From the end of the last century to the beginning of the century, the influx of immigrants into Australia directly stimulated house prices in Australia, and land prices in Australia were also rising.
Take Melbourne, one of Australia's leading cities, where new home prices rose 6 percent in the first quarter of 2017, the highest in seven years, according to the latest data from Australia's National Land Survey Project (National Land Survey Program). The average price of Melbourne's new home land has risen 18% over the past year.
Because of the rapid increase in land prices, many people will choose to buy land villa packages, known as the House & Land Package project, buyers from land developers to buy land, builders on the land to build houses. Australia carries out the land private policy, after buying the land villa, not only the house belongs to you, but also the land belongs to you.
So, what extra fees do you have to pay for a land villa in addition to paying for land and construction?
Expenses incurred at the time of purchase
1, stamp duty
Stamp duty is the biggest additional charge when buying a house. Australian states have their own calculation methods and discounts. Overseas buyers of Victorian land villas, with stamp duty of about 12.5% of the land price, are to be paid one-off at the time of land delivery. The construction part is not subject to stamp duty.
Some states also have stamp duty concessions and exemptions. Specific calculations and policy requirements for the tax can be found on the state's goverment website.
2, FIRBfee
Overseas buyers are required to submit a home purchase application to the Australian overseas Investment Review Board (FIRB) and pay a fee. Buyers are required to fill out an application form and submit it to the overseas Investment Audit Committee, which is usually assisted by a lawyer representing the buyer. For properties with a total price of less than A $1 million, the FIRB application fee was A $5500, more than that, on a step-by-step basis.
3, attorneys' fees
To buy an Australian house, a professional lawyer is usually required to complete the transfer formalities. The lawyer's fee is about 3000 Australian dollars.
4. Housing inspection fees
This item is generally applicable to the purchase of second-hand villas. If you are buying a new house, you don't have to pay for it.
Before buying a second-hand house, hiring a professional building inspector to examine the structure and insect infestation of the house helps to understand the state of the house purchased, anticipates future maintenance costs, and makes the best offer. The general cost of a house inspection is about A $500 a. 1, 000.
Cost of owning property in Australia
1. Housing insurance
Landlords are generally advised to purchase housing and family property insurance. If houses suffer from natural disasters such as floods and hurricanes, they can be compensated by insurance companies.
2. Landlords' insurance premiums
If it's an investment house, you need to buy landlord insurance when renting. It is estimated that 1200 Australian dollars a year, depending on the actual amount of insurance.
3, municipal expenses
All owners of the property must pay a municipal fee to goverment, Australia. Quarterly payments are usually required to maintain and improve the public environment around the property, including city maintenance, garbage disposal, etc. The cost is about $1, 000 a year.
4, water charges
The water charge here is more like a water tax, used for public facilities and sewer services. This fee will require a fixed annual payment to the goverment, as well as the municipal fee. It's about $300 a year.
5. Land tax
For villas, each year goverment will charge the corresponding land tax, land tax will vary with the value of the year, a year from hundreds to thousands of fees, if the land tax increase in that year will prove the real estate appreciation.
Land taxes are calculated on the basis of the land value of properties owned by individuals throughout the state, such as three properties owned by a person in Victoria. Land tax is payable on the total land value of the three properties (no payment is required if it does not exceed the prescribed value of the year, and more than a portion is paid pro rata).
Stamp duty is the bulk of the above fees, and the rest can be counted as miscellaneous charges, which add up to a total of about $5,000 a. 6, 000. The $5,000, 000-Australian dollar miscellaneous fee represents only expenses other than the end of the land and stamp duty at the time of delivery, calculated on the basis of the actual situation in the following year.
There is a big difference between home and abroad. It is important to buy a house abroad and do your homework well in advance.
