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Dollar brings property bargain opportunities

Many foreign investors are selling the Australian properties that they own in order to cash in on the current strength of the Australian dollar, according to WBP Property Group.

The current strength of the Australian dollar means that property investors could be able to find a number of bargains.

This is according to Patrick Curran from WBP Property Group, who told API Magazine that there have recently been some lower than expected sales prices in the Melbourne housing market from foreign vendors.

He believes that this is a direct result of the strong currency conversion from, for example, Australian dollars to Euros or US dollars.

Mr Curran told the magazine that foreign vendors could be happy to sell a unit valued at $570,000 (£357,900) for $535,000 or sometimes lower.

He said that to locate these foreign vendors can be difficult and that people should "quiz agents".

"Ask the agent if the vendor is an Australian citizen or foreign vendor," he advised.

Last month, chief economist for BIS Shrapnel Frank Gelber wrote in the Australian newspaper that the strength of the Australian dollar, along with investment in the construction and mining industries, will drive the country's recovery.

Posted by Craig Francis 

- dollar, property, prices, overseas

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