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Buying a holiday home in Australia

  • 01-03-2017 8:47am
    #1
    New Goat
    Registered Users, Registered Users 2 Posts: 81 ✭✭


    Is it possible to buy a holiday home in Australia, as an Irish citizen, resident in Ireland?


Comments

  • #2
    pete4130
    Registered Users, Registered Users 2 Posts: 3,944 ✭✭✭pete4130


    If you have the cash then anything is possible. Australian banks won't give a non citizen/permanent resident a mortgage.

    There are also restrictions on non residents purchasing properties. I'm not familiar with the details but it has been in the media about non residents, mainly wealthy Chinese investors being forced to sell properties. It's a measure to stop a shortage in supply for first time buyers I suppose.

    Read this for more info http://www.exfin.com/australian-property-firb


    There are a variety of holiday homes here, from large, luxury transportable homes in holiday parks, cabins in caravan parks, apartments/units etc..

    They would all have an annual cost in a holiday home or caravan park of course.

    With apartments/units for holiday/investment purposes, the prices can seem pretty cheap on the face of it. Some of these blocks of units can be more like hotels or serviced apartments and usually demand a higher quarterly management fee (strata fee) that can be $5000 per quarter or even more (going off an enquiry I did several years ago on a very cheap investment/holiday apartment). Thats $20,000 a year just for management fees alone.

    Obviously while its not in use by you, the option is there to rent it out, airbnb etc and whatever costs of agents come with that, and I'm sure the Australian Tax Office would want their share.


  • #3
    Wanderer78
    Registered Users, Registered Users 2 Posts: 30,435 ✭✭✭✭Wanderer78


    Be aware that Australian economist Steve keen believes that there will be a recession this year in Australia and some other countries, this of course could affect your decision. Best of luck


  • #4
    aido79
    Registered Users, Registered Users 2 Posts: 5,374 ✭✭✭aido79


    Wanderer78 wrote: »
    Be aware that Australian economist Steve keen believes that there will be a recession this year in Australia and some other countries, this of course could affect your decision. Best of luck

    Has he made any bets this time?

    http://www.news.com.au/finance/economist-steve-keen-loses-housing-bet-against-rory-robertson/news-story/93ed4546692bf96793651c0cbcf0d8bb


  • #5
    catbear
    Closed Accounts Posts: 5,092 ✭✭✭catbear


    aido79 wrote: »
    Has he made any bets this time?

    http://www.news.com.au/finance/economist-steve-keen-loses-housing-bet-against-rory-robertson/news-story/93ed4546692bf96793651c0cbcf0d8bb
    The difference now is that he no longer alone in his views.


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