Australian property 'attracting investor interest'

More than AUS120 million of residential property in the New South Wales region of Australia has been sold by one real estate group in the last two months, it has emerged.

Speaking to the Australian, Brett Draffen of Mirovac Group explained that while many of the buyers have been movers operating in the lower price bracket, there has also been an increase in investor activity.

"Investors are realising that property with strong rental yields is a safe haven compared with the wild ride being experienced on both local and overseas exchanges," he told the news source, adding that sales have also been strong in western Sydney.

Property investors considering making a purchase in Australia may now wish to do so quickly in the event of demand - and subsequently prices - increasing.

Director of Wakelin Property Advisory Monique Sasson Wakelin recently told Homes Overseas that the recent cut in Australia's interest rates has created a "once in a generation" investment chance.