Will the Brexit affect drive up Oz property prices

Published:  6 Jul at 6 PM
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Analysts struggling to find shreds of good news lurking behind the massive black cloud of Brexit are suggesting that Britain’s leaving the EU may have a positive effect on Australian real estate prices as well as boosting the number of buyers.

The theory behind the report is that, once Brexit is a reality and the UK has finally left the European Union, Australian expats will be forced to return home. This, apparently, will drive population growth and demand for properties as well as preventing Aussies from emigrating to further their careers.

According to economic analyst James McIntyre, weaker growth in the UK and in European Union countries as a whole as a result of Brexit could result in OZ nationals flooding back as well as discouraging the brightest and best from emigrating. He quotes the decline in the value of sterling, now some 10 per cent below the exchange rate pre-Brexit as a motivation to return for Australians living and working in the UK and saving money from their salaries.

McIntyre believes that an increased population caused by the repatriation of a large number of expats at present in UK and EU jobs could be the answer to the present oversupply of new-build apartments flooding the market. However, the analyst might like to remember that there are many other world countries happy to accept talented Australian migrants, and that not all those who left would by overjoyed to return.

Given that, at present, there would appear to be a huge increase in the number of debt-ridden Aussies looking to make long-term agreements on repayment issues, even if McIntyre’s argument sees results it’s unlikely to make much difference to the state of the Oz housing market.
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