Property prices in Sydney rose in the second quarter of 2016 after six months of falls, according to new figures released by the Australian Bureau of Statistics (ABS).
The latest data shows that prices for established houses in Sydney rose by 3.2 per cent. However, Melbourne recorded the strongest growth of any Australian state capital in this period (8.2 per cent), followed by Canberra at 6 per cent.
Residential property prices rose in all capital cities, aside from Perth and Darwin, where they fell by -1.2 per cent and 2.4 per cent respectively.
Nationally, the average mean price of residential dwellings rose by AUS$11,800 in the year to June 2016, meaning the average house price in Australia is currently AUS$623,000. However, those planning on buying a house in Sydney should expect to pay cat least AUS$1 million for a new home.
Given the rising property prices throughout most of Australia, and the fact that Sydney is still the country’s most popular location for immigrants, it is vital that anyone moving to the country in the coming months starts their new life with the most money possible. And one way of maximising your cash-flow in Oz is making sure you get the best deal possible when exchanging your Pounds for Australian Dollars.
Put simply, when exchanging large lump sums, only small fluctuations in exchange rates can have a huge impact on how much money you’ll end up with.
For example, imagine you sold your property in the UK just over three months ago and had £150,000 to spend. At the highest point in the last three months £1 was worth AUS$1.965 – or AUS$294,750 on a £150,000 exchange (23rd June). However, largely as a result of the uncertainty sparked by the Brexit vote just a few days later, this value has since plummeted. As of yesterday, £1 was worth just AUS$1.765, meaning that exchanging £150,000 would have netted you just AUS$264,750. In mid -August, however, the rate had been as low as £1=AUS$1.675, so there are signs it is starting to climb again.
Of course, there is no guarantee of choosing the absolute best time to exchange. But taking expert advice from a specialist currency exchange firm like Halo Financial can certainly help.
Foreign exchange companies understand why the exchange rates are moving and just what impact this has on your currency transaction so can give you at least some indication of when the market will once again move favourably. What’s more, they can also provide you with a range of options on when you should consider exchanging, and how much you should exchange at a time.
To find out how you can make sure you can take advantage of positive fluctuations in the market and exchange your currency at the right time to get the best possible deal on the purchase your overseas property, visit www.halofinancial.com
Article published 20th September 2016