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Drop in dollar offsets property increases

Weak dollar may attract overseas investors.

The fall in the value of the Australian dollar means overseas buyers are able to offset the escalating property prices, claims an industry expert.

Marc Morley-Free, director of sales at Currencies Direct, explained to OPP Connect property prices in the country have increased by ten per cent over the past 12 months but the changing value of the local currency is allowing some investors to benefit.

In particular, the strength of sterling means British investors are in a good financial position to purchase property down under.

"Brits looking to purchase property in Australia should expect to see prices rise steadily throughout 2014, with growth concentrated in the major cities," said Mr Morley-Free.

He added the British pound is at its strongest point since September 2009 so any people planning to sell up and move abroad could make their money go further if they purchase in the right area.

The recent fall in the value of the Australian dollar has largely been attributed to a decline in mining investment in the country.

Posted by Ravin Chatlani

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