Overseas property buyers in the driving seat for Australian Property

The Australian Associated Press report that Australian property owners reluctantly believe that two interest rate rises this year will force many to accept lower prices when selling their Australian properties. The survey which comprised of 2,065 respondents was conducted by CoreData in partnership with media website NEWS.com.au.
All the indications suggest that Australia may now be a buyers market with property buyers firmly positioned in the driving seat.  
NEWS.com.au business editor Nicki Bourlioufas said.”For many Australians, the bad news has already hit – almost one-third of respondents said the value of their home had fallen in the past twelve months,” “The higher interest rates are hurting many, but for those who are still keen to enter the property market, there is opportunity to seal lower prices,” said Ms Bourlioufas.
The survey also found that of those who had seen the value of their property fall, one quarter said their mortgage was now worth more than their home or that they held negative equity.
The potential for lower property prices may offer opportunities for overseas property buyers or those thinking of returning back to Australia.
Future predictions for the Australian property market include reports by economists stating that the Australian bank rates could rise one more time this year to 6.25 per cent.
Corporate overseas property investors have already seen the potential in the Australian property market. One of the larger investors in the Australian listed property trust sector is US fund manager Cohen & Steers, which has about $US28 billion ($37 billion) in funds under management. It has invested $250 million in Australia and has launched two global wholesale funds with Ambassador Funds Management – the Cohen & Steers Global (ex-Australia) Listed Property Fund and the Cohen & Steers Global Listed Property Fund.
Buy or sell Australian property at Homesgofast.com  

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