Nov 05, 2021
Have you recently been offered a position in Australia while residing in Europe, and want to figure out how to migrate? Are you tired of living in Europe and want a change of environment, and looking to stay in the land down under?
If you are in the market to buy a house or an apartment in 2021, buying a house in Australia entails a lot of pre-planning and thinking ahead.
In this article, we'll take a look at some of the main differences between buying property in Europe and buying property in Australia.
Australia Residential Property Statistics
Over the last 12 months starting from June 2021, the total value of property and dwelling spaces in the eight major cities of Australia rose by 16.8%.
The key statistics show that the capital cities of Sydney, Canberra, and Hobart topped the list as the average property price per city has risen by 16.8%, 19.1%, and 17.7% respectively.
On the other hand, the capital cities that have been the most resistant to the price change are Darwin (12.8%), Adelaide (14.2%), Brisbane (14.6%), Melbourne (15%), and Perth (15%).
With that in mind, there's been a considerate jump in prices over the past year in residential property for major cities.
However, the data also suggests that property value remains reasonable for cities in Northern Australia, South Australia, and Victorian territories.
If you're planning to relocate to any of the cities mentioned above, you can choose the more inflation-resistant cities if you're looking to buy cheap property in Australia.
Australia House Prices
If you have your eyes set on the more populous cities like Sydney, you'll be looking at $1.3 million as a median price for a residential property.
For reference, the same property would be priced at $308,000 less if bought a year ago.
The reason for this spike, according to RBC Capital Markets managing director Su-Lin Ong, is that more capital is put into housing and real estate over other industries.
For Canberra, the median house value is valued at $934,000.
Lastly, you'll be paying around $955,000 median price for a home in Melbourne.
Is it Ideal to Buy Property in Australia?
Yes. Buying property in Australia is more than worth it.
While property value is spiking all around the developed world, Australia can be an excellent place to hold property and grow it for later years.
If you have the funds to purchase a property in Australia, you should definitely take the leap and acquire it.
The booming economy and growing population make for a great opportunity to invest in your future. You can find great property for sale here.
Short on Funds? No Problem
If you're short on funds, you have many avenues to grant you the ability to pay at a later time and still enjoy acquiring property in Australia.
One way to get the funds is to loan through an accredited bank in Australia. There are many to go around - so you can shop around and explore the best rates with them.
But one of the best ways by far is by acquiring a home loan through dedicated financial service companies.
They make it easy to acquire a loan; you just have to apply online, talk to a finance manager during your scheduled interview, and get full approval once all your conditions are met.
You can find a home loan, fit for your custom needs, here.
Buying a House in Europe
When it comes to buying property in Europe, the inflation rates vary from country to country.
But there are plenty of similarities between buying property in Australia and buying property in Europe.
One of the most notable similarities is that, depending on the city, both places' economies are thriving.
There are key major cities found on both continents as well.
Prices of Houses in Major Europe Cities
Here are some of the prices per square meter in the most famous cities around Europe, according to Statista:
- Monaco - €44,522 /sqm
- UK - €21,179 /sqm
- Switzerland - €13,280 /sqm
- France - €12796 /sqm
- Austria- €9609 /sqm
- Germany- €5,907 /sqm
- Spain- €4,978 /sqm
As seen above, these prices can range significantly depending on the country you're planning to relocate to.
If you're interested to live in the city-state of Monaco, you'll need to have a good amount of financial support to be able to afford to live there.
However, if you're looking to stay in a house in Spain or Germany, while still expensive, you're taking a significantly smaller chunk in price.
Cheap Countries to Buy Property in Europe
There are regions besides the Western and Central parts of Europe that you can call home.
They're usually the cheapest since the economy is slower and the cities are less developed.
While you’ll still have to scour wide and secure permits to purchase property in these European countries, they are much cheaper alternatives than the ones mentioned above.
Some of these places include:
- Bulgaria - €1000-2000 /sqm
- Latvia - €1000-1500 /sqm
- Romania - €1000-1500/sqm
- Ukraine - €1000/ sqm (€600 in rural areas)
- Albania - €1000-2000 /sqm
- Serbia - €1000-1500 /sqm
- Portugal - €500 in rural areas
With that said, there's always the concern with international safety.
However, these regions are all stable and their local economies are not in jeopardy of falling any time soon.
With the many treaties between Australia and European countries, you can rest assured that your property won't be seized by foreign governments.
When it comes to buying property in Europe or Australia, there is no clear winner.
It depends on how much money you have to invest, the ease of access to your property, and what type of lifestyle you're looking for.
If you're short on funds but long on time, then by all means buy a house in Europe. It's a fantastic location, and you can experience many more cultures in less distance than you could in other places.
If you'd rather live in an English-speaking nation in the Southern Hemisphere, then buying property in Australia can be more than worth it.
You may have to take out a home loan if you're short on finances, but the Land Down Under is one of the best places to be, both culturally and geographically.
So it's up to you!
Do your research and buy a property in Europe or Australia.