Individuals interested in investing in Australian property have been advised to thoroughly do their homework as different regions of the country can see prices vary considerably, a sector expert has claimed.
Tom Blackett, spokesman for the Australian Visa Bureau, said for almost a decade house prices have risen steadily, but there are disparities in terms of what buyers can expect for their money in different areas.
Indeed, prices in Sydney are almost twice that of Tasmania, while additional costs like stamp duty and land transfer registration fees can push up costs for buyers by a further six per cent.
Mr Blackett added: "Data from the Australian Bureau of Statistics and the UK Office for National Statistics show that average property prices in the UK and Australia are pretty much on a par."
According to the latest Genworth Homebuyer Confidence Index, confidence is returning to Queensland buyers.
Australian Property Investor reported 36 per cent of borrowers believe now is a good time to buy property in the area.
Posted by Craig Francis
