Recent interest rate cuts in Australia are making it easier than ever for UK residents to buy their dream home down under. At a time when more and more Britons are considering immigrating to OZ, this is welcome news indeed. The reason given for the rate cut is a healthy one; that Australia is keen to keep its excellent record on inflation, by keeping it between 2 and 3%. This interest rate cut will not only potentially make mortgages easier to obtain, but perhaps make emigrating to Australia achievable for more people, when it is difficult to sell UK homes, by making taking a second mortgage less taxing.
There are countless excellent properties in Australia. For those who are considering emigrating, a decent size resale property can start at no-less that £250k, while off-plan properties can be bought for as little as £70,000 in Queensland. This provides an indication of the immediate gains possible on off-plan properties in Australia.
One such property is the Zone development in the centre of Australia’s tourism capital, the gold-coast, in the fantastic seaside resort of Mermaid Beach. A 2 bedroom luxury apartment on the five-star Zone Development costs just £70,000. Because of the low prices and their location these properties are capable of attracting rental yields of 10% and over, because of the strong tourism market in the area. These units have the potential to make an immediate capital gain of at least 30%. It’s a good time to look down under.
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