It's the time of the year again when everyone, almost everyone heads home and expats are no exception. Some business are open and some are close during the holidays and more often than not, real estate business are closed, too but not all of the this time, especially in Melbourne and Sydney, Australia.
Domain reports that the expatriates trickling home are buying real estate mostly in Melbourne and Sydney.
He said, "I have at least a dozen expatriate buyers coming through, either represented by buyer's agents or are clients I know. Expats are definitely filling up the holiday gap."
The falling Australian dollar and low interest rates are seen to be the cause of the influx of demand, hence, expatriates are taking advantage of the opportunity in buying larger homes or simply amassing a portfolio of investment properties, the reports adds. Exclusive suburb of Church Point, in the Sydney northern beaches, 32 kilometres from the CBD is of the most popular locations.
Another agent from McGrath, Jillian McGrath said, "I am experiencing a 10 per cent increase in inquiries. And Church Point is that kind of suburb where you don't see many city workers come to." She sold a property to an Australian expat and his wife who was hailed from Canada. They are both working in Tokyo but will be living in Sydney starting January next year. The spouses said they want something they did not need to renovate where they can just put the luggage in and go to bed.
Century 21 has also felt the increase in demand as their agents are working through January. It's Chairman Charles Tarbey said that in the last 6 months, the inquiries have increased and it started around the time the AUD has fallen from about US78¢ to US73¢ and even briefly dipping below 70¢.
Business is booming indeed.