The cost of this ‘unbelievable’ Bali dream home is why so many Aussies want to buy property in Asia – but there’s a major catch

Australians were in disbelief after discovering how cheap it can be to get their hands on a piece of Balinese real estate, but many pointed to a big catch.

House prices in Australia’s capital cities have risen by as much as 20 percent in the past 12 months and are expected to rise by more than a third over the next three years. So those looking to enter the real estate market will look elsewhere.

Many were impressed when they were travel bloggers Alex Ulbin toured a three-story luxury villa in the heart of Canguu, which cost just over $400,000.

The lavish home has two bedrooms, two ensuites with freestanding bathtubs, high ceilings, a beautiful rooftop terrace, a private pool, a fire pit and a chic communal living room.

‘What?!! My low estimate was $15 million,” one viewer exclaimed, and another said, “That is literally the cost of an apartment where I live.”

“You’ve got to be kidding me…I’m moving there now,” a third wrote.

However, many pointed out that the too-good-to-be-true deal was not what it seemed.

The property is a leasehold deal offered by investment group Alex Villas, meaning international buyers can only occupy the land for a certain period of time as foreigners cannot own property in Bali.

‘It’s a leasehold, so it’s 30 years! No clear ownership,” one person noted.

‘As a foreigner you cannot own the land. You can only own the house on top and ‘rent’ the land,” explains a second.

Leasehold allows people from all over the world to live there or rent it out for periods that usually last 25 to 30 years. Afterwards, the land must be returned to the original owner.

It’s an option many Aussies choose to escape the rising cost of living.

Tom Wedding, who splits his time between Bali and Thailand, told FEMAIL he could not afford a night out with friends in Australia, rarely dined in restaurants and felt limited by his finances.

The 24-year-old told FEMAIL he was tired of feeling “poor” while living paycheck to paycheck in Australia. That’s why he sold his belongings in early 2023, packed up his life and moved to Asia.

He now invests and saves 60 percent of the $6,500 he earns each month while working in tropical paradises.

While in Asia, Tom said he can “live like a king” because meals, accommodations and amenities are drastically cheaper.

He also chose to live in Bali and Thailand because they are close to Australia and the locals are friendly despite the language barriers.

Jimmy Mitchell, 36, and wife Pauline, 35, gave up the ‘stereotypical Australian lifestyle’ in Western Australia and have spent the past ten months traveling around South East Asia with their sons Riley, seven, and Liam, eight.

Jimmy, co-founder of digital marketing agency My Online Guy, told FEMAIL that he worked endlessly to make a decent amount of money but felt like he was “never getting ahead” and would sometimes come home in tears.

At the time, the couple rented a four-bedroom house in Mandurah, an hour south of Perth, and struggled to save for a home deposit despite the long working hours.

“The main reason we decided to travel full-time was to improve our quality of life and spend more time together as a family,” Jimmy said.

They now save as much as 50 percent of their income in a good month, instead of zero to five percent.

The pair haven’t looked back since taking the plunge and are unsure when – or if – they will return to Australia permanently.