Real Estate & Other News in Australia from Propertyshowrooms.com

Recovery signs in Australia's home lending market

Thu, 19 Jan 2012 00:00:00 GMT

There are indications that a recovery is underway in the established lending market in Australia, although finance for new homes "remains soft", a report has stated.

According to the Housing Industry Association (HIA), figures from November last year show an improvement in lending for those purchasing established property in Australia.

However, loans for new homes were "effectively flat" during the same period, with HIA chief economist Dr Harley Dale noting the data represents a fall of eight per cent when compared to November 2010.

Dr Dale commented that several things need to happen if the Australian real estate market is to improve.

"A sustained recovery in new housing, including investment in new rental stock, won't occur without the combination of interest rate cuts, short-term government stimulus and longer-term policy reform," he asserted.

The recent Property Council-ANZ Property Industry Confidence Survey found that sentiment across the Australian real estate sector was broadly positive in December, with professionals in the Northern Territory recording the biggest rise in confidence.

Melbourne housing market 'could see price correction'

Thu, 20 Oct 2011 00:00:00 GMT

The housing market in Melbourne is one of the most likely in the country to experience "a significant price correction", according to new research.

In the Macro Business Melbourne Housing Valuation Report, it is claimed that the residential property market fundamentals in the city are weak, for several reasons.

Among them are the low rental yields, higher-than-average house price growth and the large number of homes currently on the market.

The study also pointed out that Melbourne property prices are "relatively expensive on a price-to-income basis".

Meanwhile, a rise in construction activity coupled with a slowdown in population is resulting in more supply of dwellings than there is demand.

The organisation cited figures from SQM Research, which revealed that there were 65 per cent more residential properties on the market at the end of September this year than 12 months earlier.

However, things are different when you look at Melbourne's commercial real estate sector, with a recent Savills report on the prospects for the city's central business district noting that overseas investors are encouraged by its "strong fundamentals".

Asking price for Kylie's island retreat dropped

Tue, 16 Dec 2008 00:00:00 GMT

Kylie Minogue has fallen victim to the credit crunch. The singer's Australian island property has been on the market since February and agents have now dropped its price to try and attract a buyer.

The French style farmhouse, Beauciel, originally had an asking price of AU$1.2m, but now offers of between AU$950,000 and AU$1,050,000 are being invited, reports Australia's Herald Sun.

Real estate agent Hendrik Boer told the paper that interest in the property on French Island, Western Port, Victoria had increased since the price drop.

Kylie bought the Australian property, which boasts sweeping bay views, with her family in 2005, but has decided to sell up as she is rarely there anymore.

Homesworldwide.co.uk reports that the singer has spent around AU$1m on renovating the property over the past three years. Approximately 1,000 trees have been planted in the grounds, which include an organic fruit and vegetable garden.

French Island's residents will miss Kylie and her family. Local landscape gardener Stephen May told the press: "It's a great shame they're going. They're terrific people, terrific to work with." Meanwhile, cafe owner Maurice Ralph added that they had helped out in the community; donating money to the fire brigade and providing employment for the islanders.

This story was brought to you by holidaylettings.co.uk, the UK's No.1 holiday home website.

Observation Wheel Puts New Spin On Melbourne

Thu, 20 Nov 2008 00:00:00 GMT

The new Southern Star Observation Wheel is putting a new spin on Melbourne...

Down Under Live! set to dish up a storm

Wed, 20 Aug 2008 00:00:00 GMT

A unique new travel and migration show set to launch in 2009 is expected to attract thousands of potential migrants wanting to head Down Under...

Singles love Melbourne city living

Tue, 19 Aug 2008 00:00:00 GMT

Residents living in Melbourne's central business district are more likely to live alone than not...

Opposition calls for solar bonus scheme revamp

Mon, 18 Aug 2008 00:00:00 GMT

The Queensland Government says its solar bonus scheme is off to a good start, but the Opposition says it needs a revamp to attract more interest...

Aussie wine country runs dry

Thu, 14 Aug 2008 00:00:00 GMT

Its acclaimed vintages dominate British supermarket shelves, but Australia's wine regions are suffering from the drought...

Sydney harbours desire to brand itself

Wed, 13 Aug 2008 00:00:00 GMT

In an effort to drive more tourism, a new image to represent the city of Sydney looks set to be unveiled...

Climate change no threat to coastal sales

Sat, 9 Aug 2008 00:00:00 GMT

REAL estate agents say that dire predictions about the hungry sea swallowing up coastal suburbs seem to be falling on deaf ears...

Queensland's new national park

Thu, 7 Aug 2008 00:00:00 GMT

Indigenous peoples from the Cape York Area will run the brand new Kulla park...

Brother of Aussie Home Loans mogul loses his home

Thu, 7 Aug 2008 00:00:00 GMT

THE casualties of Sydney's property market crunch now include well-connected developers, with the brother of millionaire home lender John Symond forced out of his harbour-front home...

Britons flee to Australia

Wed, 6 Aug 2008 00:00:00 GMT

A growing number of British nationals are choosing to relocate and set up home in Australia, it has been revealed.

According to figures from The Emigration Group, the country has attracted 23,906 people from the UK in the last year.

The organisation believes this is because Australia offers both lifestyle and financial benefits, such as good weather, lower taxes and more affordable house prices.

Paul Arthur, director of the Emigration Group, added that that expats can often get paid more than they would in the UK.

Speaking to the Daily Star, he commented: "What it boils down to is you get more for your pound down under."

Mr Arthur added that the Australian government has revised its immigration policy in order to attract skilled workers from overseas.

The comments follow figures from HiFX which revealed a recent surge of interest in buying property in Australia.

According to the firm, the country was the subject of ten per cent of the enquiries it received into moving abroad in April 2008.

Australia. Western Australians invited to have a say on the future of Rottnest Island

Wed, 30 Jul 2008 00:00:00 GMT

Tourism Minister Sheila McHale said a new five-year plan was being developed to guide the management of the island and its facilities. “This is an exciting time to get involved in the future directions of one of WA’s best ...

Australia’s Mining Boom and Property

Wed, 30 Jul 2008 00:00:00 GMT

The Minerals Council of Australia is now predicting that the mining sector will need another 87,000 more workers over the next decade...

Find could spark new Victorian gold rush

Wed, 23 Jul 2008 00:00:00 GMT

Victorian scientists have identified a patch of land between Bendigo and the Murray River which they believe contains $32 billion worth of gold...

Darwin renters warned of property scam

Thu, 17 Jul 2008 00:00:00 GMT

Northern Territory Consumer Affairs says it will be extremely difficult to find those responsible for an internet renting scam that has targeted people in Darwin's tight property market...

DIY can knock down value

Wed, 16 Jul 2008 00:00:00 GMT

POORLY finished do-it-yourself home renovations are adversely affecting house prices, the Housing Industry Association has warned...

Australia attracts British expats

Tue, 15 Jul 2008 00:00:00 GMT

Britons who want to relocate overseas are increasingly heading towards Australia, it has been revealed.

According to The Emigration Group, a growing number of people in the UK are looking to escape the economic downturn by moving abroad.

Australia was identified as the preferred choice for many of these people, as it offers favourable living standards and good employment prospects.

Paul Arthur, director of The Emigration Group, commented: "Australia [offers] a fabulous lifestyle alternative, excellent job opportunities, affordable homes and better weather."

Speaking to the Chester Chronicle, he added that people in Cheshire appear to be particularly keen to set up home overseas.

This trend was said to be most apparent in well-off commuter towns rather than the more run-down areas.

The comments follow figures from HiFX which revealed a recent surge of interest in buying property in Australia.

According to the firm, the country was the subject of ten per cent of the enquiries it received into moving abroad in April.

How the unpredictable X-factor affects our property market

Fri, 11 Jul 2008 00:00:00 GMT

When most Australians are asked about 'the X factor' they think the question is about a science fiction TV show.

However, 'the X factor' is talked about in the less glittery world of economic forecasting too.

Economists refer to 'the X factor' when an unforeseen event or situation blows all their carefully laid forecasts away. Like the subprime crisis did last year.

Would you like to know what the X factor is going to be for our property markets in 2008? Well read on...

US 'faces great challenge' as global power shifts

Fri, 11 Jul 2008 00:00:00 GMT

Wealth and innovation are bubbling up in the most unexpected places. The tallest buildings, the biggest dams, the highest grossing movies, some of the most advanced technologies: they're all being created outside of the United States. It's called "the rise of the rest", and as global power shifts, Washington will face its greatest challenge: it'll have to learn how to share power...

British tourists head for Australia

Fri, 11 Jul 2008 00:00:00 GMT

Australia is proving to be a very popular holiday destination among Britons, according to a travel industry official.

Kevin Lang from BAA said that while many are still opting to visit traditional hotspots such as Spain, a growing number are looking beyond European shores.

Speaking to the Scotsman, Mr Lang said countries such as Australia are attracting more attention because it is now more easily accessible.

He told the newspaper that consumers now have an unprecedented range of destinations to fly to from their nearest airport.

As a result, attitudes towards holidays have changed and leisure travellers are becoming more and more adventurous.

Mr Lang commented: "People are more open-minded and more curious about visiting countries and cities that probably wouldn't have been high on a list some years ago."

According to official figures, Australia attracted a record number of foreign visitors last year.

Statistics cited by TravelMole revealed that the country attracted about 5.6 million leisure travellers in 2007.

Govt rules out airport curfew changes

Tue, 8 Jul 2008 00:00:00 GMT

Anthony Albanese says the Federal Government will not heed Qantas and Singapore Airlines' calls to relax the Sydney Airport curfew as long as he is federal Transport Minister...

NT Shelter calls for grassroots fix for Indigenous housing

Tue, 8 Jul 2008 00:00:00 GMT

The Northern Territory's peak housing group says the Government's reasons for not building more houses in Aboriginal communities are not good enough...

How do lenders assess you???

Mon, 7 Jul 2008 00:00:00 GMT

There has been considerable media coverage of late dedicated to the US subprime mortgage market and the subsequent "credit crunch" we are witnessing in the world financial markets. The effects of which are being felt by Australian lenders.

With all of this attention on credit, we thought it was a good time to explain to you exactly what it is that Australian lenders look for when assessing you for finance...

Getting better service from your bank!

Mon, 7 Jul 2008 00:00:00 GMT

As mortgage broker & director of ProSolution, Stuart Wemyss rarely encounters people who are happy with the service their bank provides.

Customer satisfaction level generally ranges from totally unhappy to 'barely satisfied'. It is a common and ongoing problem for both the banks and their customers. So how can you get better service?

Read on to find out...

Australia attracts British migrants

Wed, 28 May 2008 00:00:00 GMT

Migrants from the UK are increasingly choosing to set up home in the southern hemisphere, according to a new study.

Research by HiFX revealed that interest in buying property in traditional hotspots such as France and Spain has waned over the last few months.

This was largely attributed to the less than favourable exchange rates with the UK, as the pound is currently at a record low against the euro.

Instead, Britons are increasingly opting to set up home in places such as Australia, a country which has recently seen a surge in the amount of interest from Britons.

Mark Bodega, director of HiFX, commented: "Thoughts of moving to a new life overseas continue to burn strongly within much of the UK population."

According to the Real Estate Institute of Australia, Britons are the third-largest group of foreign property buyers in the country, reports Homes Overseas magazine.

UK migration 'at record levels'

Thu, 22 May 2008 00:00:00 GMT

The number of people choosing to leave the UK and live abroad has reached record levels, experts have revealed.

According to official statistics, nearly two million British nationals have emigrated during the last decade.

Commenting on the figures, the Institute for Public Policy Research (IPPR) said these are the highest ever recorded.

This is despite the fact that larger proportions of the population have moved overseas at various points in Britain's history, such as during the mid-19th century.

Jill Rutter, senior researcher at the IPPR, commented: "This is the numerically highest emigration ever."

Speaking to the Guardian, she added that the growing popularity of living abroad is partly due to increased personal wealth in Britain.

Earlier this week, Conservative immigration spokesman Damian Green took a different line, saying they indicate the dissatisfaction with the current Labour government.

Speaking to the Daily Mail, Mr Green said people are "fleeing" the country because they are unhappy with the prime minister in particular.

Britons snap up Australian properties

Wed, 21 May 2008 00:00:00 GMT

People from the UK are among the most prolific buyers of property in Australia, new figures have revealed.

According to the Real Estate Institute of Australia, Britons are third-largest group of foreign property buyers in the country, reports Homes Overseas.

Statistics from the group showed that British investors bought more than £1.27 billion worth of property in Australia last year.

This accounts for more than a tenth of the overall amount of foreign investment in Australia attracted last year.

Britons were only outnumbered by people from Singapore, along with investors from the US.

Figures showed that New South Wales was one of the main hotspots for foreign buyers during 2007, along with Queensland.

Collectively, these two regions were said to account for nearly half of the overseas investment in Australia last year.

This comes after the country was described as a "safe bet" for investors by the Foreign Property Buyer website.

Record number of Britons consider moving overseas

Thu, 8 May 2008 00:00:00 GMT

The number of Britons who are thinking of moving abroad has reached record levels, according to a new study.

Removals firm Robinsons International said that more people than ever are looking at relocating to countries such as Australia.

Research by the company showed that many are disenchanted with life in the UK because the cost of living is continuing to go up.

Other respondents cited loutish behaviour as one major concern, while some said they felt under too much pressure at work.

Meanwhile, a poll of the people Britons would be most pleased to see the back of highlighted an apparent dissatisfaction with the government, as prime minister Gordon Brown and his predecessor Tony Blair came top of the list.

Furthermore, 15 per cent of respondents said they blamed the government for driving them out of the country.

Anthony Robinson, managing director of Robinsons International, commented: "It's not surprising that so many people are looking for the better standard of living offered by other countries."

This comes after a recent poll of expatriates by NatWest revealed that the vast majority believe they are financially better off now that they live abroad.

Retirees set to keep heading overseas

Mon, 21 Apr 2008 00:00:00 GMT

More and more people from the UK are likely to spend their retirement in another country, a newspaper has stated.

Referring to recent research by NatWest International, the Telegraph said nearly two million Britons will have retired abroad by 2025.

This has prompted the publication to dismiss predictions that the popularity of settling overseas will soon start to decline.

"Any idea that the exodus from Britain of those settling abroad might be waning appears wildly premature," it commented.

However, the Telegraph called upon older people to remember important issues such as their health and the quality of medical care in their new home.

The newspaper said that while many European countries offer "generally excellent" medical services, some places do not offer free healthcare provision for foreign expatriates.

This comes after ShelterOffshore.com said it would be prudent for prospective expatriates to make sure they are familiar with how living abroad will affect financial matters such as tax payments and pensions.

Skilled workers move to Australia

Mon, 10 Mar 2008 00:00:00 GMT

Britons who want to boost their job prospects are increasingly moving to Australia, according to an expert.

Paul Arthur, director of The Emigration Group, stated that the country is proving to be very popular with skilled professionals such as doctors and architects.

Speaking to the Western Mail, he said Australia's "booming" economy has made it an appealing destination for those who wish to progress in their career.

However, he added that it is not just those with academic qualifications who are choosing to move to a property in Australia in search of work.

Mr Arthur commented: "People see they need all sorts of skills to help build these countries for the future."

The country was described as one of the most popular locations in the world for British expatriates.

This backs up recent figures from the Office for National Statistics, which revealed that a quarter of UK nationals who moved abroad in 2006 relocated to Australia.

Property price rises recorded in Australia

Thu, 28 Feb 2008 00:00:00 GMT

Property prices down under have continued to rise as a result of strong buyer demand, according to figures from the Real Estate Institute of Australia (REIA).

During the last quarter of 2007 the cost of a home rose in all the country's capital cities except Perth, with the average price exceeding AUD 450,000 in four out of the eight.

REIA president Noel Dyett said this is "of course" welcome news for homeowners, both foreign and national.

"Demand continues to be strong for housing, while the supply of new housing stock remains subdued, thus driving prices upwards."

For foreign investors owning property in Australia the growth in prices means they can enjoy increased returns on their investments.

A survey from Mortgage Choice showed that the majority of property investors in Australia are confident about the housing market.

According to the REIA, property sales in the country totalled AUD 204.3 billion in the financial year 2006-2007.

Australian firm confident in property prospects

Mon, 25 Feb 2008 00:00:00 GMT

Online real estate media firm REA Group has seen an upturn in fortunes in Australia, suggesting the Australia property market down under remains fighting fit.

The country has experienced some problems in the property market, with Sydney said to be in recovery phase at present, but a number of areas have continued to experience growth.

According to Australian Property Monitor, Melbourne house values grew by 25 per cent in 2007, while Brisbane and Adelaide properties grew by more than 20 per cent – something which REA's figures seem to underline.

The group said its Australian revenues were up 39 per cent, to $54.9 million, with the number of Australian real estate agents subscribing to one of the group's publications rising to 8,825 by the end of last year.

Simon Baker, managing director, said: "Our core Australian business continues to deliver strong growth with agents buying more products, developers and display advertisers increasing their spend, and more consumers visiting our sites - all leading to strong revenue and profitability growth."

REA operates in 12 countries and publishes 18 websites and eight print publications in the property industry.

Australia Set to Attract British Migrants

Fri, 8 Feb 2008 00:00:00 GMT

More and more Britons are likely to move to places such as Australia in the next few years, according to an expert.

Paul Arthur of The Emigration Group said the antipodean country was proving to be highly popular as it has lower living costs than the UK.

Speaking to the Manchester Evening News, he added that it also has "huge shortfalls" of skilled labour, which means it also has numerous job opportunities.

This was cited as one of the main considerations for leaving the UK by Jenny Hilary, who told the newspaper that she plans to move to a property in Australia next month.

She commented: "There is a demand for the skills I have over there."

Ms Hilary added that would also be able to benefit from more affordable house prices, "fantastic" weather and a better lifestyle.

This comes after Paul Arthur of The Emigration Group told the Southport Visiter that the number of Britons moving to Australia has trebled in the last five years.

Australia 'is Top Retirement Destination'

Thu, 31 Jan 2008 00:00:00 GMT

Australia has been named as one of the world's most desirable retirement locations in a new poll.

According to research by insurance firm AXA, the country is very popular among people who want to spend their post-working life abroad.

The survey found that the Australian climate was one of its main attractions, along with its overall quality of life.

This means that the country is a more popular retirement destination that places such as Switzerland and the US.

Commenting on the results, Adrian Emery of AXA stated that Australia's good quality of life could account for why people who live there tend to live longer.

He said: "The average retirement age among Australians is 57 years of age and that 'old' is at 80 years."

This, he added, means that people living in the country can enjoy a healthy and active retirement for about 23 "bonus years".

According to a study by Moneycorp, buying property in Australia is the favoured choice of more than one in three prospective expats from the UK.

Record Number of Brits Moving Abroad, Claims Newspaper

Tue, 29 Jan 2008 00:00:00 GMT

A British newspaper has claimed that a record number of UK nationals are choosing to move overseas.

The News of the World said the number of Britons relocating abroad went up from 207,000 in 2006 to 250,000 last year.

According to the newspaper, the figures have come from as-yet unpublished government statistics.

If the figures are accurate, this means that outward migration from the UK rose by 21 per cent in 2007.

Paul Arthur, director of The Emigration Group, commented: "People [are] not just wanting to escape the bleak weather, but seeking a whole change of lifestyle."

He added that Australia was proving to be an especially popular destination with migrants from the UK, along with property in France and Spain.

A recent study by HSBC found that property in Australia is much cheaper than the UK, despite offering a comparable standard of living.

Winter Blues 'Triggers Desire to Move Abroad'

Mon, 28 Jan 2008 00:00:00 GMT

Seasonal depression is prompting many Britons to consider packing their bags and moving abroad, new research has found.

Foreign exchange specialist Moneycorp stated that January was widely regarded as the most depressing month of the year, due to issues such as the poor weather and post-Christmas debt.

A survey by the group found that 40 per cent of people were thinking of emigrating because they were feeling depressed or anxious because of financial concerns and the dreary weather conditions.

The sense of disillusionment seemed to be particularly acute in the capital, with almost half of Londoners said to be contemplating life abroad.

This compares with just one in three people north of the border in Scotland.

Commenting on the findings, Moneycorp's Nick Bull said they provided a "real insight" into the British population's "collective psyche" at this time of year.

He remarked: "It's interesting to see that people consider something as life changing as a move abroad as the answer to their woes, financial and otherwise."

This follows a recent study by HSBC which found that Australia property is much cheaper than the UK, despite its comparable standard of living.

Australia 'Offers Lower Living Costs'

Mon, 21 Jan 2008 00:00:00 GMT

British people can enjoy a lower cost of living if they property in Australia, according to an expert.

Liam Clifford, managing director of emigration specialist Globalvisas.com, said the country was proving to be popular with Britons because it was less expensive than the UK.

Speaking to the Guardian, he commented: "Living in Australia is relatively cheap compared to Europe."

He added that people in the country tended to have a good level of disposable income and a high-quality lifestyle.

The country was recently identified as the most popular destination among British expatriates by the Office for National Statistics.

Figures from the organisation showed that one in four UK nationals who relocated abroad during 2006 chose to set up home in Australia.

The nation's appeal was further highlighted by Paul Arthur of The Emigration Group, who told the Southport Visiter that the number of Britons moving there had trebled in the last five years.

Australia 'is cheaper than the UK'

Thu, 10 Jan 2008 00:00:00 GMT

Australia is a much cheaper place to live than the UK, despite its comparable standard of living, new research has found.

A study by HSBC found that the amount earned by a British citizen in a year would last for 14 months in Australia without any noticeable drop in their quality of life.

This means the antipodean country is less expensive than the UK, a factor that may make it a popular choice with potential expatriates, second home and investment property buyers.

Enrique Roche from HSBC commented: "Britons who live abroad, especially those who do so for only a few months each year, are often not willing to compromise on their standard of living."

He added that the study had allowed people who were thinking of relocating or buying property in Australia to see which destinations might allow their money to go further.

Meanwhile, Paul Arthur of The Emigration Group has highlighted Australia as one of the most popular places for British expatriates.

He told the Southport Visiter that during the year to July 2007, almost 25,000 Britons set up home down under.

Australian property markets "booming"

Wed, 25 Jul 2007 00:00:00 GMT

The property markets in some Australian cities are "booming" with unit prices improving nationwide, according to the latest capital city housing results for the June quarter.

House prices have demonstrated their strongest growth in six years in Melbourne, jumping 6.5 per cent to a median of $398,217 (£171,548), according to Australian Property Monitors (APM).

Canberra recorded the best growth with a 7.4 per cent rise for the quarter, representing a price surge of 17.6 per cent over the year, taking the median price to $319,517.

Sydney's property market recorded price growth of 1.1 per cent thanks to a mini boom in the inner west are of the city, but outer suburb areas have been reportedly struggling.

APM general manager Michael McNamara said the Melbourne, Canberra and Brisbane property markets were "booming" with first-time buyers "competing with investors trying to take advantage of increasing gross rental yields".

Research by National Savings and Investments this year found that a quarter of British people attempting to get onto the property ladder in this country would consider moving abroad in order to live more cheaply, with a third choosing Australia or New Zealand as their preferred destination.

Australian property market demonstrates "strong" growth

Wed, 4 Jul 2007 00:00:00 GMT

New data has revealed that property prices in the Australian market have risen, suggesting that the market is recovering from recent periods of underperformance.

Research by RP Data and Rismark International found that between January and April this year, house prices in Brisbane rose by 7.9 per cent, Adelaide saw growth of 5.7 per cent and Darwin properties rose by 4.1 per cent, the Australian reports.

Dr Matthew Hardman, head of research at Rismark, said: "The strong growth registered in many Australian cities is a consequence of growing pressure due to housing supply constraints, which has been building since 2003."

A limited supply of available properties is expected to support property prices over the next few years, he added.

Earlier in the year, Jeremy Knight, owner of Knight Know International suggested that the Australian market offered British investors greater stability than the property sector in the UK.

Down Under on top when it comes to emigration, says poll

Fri, 18 May 2007 00:00:00 GMT

A new survey has revealed that one in ten Britons would like to sell up in Britain and buy a home in Australia.

The study, which was carried out by Bank of Scotland International, shows that Australia is the most popular country when Britons consider emigrating, pulling in ten per cent of the vote.

In second and third place are New Zealand and North America, which polled nine and seven per cent respectively.

Overall, 42 per cent of Britons are interested in buying property overseas or moving abroad.

Tony Wilcox, managing director at the bank, said: "If you are planning to leave the UK to live temporarily or permanently overseas, you need the right products and services in place.

"When moving abroad there are many aspects of life which British expatriates have to adjust to and personal finance is no exception."

A recent survey by HiFX Global Property Hotspot showed that the number of enquiries about investing in Australian property had doubled in the last year.

Interest in Australian property on the up, says survey

Mon, 16 Apr 2007 00:00:00 GMT

Australia is proving to be a popular destination with those Brits who are hoping to buy an overseas property, a new survey has revealed.

According to the latest HiFX Global Property Hotspot study, the percentage of enquiries regarding an Australian purchase has doubled since the beginning of the year.

In January, the percentage of enquiries for Australia was three per cent, rising to six per cent in March, the survey shows.

The report also reveals increasing enquires from Brits looking to permanently emigrate, but investors are being urged to consider the currency fluctuations that can take place between a successful visa application and the eventual move.

Spokesman Mark Bodega explained: "Making the decision to move to a new country is a big undertaking, both emotionally and financially.

"Last year we saw the Australian dollar fluctuate by almost ten per cent (9.7 per cent) so when moving £250,000 'down under' in 2006, currency fluctuation meant you risked losing as much as £24,250."

According to property website BuyAssoication, Sydney and Melbourne still appeal to investors, although a growing number of buyers are looking at places like Perth and the Gold Coast.