Sterling goes further down under

Country: New Zealand

20 February 2009

Sterling’s value has strengthened against the Australian and New Zealand dollars over the past year, reducing the cost of buying property in Australia and New Zealand.

Since February of last year, the Australian dollar has lost around 3%, while the New Zealand has depreciated by 13% against the UK pound.

A property in New Zealand is now around £16,000 cheaper than it was in February last year – not taking into consideration capital depreciation - so snapping up property in the Antipodean regions could prove a better bet for UK overseas property speculators.

Daniel Wray, Senior Currency Broker at FC Exchange, comments: “Investors have viewed the Aussie dollar and New Zealand dollar as weak, allowing for sterling to make gains on the currencies.

“Émigres, priced out of the French and Spanish markets, might start contemplating a bigger step to Antipodean countries where they’ll get more for their money and enjoy a better quality of life on their UK pension.”

See Also: Australia, New Zealand

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