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Australian property 'still popular' with UK investors

Article Date : Friday, March 30, 2007       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

Australia is one the most popular countries when it comes to British investors looking to invest in overseas property, according to website BuyAssociation.

Spokesman Paul Collins said that most people who choose Australia as an investment destination do so because they want to move there permanently or intend to manage their property from afar ? without ever seeing it.

He also pointed out that foreign buyers will have to put their investment bid before Australia's foreign investment review board to approve the purchase, which can prolong the application process and add to the amount of paperwork.

The board will examine the proposal before recommending it to the Australian government on whether it is suitable for approval under official policy.

However, it is very rare for the board to reject an application from an overseas buyer, he added.

On the issue of the most popular locations, Mr Collins said that Sydney and Melbourne still appeal to investors, although a growing number of buyers are looking at places like Perth and the Gold Coast as well.

Investors "are looking a bit further afield and getting a bit more adventurous", he remarked.
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