Property prices in Australia’s eight state and territory capital cities rose by 0.8 per cent in June, new figures show.
The latest CoreLogic House Price Index revealed that property prices in the capitals rebounded in June, following an unexpected 1.3 per cent drop in values in May.
Annually, prices are up by 9.6 per cent on June last year, up from 8.3 per cent in May, though still down from a peak of 12.9 per cent in March.
Sydney and Melbourne still lead the way when it comes to price growth, Annual price growth in Sydney ran at 12.2 per cent in June, down from a top of 18.9 per cent in March. Melbourne fared better, with prices up 1.5 per cent in the June quarter and 13.7 per cent for the year.
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.
For example, imagine you managed to sell your property in the UK three months ago, and had £150,000 to spend. If you had exchanged immediately, then on 5th April you would have received AUS$1.1643 for every £1 exchanged – making a total of US$246,450. However, if you had waited three months to exchange, then yesterday the exchange rate was £1=1.692. On an exchange of £150,000 this equates to AUS$7,350 more in your pocket. In mid-May, however, the rate was far more enticing: £1=1.761. Timing really is key!
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 4th July 2017