Brexit is likely to channel more foreign investors to Australia property experts say.
REA Group Chief Economist Nerida Conisbee says for offshore investors looking for a safe place to park their money, Australia is coming out as a sparkling first choice in the midst of the Brexit turmoil.
Despite a significant drop-off of foreign investment activity, caused in part by the recent property taxes put on non-resident buyers, Ms Conisbee said in The Daily Telegraph that the top priority for all investors, Chinese or not, was security.
International investors’ perception of Australia as a safe-haven is helping the housing market stay strong, says Nerida Conisbee.
“Foreign investors are more likely to turn to Australia as a result of the uncertainty caused by Brexit,” she said.
“Without a doubt, [Brexit] makes London look a bit more risky.”