While some real estate experts are reporting drops in overseas interest in Australian property over the last year due to high currency exchange rates and rising home prices, economists within the country are citing the opposite—sales by foreigners are actually under reported and prices are high because of the influx of foreign investment.
In a recent report, several overseas property portals said they’ve experienced significant drops in searches for Australia from April of last year to this year—an anomaly as interest in other traditionally popular holiday spots, like Spain, France and Italy, are on the upswing. Experts say that Brits are showing less interest in the country because the exchange rate from the pound to the Australian dollar has dropped significantly, 1GBP to 1.75AUD, when it was once 1GBP to 2.40AUD.