Property prices in Australia have always been fairly affordable compared to some other destinations and as such it’s always been a popular place to migrate for people looking to move away and give themselves a slightly more stress free lifestyle. Particularly in Western and Southern areas of Australia such as Adelaide, it’s possible to live within a small budget (due to the cost of properties as well as the cost of living) and potentially without a mortgage.
At the same time though, the economic crisis that’s lately been crippling property prices across the UK hasn’t been affecting Australia that badly, and in fact house prices rose by around 4.3% between March and June this year. This suggests that Australian homes are not only affordable investments, but fairly secure investments. Were it not for the poor climate those houses would likely have seen significant growth, and as parts of the world are beginning to recover from the recession, now is the time to make a purchase.
There are several reasons for the relative safety of the Australian property market. The first of these is that the relatively low starting prices and the low price of living has meant that moving to Australia has become a solution to the economic crisis. For those who are suffering stress and distress at work trying to support their families and pay their mortgage, moving to Australia suddenly seems like a viable option. For those who are constantly stressed the allure of Australia might lie in its reportedly laid back attitude, as demonstrated by the country’s ‘catch phrases’ of ‘g’day’ and ‘no worries!’. For those who are struggling to pay their mortgage due to financial difficulties, moving to Australia offers cheaper living costs. Meanwhile for those out of work, Australia is currently looking hard for skilled labourers so carpenters, plumbers and builders have almost guaranteed jobs lined up.
Moving to a warmer climate has also always been fashionable, and this is even truer in some areas now that global ‘warming’ is actually making the climate of countries like England colder. Moving to Australia is a way then to get away from two of the big issues currently upsetting the nation and to enjoy relaxing outdoors in the sun. Australia also has incredibly varied scenery, with the blue mountains at one end of the spectrum and the quiet sandy beaches at the other. In between you have jungles, rain forests and cities as well as the incredible wildlife from kangaroos to koala bears.
Currently the average house price in Melbourne is at 363,000 Australian dollars (around £153,000 in the UK or $290,000 in the US), around 500,000 Australian dollars (around £210,000 or $400,000) in Sydney and 310,000 Australian dollars (£130,000) in Brisbane. For those with a little more disposable income however there are still some more expensive options such as Toorak and South Yarra in Melbourne. Here you will find large plots of land with sweeping driveways and expect to pay up to a million dollars. At the other end of the spectrum Pahran and Albert Park are the favourites of young professionals with 200,000 Australian dollars being the asking price for 1 bedroom apartments.