If you are a temporary resident in Australia and will be for a minimum of 12 months from the time of application, you are eligible under the foreign investment policy to buy residential real estate in Australia.  This property can be an established home if it will be used as your principal place of residence.  This home must be sold when you leave Australia or your visa expires.  For more information contact us or go to www.firb.gov.au

There have now been 4 interest rate rises since the beginning of last year. Over the same time period, Sydney housing prices have risen 4.1%. Compared to the other major cities, this is the slowest growth. If you are looking at buying a property in the inner suburbs of Sydney, price growth is is well above this 4.1% figure.

The interest rates are not making an impact due to:

• Rents are increasing making buying a property a consideration
• the share market is unstable.
• demand outstripping supply

Northbridge is one of those suburbs that sits on a point where a large portion on the homes are north facing and have views.  Families who move here never want to leave. In 2006, the median price for houses was $1,428,500.  So far this year the recorded median is $1,967,000.  That is an increase of 27%.  One of the main factors that has attributed to this growth is people's desire to live in a new home.  As the homes are typically 50+ years old, they are being bought for land value only.  The newly built homes are fetching a premium which is distorting the growth figures.

There is still a lot of buying potential in this suburb, especially if you are prepared to buy an old home to rebuild.