Expats in Australia benefit as property sales rise
03/06/09 19:00
British expatriates living in Australia could be about to enjoy a return to a strong property market, as the country looks to rebound from the global recession.
According to overseas property resource Nubricks, property sales in Australia are increasing and the opportunities are now appearing for expats in Australia to find themselves a bargain, after the economic downturn has helped to bring down the cost of property in the country.
Sales of new homes in Australia have increased by 22 per cent since December, according to new figures from the Housing Industry Association (HIA).
However, Chintan Mahida, a director at Nubricks, said many expats in Australia have so far been cautious about entering into the market, with most Brits "very wary" about investing in property at the moment.
This cautious approach could mean that those Australian expats who are willing to take the plunge could find themselves a bargain.
Median land prices in Australian capital cities fell by 1.5 per cent in the last quarter of 2008, the HIA revealed, meaning that new homes have become more affordable.
John Mills
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