Australian Expats Splash Cash On Properties
Expats desperately seeking to return home to Australia are forking out millions of dollars on luxury property sight unseen, enlisting the help of family or turning to virtual inspections. “There does seem to be very strong interest in getting back to Australia,” Sydney Sotheby’s International Realty’s Daphne Sauvage. “These are people who have gone off for fabulous jobs thinking they’ve made it, and then find themselves in an environment that from a health or political point of view is not ideal.” Even without the certainty of a ticket back into the country, expats are spending millions of dollars on prestige property in Sydney and Melbourne’s most exclusive neighbourhoods, or looking further afield. “The issue for them is – number one – secure the home, then make sure it’s producing income, and then work out how they can exit the situation they are in,” Sauvage said. While many expats return to their former home cities of Melbourne or Sydney, others have set their sights on Byron Bay, the country’s latest luxury property hotspot. The buyers see the property only through video tours and are yet to fly into Australia to see their new purchase. Expats want to secure a special place at home, even if they did not know when they would be able to return.
Tags : INTERNATIONAL properties luxury property Australian Expats