Expats back in hunt for housing: [1 All-round Country Edition]
Stapleton, John. The Australian [Canberra, A.C.T] 08 Aug 2005: 3.
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Abstract
Dennis Kalofonos, of one of Sydney's leading agents, Sydney Property Finders, said buyers who had deferred or been ambivalent about buying were securing properties.
"Buyers, especially expat purchasers, are confidently entering the market because vendors have now become realistic in their pricing and the outlook is for values to remain stable," Mr Kalofonos said. "The feedback from our clients is that Sydney property is still viewed as value for money compared with affordability in other international cities such as London, New York or Hong Kong."
YOUR average punter might not be able to afford to buy into the Sydney housing market, but with favourable exchange rates and falls in prices, international buyers, particularly expatriate Australians, are flocking back.
Dennis Kalofonos, of one of Sydney's leading agents, Sydney Property Finders, said buyers who had deferred or been ambivalent about buying were securing properties.
"Buyers, especially expat purchasers, are confidently entering the market because vendors have now become realistic in their pricing and the outlook is for values to remain stable," Mr Kalofonos said. "The feedback from our clients is that Sydney property is still viewed as value for money compared with affordability in other international cities such as London, New York or Hong Kong."
He said one US client had recently bought an $860,000 apartment at Jacksons Landing sight unseen and an IT executive from San Francisco purchased a $940,000 Potts Point apartment with views of the city and harbour without any of the normal hesitation.
Business manager Donalee Cohen said locals were not being priced out of the market. "The locals are taking advantage of the present downturn or, if you like, `slower market' to upgrade," she said.
"Some young professionals are finding they now have enough equity in their inner-city apartments and are upgrading to semis and terraces."
Ms Cohen said expatriates normally made money off substantial careers overseas and then returned later in life to buy a house they could never have afforded when they left.
"But now they are purchasing properties while still working overseas and holding on to them as investments," she said. "They don't think the market is going to deflate any further."
Also published in The Advertiser. SA.
Also published in The Advertiser. SA.
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