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Australian property market tempting for expatriates

Expatriates looking to buy property abroad may take advantage of Australia's falling currency in the coming months, economists have said.

Low interest rates and surging house prices are causing properties to be snapped up in Sydney, Melbourne and Perth, as they represent good opportunities for foreign investors.

This is according to Savanth Sebastian of CommSec, who told AAP: "Australia's starting to look a lot more attractive from a foreign investment perspective with the falling currency and that will probably show up more in the property market than anywhere else.

"It will be more prevalent, especially with an improving global risk appetite."

Despite the increased demand, it is unlikely that new supply will come online for a while, making expats compete with locals for properties.

Figures released last week by RP Data show that house prices in Australia rose by an average of ten per cent in 2013, with values in Sydney jumping as much as 15 per cent.

At the same time, the Australian dollar has decreased by 14 per cent.

Australia has long been a popular destination for Brits wishing to relocate to a sunnier climate, as the country has a number of cultural similarities with the UK and shares a common language.

Many opt for Sydney, although the healthy economic expansion of Perth, based on the mining trade, also makes it appealing.

Other options include Brisbane and Queensland on the Gold Coast, where city living can be combined with this stunning location.

There is a wide selection of visas available for those looking to move to Australia, depending on their needs and plans.

The categories for these include Skilled Independent Migration; Employer Nomination; Business Migration; and Retirement.

Anyone thinking of relocating under the last option should be aware that their UK state pension will be frozen at the sum currently being paid out.

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