Lower Australian Dollar opens the door for foreign buyersAt Buying Houses Australia we have been talking about our forecast for lower interest rates and eventually a weaker Australian Dollar. Well we now have a 12% depreciation in the Australian Dollar and Sydney buyer agents will find themselves increasingly busy. Why?
Overseas buyers now have the opportunity to bring their money into Australia and get what is in effect a 12% discount for their property purchases.
It is not just Chinese buyers that will remain active over the coming months, but expatriate Australians have been sitting on the sidelines waiting to take advantage of a weaker currency, low domestic interest rates and a subdued property sector.
The stock shortages over the past few weeks will improve and Sydney property buyers should have a very busy spring.
“By Shane Clinton”