to determine where the best investment lies.
Average Home Prices
Australia’s housing market has weakened slightly in the past year, with six out of the eight capital cities in Australia seeing a drop in median house prices. Sydney is the most expensive market for those looking at real estate, with a median house price of £418,958 according to the Real Estate Institute of Australia. This is still lower than the comparable greater London area, where the average house price is £461,018 according to the BBC. The average house price in the UK overall is an affordable £249,958, with prices varying widely in both countries depending on the region you choose to live in. If you want to find Victoria real estate, you could expect to pay an average of £350,000 in Melbourne. Yet bargains can be found in Australia as well as the UK, particularly in markets like Hobart where the median house price is only £241,265.
Floor Space
Property size is one of the major differences between real estate in Australia and the United Kingdom. On average, homes are larger in Australia. A survey of new homes conducted in 2009 found that the average new 3-bedroom home in the United Kingdom was 88 square metres. The average floor area of a comparable Australian home in the past decade is 227.6 square metres, according to the Australian Bureau of Statistics. This is quite a leap in size, which is something to consider when you are comparing property prices in both countries.
Administrative Issues
If you’re interested in purchasing property in Australia as a foreigner, you’ll have to submit an application to the Foreign Investment Review Board. The approval process takes approximately 30 days, during which time the organisation will ensure that the property can be purchased in line with local community needs. The main factor that will be taken into consideration is whether you are buying the property for your own residential use, or to rent out.
It’s a good idea to start looking at rental properties to establish residency if you’re thinking of purchasing property in Australia in the future. Staying in Queensland rentals will enable you to learn more about Brisbane property while looking for rentals in New South Wales can open your eyes to bargains in Sydney.
There is no shortage of benefits to purchasing real estate in both the United Kingdom and Australia. Although home prices are falling in both countries, this opens up the doors to newly affordable long-term investments. In the end, the right country to invest in may come down to personal preference.
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