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TownHouse in Melbourne Oz
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[ New Topic]
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| Junior Member |
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| 1796 Posts |
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| Hong Kong |
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| posted by hongkonger 192 days ago |
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ok, probably buying house, small town house or unit in Melbourne, first property in that area so many questions for antipodean friends......
- yes, must be Melbourne, Australia
- minimum period 4 or 5 years
- doesn't not need to be huge place
- nr. university land perhaps Chadstone
- any "student land" area (that would likely retain value in real terms)?
- according to online agents Chadstone pad would cost AUS$ 500-600K for 2/3 bed
- in the city or not?
- must be near public transport to universities
- any useful tips, particularly regarding legal (non-resident owner) stamp duty, tax, GST, auctions, etc.
- how long does the entire process take? (no, I don't intent flying down there every other week to sign this and that in person)
much appreciated
We will consume 85 million barrels of oil today, what's going to be left for tomorrow?
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| Regular Member |
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| 5075 Posts |
| Sweating |
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| posted by xpat-Aussie 191 days ago (edited 191 days ago) |
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$600K for a 2 bed flat in Chadstone seems a little on the dear side (read, absolute rip off!).
Public transport to all the uni's is good, so I'd be looking for a unit around docklands (sth City, waterfront). If you're budget is around the AU$600K mark, you should be able to pick up something good, with excellent resale prospects.
Victoria is the most expensive city in Australia to buy property (in terms of local taxes), the stamp duty is the highest in the land.
As a non resident, and non Australian (assumption there), you'll probably be liable for capital gains tax at a flat rate of 30% (likely to increase due to the recent change of government). The laws at the moment though dictate that you only pay tax on half of the capital gain. None of this you need to worry about until you sell. Not sure if you can negatively gear the property as a non Australian, but if so, you can offset the tax losses for up to 5 years.
If buying a property at auction in Melbourne, expect to pay at least 20% above the advertised estimated price. Melbourne is notorious for rediculous auction practices. Myself, I would avoid buying at auction if at all possible, if not, stay extremely diciplined!
Best place for stats regarding long term growth, suburb demographics etc... http://www.domain.com.au/
From go to woe, onece you've found a place, it should take around 6 weeks. You can organise a faster settlement if both parties agree.
"...and once you have tasted flight,
you will walk the earth with your eyes turned skyward,
for there you have been and there you long to return...."
-Leonardo DaVinci
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| Junior Member |
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| 1796 Posts |
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| Hong Kong |
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| posted by hongkonger 191 days ago |
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cheers.
The budget is not set, just browsing online estate agents, lots of properties with AUS$ 500-600K price tag.
x-a did you run your own company in Oz? is it a viable option / easy to set up limited company (as easy as HK) to handle this (obviously for tax, and legal advantages) or not worth the extra effort?
We will consume 85 million barrels of oil today, what's going to be left for tomorrow?
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| Regular Member |
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| 5075 Posts |
| Sweating |
| in |
| Australia |
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| posted by xpat-Aussie 191 days ago |
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No real tax advantage in that. Off shore investors pay the same rates of tax and have the same examptions as far as I know.
"...and once you have tasted flight,
you will walk the earth with your eyes turned skyward,
for there you have been and there you long to return...."
-Leonardo DaVinci
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| Newbie |
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| 7 Posts |
| in |
| Hong Kong |
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| posted by fed up 191 days ago |
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foreigners should not be allowed to own more than 49% of anything in Aust. sill stupid aust for selling themselves short like canada. bloody [edited by admin] will own all soon with their corrupt money etc.
others walking like idiot in HK
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| Senior Member |
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| 10785 Posts |
| Chemo Over |
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| Hong Kong |
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| posted by Beer Boy 191 days ago |
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quote:
Originally posted by fed up
foreigners should not be allowed to own more than 49% of anything in Aust. sill stupid aust for selling themselves short like canada. bloody [edited by admin] will own all soon with their corrupt money etc.
nice and PC there, without a hint of anti asian rascism!!!
somethings wrong in the state of Denmark me thinks
I take under performing to new lows...
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| Senior Member |
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| 11347 Posts |
| Homicidal |
| in |
| Hong Kong |
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| posted by Load Toad 191 days ago |
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Flap, flap BANG!
You used to speak the truth.
But now you're clever.
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