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Expats to buy bigger slice of property pie

Expats purchasing property in Australia will make up almost nine per cent of all house sales next year, according to the National Australia Bank.

Up to nine per cent of houses for sale next year will be bought by expats purchasing property in Australia, a survey has revealed.

Some 250 respondents to the National Australia Bank's latest residential property survey held this view, the Australian newspaper reports.

The survey involved property professionals, including real estate agents and managers, property developers, asset fund managers, owners and investors.

A fall in prices across all capital city markets over the next 12 months was predicted by the bank.

It also forecast that owner-occupiers would continue to dominate the market, making almost 47 per cent of purchases.

The bank predicted that Australian property investors would buy more than 29 per cent of houses for sale in the country.

Last month, a report published by the Australian Bureau of Statistics revealed that net overseas migration has more than doubled since 2005, greatly increasing the demand for Australian migration property.

Posted by Ravin Chatlani

- property, expats, NAB, bank, foreign

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