As a nation, Australia is a country in which home ownership is a goal (and the reality) for a vast majority of people throughout the country. In point of fact, at the present time, over 70% of the population of Australia owns residential property. A clear minority are tenants or involved in some other living arrangement that does not include the ownership of a home.
In today’s Australia, the development and construction of single family residences is being undertaken at a fast clip. The major Australian cities, for the most part, have not yet been overbuilt. Thus, the demand for these properties continues to outstrip supply, at least to some extent. As a result, and generally speaking across the country, the Australian residential real estate market remains a seller’s market. Most industry experts and analysts expect this status to remain over the course of the coming ten years.
The percentage of residential properties owned by foreign nationals within Australia remains very small. Presently, most foreign nationals that are electing to live a part of the year in the country still tend to be leasing property for that purpose. However, and with that said, each year more and more foreign nationals are in fact making the purchase of residential properties in Australia for their personal usage.