Marc Jackson 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 thanks to changes in the law coming into effect in February

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.  Read more... (617 words, 1 image, estimated 2:28 mins reading time)

The number of building approvals for Australian property jumped in July 2009. The massive surge in builders looking to create new property developments around Australia is thought to be driven by low interest rates and first time buyers.

The Australian Bureau of Statistics showed that the number of buildings approved for construction rose 7.7 percent in July compared to June. This figure surprised many industry experts as the rise was predicted to be a paltry 3.3 percent. The rise means that July is the seventh straight month where approvals for new properties in Australia have increased.  Read more... (171 words, estimated 41 secs reading time)

Potential Australian property investors have been delaying purchases in the country thanks to the Australian government’s grant scheme for first time buyers.

According to a recent poll, around three quarters of Australian real estate investors have said that they are waiting until the first home owners scheme expires in December before they invest in any more property.

The major reason cited is that the home owners grant has increase competition significantly meaning the market is crowded and house prices are being artificially boosted. Because of this, many property investors are getting their finances in order and waiting until the market becomes less crowded. Most of the real estate investors have said they are planning to buy property in Australia again in either 2010 or 2011.  Read more... (245 words, estimated 59 secs reading time)

Overseas property investors who are looking to purchase properties or real estate in Australia may be boosted by a change in the Visa rules. From the 1st July 2009, holders of class 410 visas will now be able to work in Australia without restriction. Previously, holders of class 410 visas were restricted to working 20 hours per week only.

Visas issued up until the end of June will still have the restriction attached to them however if the holder reapplies for the visa and it is granted, they will no longer have the work-time restriction.  Read more... (193 words, estimated 46 secs reading time)

There are calls for the Australian government to extend their first time buyer scheme upped limit past the end-date of June 30th.

Currently, first time buyers in Australia can apply for a grant of up to $21,000 to help them fund their first property purchase. However this figure ends on June 30th and after this date, the maximum grant will drop back down to just $7,000.  Read more... (191 words, estimated 46 secs reading time)