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Overseas Property News
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Expats driving demand for Australian property
Country: Australia
22 October 2008
Australia’s property market could be boosted by the return of a growing number of Australian expatriates, attracted by lower Australian interest rates and government measures to overcome the economic downturn.
"There is strong interest from expatriate Australians, many of them banking and finance professionals, who are looking to return home to escape the credit crunch in places like London and Singapore," Jennifer Nielsen, chief executive of Loan Market Group, a home finance broking organisation said.
She added: “They want to buy property before they come back. We now have three in-house brokers dedicated to servicing inquiries from expats on top of our normal inquiries.”
Nielsen cited lower mortgage borrowing costs, the federal government's $10.4 billion economic package, and a fall in the Australian dollar, as a huge advantage to returning expats.
Nielsen commented: “If they are cashed up in US dollars or UK pounds, they are keen to come into the Australian property market right now and chase a bargain.”
Despite a fall in Australian residential prices over the past year or so, the company reports that the level of mortgage enquiries remains steady.
Browse other Australian property news stories, read articles about investing and buying property in Australia or view our range of property in Australia.
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