Putting a roof above your head is likely to be one of the most important parts of moving to Australia.
Whether you’re looking to rent or buy, forewarned is forearmed when it comes to navigating the tricky property market.
There is absolutely nothing wrong with renting and, for most people moving to one of the big Aussie cities, this is probably a necessity. Not only is it cheaper and quicker to find a place to rent in the short term, it also spells flexibility.
Prices and availability in the capital cities vary widely (see table) but the good news is that rental yields for units have fallen in Sydney, Melbourne and Brisbane in the year to June 2009, according to the most recent data released by price information company Australian Property Monitors (APM).
Average Weekly Rents, June 09
If you’ve got your heart set on using your hard-earned cash to buy a property in Australia, you may not welcome the news that Australia’s house market has sky-rocketed in recent years.
APM reports an overall 3.3 per cent average rise in house prices in the year to June 2009. Darwin house prices have skyrocketed by an average 20 per cent and Sydney and Melbourne have also reported steady growth. APM reports there is better news for those returning to Brisbane or Perth with both those cities reporting average house and unit prices lower than they were in June 2008.
Average House Prices, June 09
Melbourne $345, 036/$465,113