That’s because Marc has been living in the house he built himself since it was first completed 11 months ago. In six weeks’ 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 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 an island amongst only five other properties with price tags much bigger than this. 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 sqm plot, with over 40 metres of water frontage and has its own 12 metres pontoon which could take a boat of up to 30 metres. The canal leads directly to the deep waters of Blue Water Harbour and the famous Great Barrier Reef. The proximity of the famous reef just 15 minutes 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, says: “I have decided to put the house that I love on the market 20% below its real value for this area especially to attract the foreign investor before the door is closed to them for good.”

The upper level of this double storey, five-bedroom 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 has been generously appointed with an eclectic choice of materials.
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 Jackson says: “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.

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The Australian Bureau of Statistics showed that the number of buildings approved for construction rose 7.7 percent in July compared to June. This figure surprised many industry experts as the rise was predicted to be a paltry 3.3 percent. The rise means that July is the seventh straight month where approvals for new properties in Australia have increased.

The figures are welcome news for Australian property investors as it shows that confidence in the property market in Australia is growing. A confident market will ensure good rental prices and should see property prices start to grow again.

The strong demand for property around Australia appears to be due to two key factors – the low mortgage rates currently on offer and the government’s grant for first time buyers.

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According to a recent poll, around three quarters of Australian real estate investors have said that they are waiting until the first home owners scheme expires in December before they invest in any more property.

The major reason cited is that the home owners grant has increase competition significantly meaning the market is crowded and house prices are being artificially boosted. Because of this, many property investors are getting their finances in order and waiting until the market becomes less crowded. Most of the real estate investors have said they are planning to buy property in Australia again in either 2010 or 2011.

Part of the problem is falling rents. Many renters are looking to purchase property and vacancy rates in some areas in Australia are said to have doubled – leaving property investors with no income on their properties. The higher vacancy rates are also pushing down rental prices pushing rental yields down.

When the home owner scheme expires, it is hoped that both the rental and the housing market will stabilise and Australian property investors will be able to better predict the return on investment on their properties leading to more confidence and greater numbers buying property and real estate in Australia once more.

Looking to buy in Melbourne? Read our free guide to Melbourne property.

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Visas issued up until the end of June will still have the restriction attached to them however if the holder reapplies for the visa and it is granted, they will no longer have the work-time restriction.

The change to the Australian visa rules could help overseas property buyers who are keen to move to Australia to live and work but have been unable to do so in the past because of the work restrictions. With new house prices becoming more affordable, the new visa law is expected to attract attention from property buyers who are looking for family homes in Australia.

Sydney remains the most expensive city in Australia to buy property and real estate, whilst Hobart in Tasmania remains the cheapest city to buy properties and real estate.

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Currently, first time buyers in Australia can apply for a grant of up to $21,000 to help them fund their first property purchase. However this figure ends on June 30th and after this date, the maximum grant will drop back down to just $7,000.

Although first time buyers are just a small fraction of property and real estate purchasers in Australia, the higher limit to encourage more to buy. Should the grant be dropped back down there are fears that it could impact on the Australian property market, causing it to crash even further, as the demand for housing will lower – and just a small number of people not being able to afford a home may make all the difference.

Many believe that the Australian government is not planning to keep the extended limit past June 30th as the pool of cash used for this scheme is drying up therefore it makes more sense for them to drop the grant back down again.

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