Australian Property Law May Stop Sale of Millionaire Home
Marc Jackson can sell his luxury £1.8 million home to anyone in the world in the next two months. But in February 2010, the door closes and no foreigner will ever be able to buy it.
[UKPRwire, Sat Dec 19 2009] Marc Jackson can sell his luxury £1.8 million home to anyone in the world in the next two months. But in February 2010, the door closes and no foreigner will ever be able to buy it.
That’s because Marc has been living in his master built home since it was first completed 10 months ago. Therefore, in two months’ time, Australian law will re-classify it as an established property. Established properties are only allowed to be sold to Australians or New Zealanders.
For non-residents, getting a foot on Australia’s property ladder isn’t difficult but can only be achieved by buying off-plan or newly completed homes which have not been occupied for longer than 12 months. This means time is running out for Marc, but he has come up with a novel way to encourage potential buyers the rest of the world over to own one of the most exceptional contemporary homes that Australia has to offer. He is not only the developer, the vendor and the resident family man, he also wants to remain the tenant and will give investors a guaranteed rental income of 4% from the moment of purchase.
Deciding to buy a £1.8 million property investment cannot be rushed. But Blue Water is very special. It is situated on “The Island” amongst several other homes of similar high value It is part of the only canal estate in Northern Queensland – a pretty network of man-made waterways north of Cairns. It is built on a 1000 sq metre plot, With over 40 metres water frontage and has its own 12 metre pontoon which, with modification and extension could take a boat of up to 30 metres. The canal leads directly from the deep waters of Blue Water Harbour to the famous Great Barrier Reef. The proximity of the famous reef just 15 nautical miles away by boat, means that no further canal developments will take place to protect the reef in the future.
Marc, who runs property company Australian Dream Homes (www.australiandreamhomes.com) says: “I have decided to put the house that I love on the market below its real value for this area especially to attract the foreign investor before the door is closed to them for good.” “The full investment potential will not be realised until this development has been completed, then sellers will have the upper hand and values could more than double.”
The upper level of this double storey, five-bedroomed home has a full length undercover balcony with 180 degree water views. All rooms and living areas are purpose built with views to the canal. There’s a large dining area with built in fish tank adjoining the kitchen and entertaining areas, and the kitchen overlooks the outdoor infinity pool. Each of the four bathrooms have been generously appointed with an eclectic choice of materials. Office and media rooms. 4 car garage.
Non-resident investors who are interested in retiring to Australia might be interested to find that buying a residential property gives them rights to vote in elections and other benefits which can increase their chance to become residents with the purchase of a new home.
Marc continues: “We have been in a housing shortage for the last few years, and high demand looks set to continue. Our infrastructure is good and the population is predicted to increase rapidly with a permanent population of over 150,000 by 2010. Cairns City Council is making a big effort to make Cairns the most liveable city in Australia. We are only 15 minutes from Cairns International airport.”
Blue Water has easy access to a world class 108 berth marina, proposed boutiques, restaurants and boat club. Bluewater Harbour is in close proximity to beautiful Trinity Beach, Daycares, Schools, James Cook University and Smithfield Shopping Centre and only 15 minutes drive to Cairns CBD and International Airport.
The Government rules state that: Non-residents of Australia aren't allowed to purchase an established property for straight investment purposes. Non-residents can purchase newly built dwellings – whether they be units within a complex or standalone houses – so long as the property has never been sold before and has not been occupied for longer than 12 months.
For more information on Blue Water and Bluewater harbour, please see:
Park Road, Rickmansworth
Hertfordshire WD3 1re