With Australian property prices high, more investors are eyeing off overseas properties

first_imgA two-bedder in Sydney or a home on the Greek Islands?WITH it cheaper to buy a property in the Greek Islands than a two-bedroom apartment in Sydney at the moment more Australia’s are looking to park their investment dollars overseas.New analysis by international money transfers group, WorldFirst, revealed one in two Australians would choose overseas countries for property investment because it was cheaper than here.WorldFirst Head of Foreign Exchange, Patrick Liddy, said while not all those who said they wanted to invest overseas would go through with it, he did deal with many people who had bought overseas.When asked if they would invest in overseas property rather than Australia if they had the funds, information, tools and resources to do so, 50 per cent of respondents said yes, with 61 per cent of those respondents saying that high local property prices were the primary motivating factor.About 11 per cent of respondents said they would invest in overseas property with the plan to retire there one day. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 13:43Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -13:43 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels576p576p480p480p256p256p228p228pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenPrestige property with Elizabeth Tilley13:44 Mr Liddy said 35 per cent of respondents said they would choose a property investment that they themselves could use for holidays and rent out otherwise.He said wage growth was stagnant so it was no wonder many Australia’s thought local prices were too high.“You can probably get more bang for your buck purchasing a ski lodge in Japan, a bach in New Zealand or a chateau in France, but it’s important to make the right financial decisions when buying an often expensive property asset overseas.’’More from newsNew apartments released at idyllic retirement community Samford Grove Presented by Parks and wildlife the new lust-haves post coronavirus18 hours agoWhile it all sounds glamorous Mr Liddy said investment in property overseas was not without its risks.He said foreign currency fluctuations needed to be taken into account, as well as the political and economic climate of the country investors were buying in.He said buyers should wait until the Australian dollar was strong to make their purchase and unfortunately not all investors were able to buy in the countries they wanted to because of various foreign buying laws. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 3:17Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -3:17 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels576p576p480p480p256p256p228p228pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenMichelle Hele’s May market wrap03:17 “A number of clients we come across are the baby boomer generation, so they are looking to buy what comparatively is a really, really nice property overseas, for a fraction of the price of what you would pay in Australia for the same thing,’’ he said.“We are looking at very specific cases here, but why not?“I think a lot of people are saying that to themselves why not go and live somewhere a bit more exotic.“Buying a property in the Greek Islands seemed outrageous ten or 15 years ago, but it is actually cheaper than buying a two-bedroom apartment in Sydney right now,’’ he said.last_img

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