Expats Boost Prestige Homes
An expat-led boom for prestige property markets is predicted. A weak Australian dollar combined with Brexit in the UK and the Trump factor in the US is leading to a surge of summer inquiries from overseas Aussies wanting to buy back home. “This is the most active I’ve known the expat market in the last five years,” says agent Anthony Walls. “With the Australian dollar dropping well below 80 cents American, it means expats are effectively buying at a 30% discount.” In Sydney, expat buyers are seeking properties in areas such as Darling Point, Vaucluse, Rose Bay, Bellevue Hill, Paddington, Woollahra and Elizabeth Bay, says BradfieldCleary director Bob Guth. “Many are looking for property they can rent out for several years with a view to coming back to live in it later,” he says. “Others, with the Australian dollar slipping so much, are looking for investment properties.” In Melbourne, homes near good schools are expats’ main focus, particularly in South Yarra, Toorak, Brighton and Hawthorn, says Kay & Burton managing director Ross Savas. “The level of interest is enormous and it will continue to grow,” he says. “The dollar has helped a lot of people wanting to come home.”
|