Balance the high dollar against depressed prices: Tips for expat Australian property buyers

Rich Harvey of propertybuyer argues that despite the high dollar, the depressed prices in the upper end of the property market make this a “brilliant” buying opportunity for expats with a bit of cash to spend.

“If someone is cashed up and wants to buy, they can do very well at the top end of the market right now.”

Harvey recently looked at a house with a $15 million asking price in the pricey eastern suburbs of Sydney that he estimates he could have picked up for $10 million.

And Harvey is confident that he could negotiate about $500,000 or so off houses in the $10 million range.

Angus Raine, chief executive of Raine & Horne, agrees. “This is a fantastic buying opportunity,” Raine says.

“There are great, great deals to be had. And it should remain like this for next one or two years.”

Raine believes that expats should not let the high dollar dictate whether they buy a house at this time. “The upper end of the market is very soft. There is a perception out there that this end of the market has definitely bottomed.”