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The number of New Zealanders emigrating across the Tasman Sea has reached record levels in search of work, warmer weather and business opportunities. More than half of the citizens leaving have chosen Australia as their destination because of its proximity, migration agreements and economic prospects.
Just over a third of permanent New Zealand arrivals in Australia choose areas such as Queensland for their favourable climate and flexible working opportunities. Two cities where citizens make up a significant share of the population are Brisbane and the Gold Coast, where the respective tourism and hospitality industries often need workers to fill gaps, offering business possibilities that New Zealand currently lacks.
As the number of migrants to Australia grows each year, the search for work, investment and career opportunities often overshadows one of the most challenging aspects of settling in the country. The struggle to find a safe, secure and viable place to either live, invest or set up a business isn't the most well-documented process within the New Zealand expat community.
We can use southern Queensland, which has a significant concentration of New Zealand-born residents, as a prime example of the unique dynamics of Australia's commercial property markets. Often, finding Gold Coast rooms for rent or even buying a commercial property can be considerably different between the two countries because of real estate conditions.
Let's identify the primary challenges New Zealanders find in the trans-Tasman commercial property markets. The three main dynamics that can be difficult to navigate are costs, security and regulations.
Costs are a significant concern in Australian real estate, where soaring property prices are a leading issue for the population and often dominate headlines in the country's politics. High property demand, paired with supply chain shortages, has seen costs skyrocket far beyond New Zealand market standards.
Another focus area is security, where rising property crime statistics are alarming potential investors. The increase in theft, vandalism, damage and disruption to Australian homes and businesses presents challenges for those seeking to build a gainful life in the country.
Finally, regulations in the Australian property market, such as planning and tenant protection laws, can vary significantly by state and region. When renting a home or investing in a commercial property, complying with all local laws and regulatory frameworks can be strenuous, delaying any prospective returns from the venture.
New Zealanders considering emigrating to Australia could benefit from guidance on navigating these unique property dynamics to help smooth their resettlement or investments. There are always obstacles, but anyone can overcome them when armed with a bit of knowledge.
Starting with costs, consider relocating or investing in regions that have a reasonable cost of living in the grand scheme of the country. The reason southern Queensland has become an attractive destination for New Zealanders is that property costs are relatively lower and there is a significant tourist market offering more economic opportunities.
However, as commercial prospects increase, concerns about property security arise, as compromises can hinder efforts to build a life or maximise investment returns. In response, many hotels and accommodation centres are leveraging new security technologies such as an advanced door card reader to help mitigate risks and threats to commercial properties.
Then there are regulatory frameworks that can vary significantly by state. Many New Zealanders seeking residential or commercial property often face legal obstacles that are not immediately apparent.
A bit of investigative work can help navigate through the complexities of the Australian commercial property market. Performing due diligence on local laws, such as zoning and environmental, can help understand regulatory frameworks. Thoroughly inspecting properties can help avoid unexpected issues. Don't forget to document everything in an ironclad contract so both parties have a clear understanding of what to expect.
Trans-Tasman emigration can be a rewarding opportunity for many New Zealanders looking to expand their economic opportunities. However, navigating the dynamics of the Australian commercial property market will remain a challenge if you're seeking to make gainful investments.
Performing the investigative trifecta of due diligence, inspection and legal obligations, all ironed into an intricate contract, can help ensure that your commercial property delivers the rewards that match your vision. Putting in the work can make navigating market dynamics easier.
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