You can buy a luxury apartment thorough a freehold sale in Brisbane CBD. A freehold property, as the word suggests, is real estate free from hold by any type of entity, outside of the owner. Therefore, the owner of a freehold property enjoys ownership for perpetuity. This type of sale requires less in the way of paperwork. The owner also has fewer restrictions when it comes to transferring the real estate. If you like to transact business with fewer imposed restrictions, you may want to inquire about buying a luxury dwelling via a freehold sale.
Look at All the Details First
You can learn more about buying specific luxury apartments in Brisbane CBD by reviewing the contractual real estate terms. You also want to look at the apartment’s architectural plans and layout before you invest in the property. If you are from another country and are not a current resident of Brisbane CBD, buying a luxury apartment can be done rather easily. A foreign purchaser can secure ownership in an apartment, provided his or her transaction is approved by an investment review board.
However, if you are from another country and purchase more than one luxury unit in a building for $3 million or less, you do not need to obtain foreign buying approval. If that total goes higher, you will need to obtain approval. When you make this type of investment, you should contact financial and legal representatives to make sure you can successfully add this real estate to your financial portfolio.
Local Council Rates
If you buy an apartment, or apartments, in Australia or Brisbane CBD and are foreign, you will need to pay a stamp duty of 3% in Queensland. Properties charge stamp duties of 8% and 7%, respectively, in NSW and Victoria. Also, owners must pay rates levied by the area’s local council. Depending on the size of the apartment dwelling, they may range from around $1,500 to $2,500. The rates are calculated on the unimproved worth of the apartment, not the actual purchase price.
Land Tax Rates
As a foreign investor, you may also have to pay land tax. This is a state government tax. If the apartment is not your principal place of residence, or the main place where you reside, you may have to pay from 1.70% to 2.00%, depending on the property’s total value. The property is not taxed if the unimproved value is under $349,999.
A Real Estate-Friendly Place for Foreign Investors
As you can see, you have a number of taxes and fees to check out when you purchase a luxury apartment in Brisbane CBD. However, these assessments are low, considering the type of real estate you are buying.
Again, you will find that Australia is a friendly and amenable country in which to buy property. That is why you need to learn all you can about owning real estate in the land down under. Take time now to go online and check out developer properties, site plans, building plans, and galleries in Brisbane CBD.