Melbourne was recently named the world’s most liveable city by the Economist Intelligence Unit and it continues to be the place where expatriates wish to live in Australia. The Brexit vote has destabilised all of Europe and more and more buyers from the region are looking at Melbourne and Australia as a whole for a new property.
“There’s been the Brexit vote, European companies are starting to move their headquarters and workers are moving out of London,” Greg Herman, an agent with Sotheby’s,” told The Australian. “Australia is in a position to capitalise on that. Europe is being seen as quite dangerous now whether it be London or Paris.”
Of course, affluent buyers from Europe looking to dodge financial hurdles and geopolitical instability across the continent are not the only ones seeking to buy upscale real estate in Melbourne. Australians are returning home after working abroad and Asian buyers are also active in Melbourne’s luxury real estate market.
Chinese buyers in particular have driven up prices across the country and continue to make their presence known at auctions. “The Chinese buyers are very keen to look,” Sotheby’s agent David Colbran said. “It’s definitely one for the owner occupiers, not the investment buyer.”
All of this action has seen the city become one of the most in-demand locations for luxury housing in the world. Melbourne placed fifth in Knight Frank’s latest Prime Global Cities Index and looks set to continue moving upwards on the list.
This story was originally published on Property-report.com.
