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Strong dollar forces homebuyers o/s

Strong dollar forces homebuyers o/s

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Staff Reporter

The strong Australian dollar is encouraging Australian investors to purchase properties overseas.

According to Loan Market Group's chief operating officer Dean Rushton, the brokerage has received several enquiries about how to obtain home finance for purchasing international property.

Mr Rushton said with the Australian dollar reaching parity with the US dollar last week for the first time since the currency was floated in December, 1983, investors saw value in looking at overseas property.

"We don't normally see this type of enquiry but these are unprecedented times for the Australian dollar," he said.

"The enquiry we have seen has been specific to the Asian region but investors could be considering a variety of overseas property markets, particularly Britain and the United States where prices have fallen dramatically since the global financial crisis.

"We are also aware of an increase in activity from Australian investors in New Zealand real estate, where many Australian lenders operate."


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