- More and more Australian expats are looking to buy property before they return home
- Buying now locks in value, as property prices only look set to rise over the coming months and years
Australia’s handling of the pandemic is fast becoming one of the barometers for success around the globe.
With a comparatively low number of cases, due to swift early action and open communication with our population, our country has also quickly become more desirable for future overseas migrants but also for expats.
Living overseas has long been a rite of passage for many of us.
But when a global health pandemic wreaks havoc almost everywhere but your home country it’s not surprising that many expats are heading home sooner than they had originally planned.
Expat demand rising
We have been helping expats buy homes in Sydney for a while now but we’re starting to see an increase in enquiry from people around the globe keen to have a home to call their own when they return to Australia.
Indeed, New South Wales was the second-most searched state from overseas on realestate.com.au with a 26 per cent share of searches last year – up more than five per cent from the year before.
The uptick is being driven by house hunters in the United States – up a staggering 32 per cent in the past year – as well as the UK, Hong Kong, New Zealand, and Singapore.
These would-be local buyers from afar are keen on purchasing in locations such as Byron Bay (the Hemsworth factor clearly), Manly, Bondi Beach and Mosman to name but a few, according to the research.
How we help expats purchase property
Depending on how long they have been living overseas, expats have often lost touch with what is happening in property markets at home.
They may have read a media headline here and there, but they’ve generally been out of the property loop for a while, which can make them nervous about buying back home without some sort of expert assistance.
One of the advantages of working with local area experts like buyers’ agents is that we have the experience as well as on-the-ground knowledge and networks to help them secure the best property for their needs.
We can also provide advice on some of the locations that they may not have considered before, because they have been living overseas while some areas have gentrified in their absence.
Some expats don’t have a time frame for when they will return home, but one thing they do know is they want a home to live in when they eventually do.
By purchasing a strategically located property beforehand, they can not only benefit from the cash flow it earns in rent, but it can also be primed for capital growth to occur while they remain overseas.
This means when they do come home, they will not only have a home to live in, but it will most likely be worth more than they paid for it.
Demand for Sydney real estate generally remains robust from local buyers and investors, which can make it difficult for people interstate or overseas to successfully secure a property.
However, those buyers – near and far – who have access to assistance and advice from local market experts are giving themselves the best chance to buy their very own holding in some of the most desirable precincts of the Harbour City.