The return of cashed-up expats is adding to property sales across the nation, according to the Property Investment Professionals of Australia (PIPA).
Hundreds of thousands of people have returned to Australia over the past year, with many of them coming from cities that have more expensive property markets.
PIPA chairman Peter Koulizos says expats are returning home en-masse with plenty of real estate dollars behind them, often in stronger currencies than the Australian dollar, which supercharges their buying power.
“Our members report that some of the sale prices being achieved in Sydney, for example, seem insane, with new money or the expat factor the likely reason,” he says.
Koulizos says Brisbane, Adelaide, and regional areas were also securing record sale prices due to “new money” coming from more expensive locations. Real Estate Buyers Agent Association (REBAA) president Cate Bakos says expats are having an impact in Melbourne as well.