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Falling Australian dollar means more expats are buying homes Down Under

Expats are targeting blue chip areas like Palm Beach, Manly, Terrey Hills and Seaforth on Sydney’s northern beaches; Bronte, Bellevue Hill, Vaucluse, Paddington, Woollahra and Bondi in the eastern suburbs; and Naremburn and Chatswood on the north shore claims the report.

Falling Australian Dollar Means More Expats Are Buying Homes Down Under

David Edwards, said a large selection of quality homes that would suit expats are coming to market in Palm Beach this Spring.

“Over the last 12 to 15 months expats have been getting a 15 to 30 per cent discount on the property and that’s before any negotiations with the agent and vendor,” he said to the Telegraph.
Property was slowly emerging as a solid investment alternative to shares, he said.
“The good thing about buying a house is you don’t wake up in the morning with half the house gone.”

Jake Rowe, also spoke to the Telegraph and claims Aussie expats have been inquiring after real estate in much bigger numbers recently.

“Inquiry levels from Australian expats are up considerably,” Mr Rowe said. “They want a range of property. Some want a house, others want a development opportunity and others want a low-maintenance Sydney base.”

Shayne Hutton, said expats were always looking for acreage, especially in blue ribbon suburbs like Terrey Hills.

“Buyers see real value here and its proximity to the city is a big drawcard,” he said.

Peter Kelaher, said there had been a marked change in the number of expats looking to buy around Sydney, driven by the falling dollar and the generous tax breaks investing in Australian property offers.

“They get huge tax advantages for buying over here,” he said. “Most to them are paying no tax or 15 per cent.”

He tipped we would see even more expats in the months to come.

“I think that the dollar’s going to hit 65c by March or April next year,” he said. “They’re definitely coming back and giving the Chinese a run for their money.”

He pointed to the case of a recent buyer for whom he negotiated the purchase of 46 Wolseley Rd, Mosman, for $4.18m. About six weeks ago the expat buyer had come to Mr Kelaher with a budget of about $3.5m.

As the weeks progressed, the dollar fell significantly, boosting their buying power until they were able to comfortably purchase a home more than $500,000 over their original budget.

“They were able to up their stake because the dollar had fallen so much,” he said.

Robert Klaric, agreed, but said he believed many expats were cautiously waiting to see what the market would do next.

“They’re not in a steaming big rush to buy, but they’re definitely there.”

The buyers are expats who used to live in the suburb and they were up against some strong competition.
Selling agent Peter Chauncy from McGrath Crows Nest said agents were seeing strong results across high end properties in blue ribbon locations.

“We’re seeing really strong results in Naremburn. It seems to be standing up quite well compared to other suburbs,” he said.

“There’s a lot of stock heading up north but the lower north shore is very competitive because there’s not many houses to choose from and demand is still high.”

Anthony Puntigam, said it was typical to see more expat buyers around at this time of year.

“At this time of year, overseas-based buyers turn their attention towards purchasing a suitable property here in Sydney in readiness for their return to ‘Oz’, including children starting school in the New Year, alternatively, buying real estate to “land bank” for later on,” said Puntigam speaking to the Telegraph.
“We are taking a lot of new inquiry.”

Source: Daily Telegraph

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