Property investment in Australia

Friday, 08 January 2010 20:11

The Blue Water House in Queensland Australia makes a unique investment opportunity for foreign buyers but will only be available to them for a few more weeks because of Australian law restrictions to foreign buyers.

The property is part of the only canal estate in Northern Queensland – a pretty network of man-made waterways north of Cairns. The canal leads directly to the deep waters of Blue Water Harbour and the famous Great Barrier Reef.

Blue Water is built on a 1,000 sqm plot, with over 40 metres of water frontage and has its own pontoon which could take a boat of up to 30 metres. The proximity of the famous reef just 15 minutes away by boat, means that no further canal developments will take place to protect the reef in the future.

Marc Jackson, a local resident, can sell his luxury £1.8 million home to anyone in the world in the next six weeks. But in February 2010, the door closes and no foreigner will ever be able to buy it. That’s because Marc has been living in the house he built himself since it was first completed 11 months ago. In six weeks’ time, Australian law will re-classify it as an established property.
Established properties are only allowed to be sold to Australians or New Zealanders. For non-residents, getting a foot on Australia’s property ladder isn’t difficult but can only be achieved by buying off-plan or newly completed homes which have not been occupied for longer than 12 months. This means time is running out for Marc, but he has come up with a novel way to encourage potential buyers the rest of the world over to own one of the most exceptional contemporary homes that Australia has to offer. He is not only the developer, the vendor and the resident family man; he also wants to remain the tenant and will give investors a guaranteed rental income from the moment of purchase.

Marc, who runs property company, Australian Dream Homes, www.australiandreamhomes.com) says: ‘I have decided to put the house that I love on the market 20% below its real value for this area especially to attract the foreign investor before the door is closed to them for good.’

Non-resident investors who are interested in retiring to Australia might be interested to find that buying a residential property gives them rights to vote in elections and other benefits which can increase their chance to become residents with the purchase of a new home.