New figures show that average property prices in Australia’s largest city, Sydney, surged by close to 20 per cent in the year to March.
The latest CoreLogic data suggests that property prices in Sydney have grown by 19 per cent in the past year, with Melbourne property prices also appreciating at record levels.
“The preliminary data suggests that annual growth in Sydney dwelling values will be around 19 per cent by month’s end, while growth in Melbourne is approaching 16 per cent per annum, both of which are higher than the previous cyclical peaks throughout the current growth phase,” sais Tim Lawless, CoreLogic’s head of research for Asia Pacific.
With Melbourne and Sydney two of Australia’s most popular states for new immigrants, the rapidly rising property prices mean many newcomers could soon find themselves priced out of the market.
Therefore, if emigrating to Oz in the near future, it is essential to get the best possible deal on your currency deal. 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, especially given this week’s activation of Article 50.
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. Yesterday the rate was £1=AUS$1.619 – although had been as low as AUS$1.594 just two weeks earlier.
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 31st March 2017