Australia offers a great variety of housing options, from large individual houses in suburban areas, to apartments situated in metropolitan inner city areas. In recent years demand for apartment in Australia's major cities has increased dramatically. Lifestyle alternatives are also well catered for throughout Australia, with an abundance of rural living opportunities available outside of the main city areas. Australia's high home ownership rates reflect the desire of most Australians to own their own home. The typical Australian home consists of three to four bedrooms, a combined lounge/dining room, kitchen, bathroom, toilet and separate laundry room. Many homes also have their own garden area and swimming pool. A combination of timber and brick dwellings provides character and personality in most neighborhoods.

House prices in Australia

House prices vary throughout Australia, with Sydney being the most expensive city when it comes to purchasing property. Inner city prices are generally higher, while in most instances houses in smaller urban and rural areas are less expensive.

As in most parts of the world, residential properties that are close to cities or have lifestyle advantages such as sea views will generally cost more than similar properties without these benefits. In recent years many parts of Australia have experienced a sharp rise in house price, yet despite this boom houses in Australia are still considered to be cheaper than in the UK.

Examples of medium house prices in the main cities:

Source: Australian Property Monitors - January 2009.

Rental prices in Australia

Upon arrival in Australia it is often wise to rent a home prior to purchasing. Renting gives you the opportunity to get a feel for an area prior to committing to purchasing. It also allows you to take the time to become familiar with the Australian property market.

The 'To Let' or ‘properties to rent’ columns in major newspapers are a good place to start looking for rental accommodation, as are local real estate offices and letting centre.

Once you have inspected a property, you can make an application, which will be assessed on your income and your perceived reliability in paying rent. Personal references from employers or past landlords may be useful. If successful, you will have to pay one-month rental as a bond, which is to ensure you look after the property. You may also be required to pay one month’s rental in advance.

In most cases, you will be required to sign a lease, which is a commitment to rent the property for a minimum period, usually 12 months.

Examples of median weekly rental rates for a 3 bedroom house in Australia's main cities are provided below.

Source: Real Estate Institute of Australia - January 2009.

Migrant eligibility for buying property

Migrants who have been granted permanent residence visas are able to purchase property on the same terms as Australian citizens. In general, temporary residents seeking to purchase a home in Australia must seek prior approval from the Australia's Foreign Investment Review Board (FIRB).