Expatriate medical insurance policyholders are being deterred from investing in Sydney's spring auction market because of the increasing value of the Australian dollar.
According to the Sydney Morning Herald, estate agents have noticed a dip in demand from expatriate buyers, but overseas health insurance customers living abroad with property in Australia are taking advantage of the currency change by selling up and taking the proceeds offshore.
The dollar is currently sitting at a 27-year high since first being floated in 1983 and this week almost reached parity with the US currency before falling.
Agent Alison Coopes told the publication: "Given the decline in prestige prices from last November, expats would be cutting off their nose to spite their face if they hold off buying altogether."
Meanwhile, YHA Australia has urged visitors to the country to try other entry points than Sydney, claiming that while the city is "a must-see", other locations offer just as many attractions and job opportunities than the coastal tourist hotspot.
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