New figures show that Australian property prices grew at their slowest level in three years in the year to the end of the September quarter.
The latest Australian Bureau of Statistics data shows that residential property prices rose 3.5 per cent through the year. This is the weakest growth since March quarter 2013 and a decline from the peak of 10.7 per cent a year ago.
In the September quarter, Australian property prices continued to fall in Perth and Darwin, while prices rose in all other capital cities. Sydney recorded the largest quarterly residential property price growth of all capital cities, with house prices rising 2.9 per cent and attached dwellings 2.1 per cent. Melbourne recorded the strongest through the year growth of 6.9 per cent, followed by Hobart at 6.8 per cent. The total value of Australia’s 9.8 million residential dwellings increased by AUS$112.1 billion to AUS$6.2 trillion. The mean price of dwellings in Australia is now AUS$631,000.
If you’re planning on emigrating to Australia in the near future, and therefore planning to buy an Australian property, then 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$1.689 – but it had been as low as AUS$1.589 in late October.
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 13th December 2016