Australia Property Sees Rising Foreign Demand As Economy Surges
Overseas Property News - Australia
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Australia property is likely to see massive demand from foreign buyers in the coming months, as the economy continues to drive out of recession far more aggressively than most.
Earlier this month it was revealed that Australia's level of employment within the economy had seen its second consecutive monthly rise last month, taking it up to 24,500. This was viewed very positively by the markets, despite the slight rise in the unemployment rate.
The Australian central bank became the first G20 nation to raise interest rates during the current global crisis, which is still reverberating around the planet. The continued economic rebound led to a second announcement from the Australian reserve bank, giving Australian banks permission to increase interest rates even further -- on variable rate home loans in particular.
Australia is one of the top 3 countries in terms of the numbers of British immigrants it receives each year. One of the main reasons people leave the UK is for better economic prospects, and at the moment, of all the places popular with immigrants only Canada and Australia are promising better economic prospects.
In Australia foreigners are only allowed to buy new build property, but that should not be viewed as a negative. There are currently some really special new build properties on the market in Australia, and, like everywhere else developers are willing to do some negotiating if it gets them a sale.
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