Over the past 30 years, Australia has been one of the most successful economies in the world despite the global financial crisis of 2008-09 and record low-interest rates. The Australian economy, and its working population, have grown steadily since World War II to become one of the largest in the world. A remarkable achievement for a big nation to have enjoyed a continuous 29 years of economic growth without a recession is widely referred as a “miracle”. The economy was able to create over two million jobs with a small population of 25 million people and build up a pool of US$1.3 trillion in household wealth. This signifies the stability and ability to keep growing, despite all odds and challenges placed before it.
Currently, the Australian economy is the world’s 12th largest and the 5th Fastest-Growing economy in the World by nominal GDP. Australia’s economic growth rate of 3.7% in 2013 was faster than any other OECD nation and one of the “Four Asian Tigers”. Its GDP of more than US$1 trillion ranks 8th in the world. Australia has a per capita GDP of about US$44,200, which earns it the 14th position on the list of countries by per capita income. It is also referred to as a “newly-industrialized country” as it has transformed from an agricultural-based economy to one based on manufacturing, services, and mining.
Australia has been a popular destination for millions of migrants since the turn of the century. According to figures, Australia is home to around 25 million people. The top migrants in Australia are India and United Kingdom, who are also the most likely to obtain Australian citizenship. The country’s unemployment rate hovers around 3-5%, which means that there are still more jobs available in the market. While consumer prices continue to grow at a slower pace than other countries in the region. Authorities have managed to keep inflation under control while ensuring economic growth remains strong.
Real Estate Market
The past 10 years have seen the real estate prices of Australian homes rise to what has been called “crazy” numbers as property prices in Australia have increased by a staggering amount. In 2007, the average house price was approx. AUD$386,929. In 2016 that number rose to a whopping AUD$706,821 – an increase of almost 100%.
For example, in Sydney, the median house price has shot up by more than 80% since 2009. In Melbourne, it surged by more than 90%. Even in Adelaide, which is widely regarded as the most affordable capital city in Australia with a relatively low cost of living, house prices have also risen at an average rate of 20%, outpacing wage growth over this period.
If you are currently a resident or an expatriate living in Hong Kong and looking for offshore investment opportunities. Australia should be one of the prospective markets on your radar. One of the main benefits of real estate investment in Australia is that you have ability to own 100% both land and houses in Australia. Among all the developed countries in the world Australia allow foreigners to fully own houses and land legally provided that they have passed the Foreign Investment Review Board (FIRB) that “examines proposals by foreign persons to invest in Australia…” Foreigners are allowed to own houses and land entirely provided that they obey certain laws set by the government.
If you are interested to learn more about investing in Australia, you can act now and contact me at [email protected] to discuss further.
Source:
https://www.bloomberg.com/news/articles/2020-06-03/australia-economy-contracts-as-end-to-recession-free-run-looms
https://www.aussie.com.au/plan-compare/property-reports/25-years-of-housing-trends-property-market-report.html
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