In recent months there has been a huge rise in the number of people opting to rent a property rather than get on the property ladder. Financial strain means that less people can afford to buy property in Australia outright and as such are joining the ranks of the renters.

Why, you might ask, is this good news? Well, it is good news if you are thinking of owning a second home in Australia, or if you already live there, perhaps you are looking at investing in the Australian property market. Either way this latest revelation means there will be plenty of interest if you choose to rent your property out for part of the year or even full time.

Before you start searching for an Australian buy-to-let though, it is advisable to check with Australia’s Foreign Investment Review Board (FIRB) what you are allowed to invest in as a non-resident. Historically, non-residents have only been allowed to invest in new-build or off-plan homes and not resales. Buy-to-let investors planning to repatriate any income should consider using a currency specialist, such as Smart Currency Exchange, as they offer better exchange rates than the banks and have regular payment schemes.

The number of home owners in Australia that dropped out of the market in order to rent was double the number in the UK for the period between 2001 and 2009. Factors such as the global economy, divorce and high house prices are all being blamed for the rising numbers of renters.

To understand the full step-by-step process to buying a property in Australia, collect The Overseas Guides Company’s ‘Australia Property Buying Guide’