Ray White’s US venture sees Australasian investors buying in
It appears American property is still on the radar of many investors, with Ray White group seeing a number of Australasian investors jump in to buy after they established their first office in the US in October.
One of the main driving forces behind the step into the US was Ray White Surfers Paradise director, Greg Bell, who said that the main drivers of Australian buyers to purchase were the strong returns and the dollar figure of less than $100,000 to purchase a house.
“Investors are identifying fantastic value in American property and consequently we are transacting between 20 and 30 properties per month,” said Bell.
“We are based in the United States’ strongest rental market, Atlanta, where renovated, freestanding homes are selling for less than $100,000.”
He said that the investment returns surpass what is achievable in Australia, which is causing many investors to add them to their portfolio.
Ray White’s goals are to have several thousand properties in Atlanta under professional property management for investors throughout Australasia. The US has notoriously been a struggle for investors in the past due to a different property management system.
“Sales have predominantly been to Australian buyers, but also Chinese and Indonesian investors who are familiar with the Ray White brand given our strong presence throughout Asia,” he said.
Setting up a Limited Liability Company (LLC), tax/accounting process and an American bank account are all services that they offer.