Falling Australian Dollar Wakes Up Overseas Buyers
Falling Australian Dollar Wakes Up Overseas Buyers
The Australian Dollar has fallen considerably from recent highs. It peaked against the US Dollar at $1.1080 back in July 2011 and over recent months has started to fall back to its current level of around 95 cents – or a drop of almost 15%. Some analysts are even forecasting that it will fall to as low as 60 US cents.
The weaker Australian Dollar is now having the real affect of waking up overseas buyers . They are looking at the local market in Australia and seeing much more value here as their overseas currencies now buys far more. The higher levels of stock on the market are also helping as now they also have more choice as to what they can invest in and historically low interest rates are also playing their part.
Expatriate Australians are also more likely to action property purchases back home. Lower interest rates combined with the lower dollar mean if they are using overseas currency they may be much better off now than in 2012. We’re seeing expat workers living in places like London, Singapore and Hong Kong now activating their property purchase plans for both investment properties or potential homes for them to live in when they return to Australia.
When a buyer is based overseas they really need independent, specialist representation of a Buyers Agent. Please make sure that the agent you select is a member of the state based Real Estate Institute and of the Real Estate Buyers Agents Association of Australia or REBAA as it is known locally. Only fully accredited Buyers Agents are eligible for membership. They must have active professional indemnity insurance and specialize in property buying.
Remember, the selling agent works for the seller or Vendor, not for the Purchaser. They are aiming to achieve the highest price for the property and are not looking after your best interests, they are looking after the Vendor. Property buyers and especially those from overseas or based off shore need competent, local, independent and paid professional representation and assistance. Ask your self, if advice is free, can I rely on it. Overseas buyers needing more information might like to read……….
The Business Spectator at The Weekend Australian published “Australian dollar drops on RBA markets” on 8th June, 2016
For up to date information on what’s happening in real estate in Melbourne, contact Janet at jspencer@buyersolutions.com.au or 0418 101 146.
Buying property, Expatriate Aussies, Housing Market, Investment, Investment property, Overseas Buyers, Real Estate News & Opinion, State of the market
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