Average property prices in two of Australia’s most popular immigrant cities have reached all-time highs, new figures show.
The September quarter property report published by Domain Group found average property prices hit a record level of AUS$1,068,303 in Sydney, while in Melbourne house prices reached AUS$773,669.
While property prices are growing throughout Australia, it is the country’s two biggest cities which are really seeing housing values spiralling out of control.
Although Darwin and Perth were the only other Australian state capital cities to see year-on year price declines, median prices in Brisbane fell by 0.9 per cent for the September quarter, while median prices in Adelaide dropped by 0.3 per cent.
As Australia’s average property prices continue to rise – especially in Sydney and Melbourne – more and more people are finding themselves priced out of the market.
Therefore, if you’re planning on emigrating to one of these cities in the near future, then to counter the rising property prices it is essential to get the best possible deal on your currency deal. No easy task given the uncertainty that has surrounded the Pound since Brexit.
When exchanging large lump sums for emigration purposes, only a small change in the market can have a significant impact on the amount of money you could be potentially starting your new life with. And, as has been well documented, Brexit has caused some larger than normal moves in the currency exchange market.
Just prior to Brexit (22nd June) £1 would have purchased you AUS$1.965. However, within a few weeks of the Brexit outcome this rate had plummeted to £1=US$1.775 (5th July). On an exchange of a substantial amount, say from the sale of your UK property prior to emigrating, such a fall has a massive impact on the amount of money you’ll have to start your new life. For example, if exchanging £150,000 the difference in Australian Dollars received would have been AUS$28,500. In just a matter of weeks.
Since the Brexit announcement, the value of the Pound has continued to remain low, and as more details regarding Brexit start to be announced, has fallen lower. Yesterday the rate was £1=AUS$1.589.
Currency specialists Halo Financial understands why the exchange rates are moving and just what impact this has on your currency transaction. What’s more, they can also explain how to make your money go further and give you a range options on exactly when you wish to exchange, and how much you should exchange at a time.
To find out how you can make sure you can get the best exchange rate possible, and take advantage of positive fluctuations in the markets, visit www.halofinancial.com
Article published 27th October 2016