Consult with your bank to establish a budget for your property purchase. Prepare a list of preferred area's in which to buy. In particular, think of travel time to work, the proximity to schools, shops and transport.
Take the time to inspect every property in your preferred part of town so you can see how property size, position and quality equates to price. Attend the area's auctions or call the Abercromby's agent involved to ascertain the mood of the market.
At Abercromby's we would be more than happy to assist in bidding at auction on your behalf at absolutely no cost to you. We are able to identify buyers, ascertain real expectations on price and in the event of the property being passed in are expert negotiators.
Should you become the successful buyer, whether at auction or private sale, usually a 10% deposit will be required upon signing the contract of sale. This figure is then held in an interest bearing trust account until the settlement date of the contract.
Overseas Buying Advice
Abercromby's together with the Australian Government, encourage foreign investment in Australia. However, to ensure any such investment meets the needs of the country, a policy has been developed where 'foreigners' must seek approval prior to any purchase.
Briefly defined, some of the parameters set by the Australian Government regarding foreign investment are:
- Investment by a corporation, business or trust in which a foreigner and any associates have 15% or more ownership or in which several foreigners have 40% or more ownership;
- Proposed acquisition of residential real estate however is exempt from examination where investors are Australian citizens living overseas who are holders of permanent visas or who are eligible for 'special category' visas;
- Foreign parties as a general rule receive approval to acquire vacant land subject to the condition that construction of a dwelling commences within 12 months of the time of purchase;
- In the case of home units and townhouses being acquired 'off the plan' when such properties are under construction, newly constructed, but not occupied, approval will be forthcoming on the condition that no more than half the properties in any development are being sold to foreign parties.
On an annual basis, representatives from Abercromby’s Real Estate, travel off-shore to meet with investors showcasing the latest investment opportunities. Should you wish to register your interest in our overseas investment presentations, please contact +613 9864 5300.
To learn more about the Foreign Investment Policy, please contact www.firb.gov.au
Interstate / Expatriate Buying Advice
Purchasing a property whilst based interstate can sometimes be difficult – but purchasing a property when you are an ex-pat living off-shore can often be impossible. Abercromby's are happy to assist in the sourcing and negotiating on your behalf to ensure all your requirements are addressed.
Abercromby's is a proud member of:
- Bayside Council: http://www.bayside.vic.gov.au/index.html
- City of Bayside: http://www.bayside.vic.gov.au
- City of Boroondara: http://www.boroondara.vic.gov.au
- City of Glen Eira: http://www.gleneira.vic.gov.au
- City of Melbourne: http://www.melbourne.vic.gov.au
- City of Port Phillip: http://www.portphillip.vic.gov.au
- City of Stonnington: http://www.stonnington.vic.gov.au
- Macedon Ranges: http://www.macedon-ranges.vic.gov.au/
- Mornington Peninsula: http://www.mornpen.vic.gov.au/
What you need to know before buying a residential property
Before you buy a home, you should be aware of a range of issues that may affect that property and impose restrictions or obligations on you, if you buy it. This checklist aims to help you identify whether any of these issues will affect you. The questions are a starting point only and you may need to seek professional advice to answer some of them. You can find links to organisations and web pages that can help you learn more, by visiting:http://www.consumer.vic.gov.au/duediligencechecklist