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British Expats Choose Australia as Their Top Pick - 27 January 2011
Despite increasing homes prices, Australia was cited as the top destination by Britons looking to make a permanent move abroad, according to a recent survey.
The results, compiled by a U.K.-based brokerage firm, was founded on the number of Internet searches for Australian property coming out of the U.K. Of all searches for overseas destinations, Australia was the most popular, taking 27 percent of the total enquiries, followed by split votes for the U.S., Spain, Canada, France and New Zealand.
Experts say that British homebuyers could be growing more interested in Australian property for several reasons. One is the current climate — both politically and literally. In the winter, searches for warm destinations are always on the rise, and with Australia and the U.S. sharing the same language as British buyers, this makes moving abroad a much simpler task. Also dampening British interest to buy at home is the government’s recent tax hike as well as its spending cuts.
Australia, on the other hand, has weathered the global recession rather well, even boasting a strong economy last year. Unemployment was down and home prices were up — and without supply surpassing demand.
However, some critics say that the cost of property in Australia has become so high that the market has nowhere to go but down. One study suggested that home prices in Perth and Sydney were completely unaffordable based on the cities’ median incomes.
Still, others disagree that the country’s property forecast looks bleaker this year than in 2010. Building permits are still on the rise, showing that developers have confidence in Australia’s market, especially as search numbers continue to go up and expats talk more seriously about relocating Down Under.
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