Buying property in Australia without having a working visa

Taurus_travel

I was wondering if anyone could simplify this for me:

I’m on holiday in an Australian city and I’ve noticed the property here offers good value

If I wanted to buy here, what way would it work?

- I’m on just a Tourist Visa for now
- I have the savings to buy here, maybe a small loan needed to top it up but nothing too crazy
- strong opportunities to work here have come up but I can’t act on them yet till I get the right paperwork


Has any Irish on here bought in Australia that can offer advice or links?

Thanks

Wanderer78

Australian market potentially heading for a big crash, I'd be wary, you could clean up though. No advice, best of luck with it

Mitzy

Taurus_travel wrote: »

I was wondering if anyone could simplify this for me:

I’m on holiday in an Australian city and I’ve noticed the property here offers good value

If I wanted to buy here, what way would it work?

- I’m on just a Tourist Visa for now
- I have the savings to buy here, maybe a small loan needed to top it up but nothing too crazy
- strong opportunities to work here have come up but I can’t act on them yet till I get the right paperwork


Has any Irish on here bought in Australia that can offer advice or links?

Thanks

What is your assumption of the property value based on?
Are you comparing the property values to Irish ones or is it a particular house in a particular area?

Be very wary as this is what caught out a large amount of people out in the last boom here. People rushed off to buy property all over the world purely because it was cheaper than in Ireland and ended up with worthless property in remote corners of the world that could not be sold or rented out.

Research the all aspects of the market well before you consider buying. Think about the property market cycle there.
- Is it steady or in any stage of a bubble.
- What are rents in comparison to monthly salary?
- How would you manage the rent if you are in Ireland?
- If you are living in Ireland are you liable to pay tax on the rental income in both Australia & Ireland?
- What will the property management fees for a local agent to look after the property for you?

There are a lot of things to consider. Do your homework before you jump in!

Taurus_travel

Thanks for the replies

It’s in one of the most touristic, sunny and popular places in Oz so even if there’s a crash it’ll recover

And I’m trying to figure out a way to live here in it as job opportunities have come up

Cheers

Mad_maxx

How Australia can be considered good value is beyond me, prices are still far above this country

Wanderer78

Mad_maxx wrote: »

How Australia can be considered good value is beyond me, prices are still far above this country

tis all relative, if you have it, go for it

Donald Trump

OP, Irish land is generally guided at about 10k an acre.

I'll sell you a million acres on the moon for a million quid even.

Can't get better value than that!

IAmTheReign

Taurus_travel wrote: »

Thanks for the replies

It’s in one of the most touristic, sunny and popular places in Oz so even if there’s a crash it’ll recover

And I’m trying to figure out a way to live here in it as job opportunities have come up

Cheers

If you're considering buying a house there you'd want to get a permanent visa first. Non residents cannot buy existing property, they can only buy either new builds or undeveloped land and they need preapproval to purchase from the Foreign Investment Review Board.

To get a permanent visa you need to have a job on the skilled occupations list and either submit an expression of interest and be invited to apply or have an employer nominate you. You won't get a mortgage loan without having been working in the country for at least 6 months either.

mandrake04

I been living in Australia for 13 years, after share/r/renting for a few years I first bought back in 2010 2BR townhouse/Villa in NW Sydney for $420K sold it 4 years later for $713K, bought a weatherboard 4BR house in the same area for $850K back in 2015 was planning to completely renovate the place then about 4 months after buying it the council out of the blue brought out a defined precinct plan for the new metro and a sizable area was up to be rezoned for development so ended up selling for $2m in late 2016 but that was 2 year settlement so in the meantime I rented it out and rented myself in a suburb I wanted to live in for 2 years to try it out while waiting to get my money. Property prices took a hit with about 12-15% correction last year, I found good opportunity to buy this time last year at the bottom of the market as it now seems to have bounced back and I'm in something Im extremely happy with for the long term.

As far as the market is it seems to have stabilised and growth will be likely more conservative, immigration has been wound back so the demand for housing has eased but due to my own circumstances I am unconcerned.

I would advise to stay clear of apartments or property with Strata Title (Owners shared Community ownership), a lot of buildings have potential defects and there is a perception that these can be troublesome... my own personal opinion I wouldn't buy an apartment if someone held a gun to my head period.

If you are not an Australian resident or citizen then you need Approval from FIRB

https://firb.gov.au/residential-real-estate

This limits you to certain properties eg. off-the-plan new rather than established properties.

Becoming resident/citizen imho is not that difficult if you have the skills and tick the boxes, although these days costly.

In general I have been extremely lucky, I work in an industry that pays well and have benefited from promotion and opportunities that would never been presented in Ireland plus lifestyle suits me just fine so pretty content. I have had quite a few Irish friends who have never really settled and the flip-floping and Ping-ponging back and forth from Ireland/UK very costly so if you do go down this road you need to make sure you know what you are doing.

Mad_maxx

mandrake04 wrote: »

I been living in Australia for 13 years, after share/r/renting for a few years I first bought back in 2010 2BR townhouse/Villa in NW Sydney for $420K sold it 4 years later for $713K, bought a weatherboard 4BR house in the same area for $850K back in 2015 was planning to completely renovate the place then about 4 months after buying it the council out of the blue brought out a defined precinct plan for the new metro and a sizable area was up to be rezoned for development so ended up selling for $2m in late 2016 but that was 2 year settlement so in the meantime I rented it out and rented myself in a suburb I wanted to live in for 2 years to try it out while waiting to get my money. Property prices took a hit with about 12-15% correction last year, I found good opportunity to buy this time last year at the bottom of the market as it now seems to have bounced back and I'm in something Im extremely happy with for the long term.

As far as the market is it seems to have stabilised and growth will be likely more conservative, immigration has been wound back so the demand for housing has eased but due to my own circumstances I am unconcerned.

I would advise to stay clear of apartments or property with Strata Title (Owners shared Community ownership), a lot of buildings have potential defects and there is a perception that these can be troublesome... my own personal opinion I wouldn't buy an apartment if someone held a gun to my head period.

If you are not an Australian resident or citizen then you need Approval from FIRB

https://firb.gov.au/residential-real-estate

This limits you to certain properties eg. off-the-plan new rather than established properties.

Becoming resident/citizen imho is not that difficult if you have the skills and tick the boxes, although these days costly.

In general I have been extremely lucky, I work in an industry that pays well and have benefited from promotion and opportunities that would never been presented in Ireland plus lifestyle suits me just fine so pretty content. I have had quite a few Irish friends who have never really settled and the flip-floping and Ping-ponging back and forth from Ireland/UK very costly so if you do go down this road you need to make sure you know what you are doing.

Sounds like you were more than lucky as you have made a number of shrude moves, I bought a gorgeous apartment in Ireland a number of years ago at the bottom but like an idiot sold it fifteen months later for a 37% gain, the person who bought it is now collecting 50% higher rent than I was, they bought cheap, I got it for nothing but was too dumb to appreciate it until six months after I sold it

Wanderer78

Mad_maxx wrote: »

Sounds like you were more than lucky as you have made a number of shrude moves, I bought a gorgeous apartment in Ireland a number of years ago at the bottom but like an idiot sold it fifteen months later for a 37% gain, the person who bought it is now collecting 50% higher rent than I was, they bought cheap, I got it for nothing but was too dumb to appreciate it until six months after I sold it

future markets cant be accurately predicted, be glad you didnt walk away naked

Mad_maxx

Wanderer78 wrote: »

future markets cant be accurately predicted, be glad you didnt walk away naked

They can by the wise, these things run in cycles

Wanderer78

Mad_maxx wrote: »

They can by the wise

hahaha not at all, nobody has that ability, theres a lot of luck involved, many factors are completely out of the hands of most, they only thing is, nobody truly knows when these cycles begin or ends

mandrake04

Mad_maxx wrote: »

Sounds like you were more than lucky as you have made a number of shrude moves, I bought a gorgeous apartment in Ireland a number of years ago at the bottom but like an idiot sold it fifteen months later for a 37% gain, the person who bought it is now collecting 50% higher rent than I was, they bought cheap, I got it for nothing but was too dumb to appreciate it until six months after I sold it

I had a lot of luck but I could have been luckier, the original house I bought in 2010 was all I could afford at the time there was a house across the street at the same time which was $550K a tad outside my $490K limit and was sold for $4m back in 2016. I not complaining I did extremely well as it was... but in hindsight it would have been definitely been life changing. If its for you it wont pass.

I still have a mortgage but its nothing compared to my house maybe 20%, I'm the only income as my wife is stay at home mum but its more than manageable to give a great lifestyle.

My wife also owns a house she inherited a few years back which her uncle lives there kind of rent free, its not in Sydney but still worth a considerable amount of money and I own land in Ireland.

At the time when I first bought I was kind of jumpy as all the **** that went down in Ireland and all this talk of bubbles/crashes and stuff, everyone was like a Monger of Doom... I kind of laugh now... I have a few old Irish friends who all bought back then and likewise have done ok.

mandrake04

Mad_maxx wrote: »

They can by the wise, these things run in cycles

True...... look at Dublin 7 years ago people would say you are mad to buy but if you did then you are laughing.

wench

Mad_maxx wrote: »

They can by the wise, these things run in cycles

Ah yes, by the smart and ballsy...
https://www.independent.ie/opinion/analysis/the-smart-ballsy-guys-are-buying-up-property-right-now-26307728.html

silver2020

Mad_maxx wrote: »

Sounds like you were more than lucky as you have made a number of shrude moves, I bought a gorgeous apartment in Ireland a number of years ago at the bottom but like an idiot sold it fifteen months later for a 37% gain, the person who bought it is now collecting 50% higher rent than I was, they bought cheap, I got it for nothing but was too dumb to appreciate it until six months after I sold it

I bought apple shares for $6-$8 (about 1200) and thought I had made a killing selling at $20-$25.

Far easier not to over think of these things

Rew

Anything happens in China and Australia is going to be in a toilet for a long, long time. There is an enormous amount of vacant property being sat on out there.

mandrake04

Rew wrote: »

Anything happens in China and Australia is going to be in a toilet for a long, long time. There is an enormous amount of vacant property being sat on out there.

I agree, a lot of empty apartments as there was was an over supply as every developer was throwing money around but the lag in time between planning and moving in is maybe 2-3 years a lot can happen and it turned into a race...like I said I wouldn’t buy an apartment if someone put a gun to my head ....no one want to buy bad news just google Opal Towers or Mascot Towers and foreign investors are charged a fee if they are left vacant. China curtailed the amount of money leaving China so there’s not as big a demand for property these days.

Rew

mandrake04 wrote: »

I agree, a lot of empty apartments as there was was an over supply as every developer was throwing money around but the lag in time between planning and moving in is maybe 2-3 years a lot can happen and it turned into a race...like I said I wouldn’t buy an apartment if someone put a gun to my head ....no one want to buy bad news just google Opal Towers or Mascot Towers and foreign investors are charged a fee if they are left vacant. China curtailed the amount of money leaving China so there’s not as big a demand for property these days.

Talked to someone yesterday who is just back from a visit that their friend lives in a high end, expensive gated development that has 15 house and 3 are occupied...

listermint

The fact this thread has got traction is a sad indictment about how we can be taken in by nonsense.