By Nikki De Guzman:
Australia
has emerged as the top destination of choice among the 1,282
respondents across Singapore, Malaysia, Thailand and Indonesia who are
interested in buying property overseas, according to PropertyGuru’s Q2 Regional Property Affordability Survey.
Three in every 10 respondents picked Australia as prices continue to soar in their home markets.
“As
Southeast Asia becomes more affluent, increased property buying,
selling and investing will inevitably drive property prices up and
creates a ripple effect where investors will set their sights beyond
their borders for cheaper alternatives… Australia, being a perennial
favourite, continues to be the hottest spot for the region at this
moment with increased overseas buyer activity,” said PropertyGuru co-founder and Group CEO, Steve Melhuish.
Australia
is believed to have higher rental yields, better capital appreciation
(46 percent) and more affordable prices (55 percent). The survey results
also support current buying trends helped by the country’s weakening
dollar, low interest rates and growing investor confidence.
Moreover,
demand for property down under comes from rising dissatisfaction in the
local markets. Three in every four respondents anticipate that
overpriced properties will continue to increase resulting in on-going
interest in overseas investments.
However, in Singapore, 40
percent of respondents do not expect further price increases in the next
six months due to January’s cooling measures.
The survey – a quarterly benchmark for property affordability across PropertyGuru’s
four markets, takes into account overall satisfaction, future price
perception, intention to purchase property and perceived government
effort.
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@allproperty.com.sg
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