Australia still popular despite foreign exchange rate

The low currency exchange rate between sterling and the Australian dollar has not put off British property investors in the country.

Property in Australia will cost Britons a third more than it did a year ago, according to a property expert.

Christopher Chadd, head of research at Property Frontiers, explained the while the majority of property markets in the western world experienced decline in 2009, Australia's market proved something of an "anomaly."

The country's major cities, Sydney and Melbourne, saw growths of 11.6 and 17 per cent respectively in the course of the past year.

However, Mr Chadd expects a correction in 2010 as the market is "too expensive".

Despite rising prices, Mr Chadd said: "British people have always had an affiliation with Australia, with many of us falling in love with the country upon our first visit.

"Couple this with the fact it is an English speaking country and offers year round sunshine, many Brits are keen to own second homes down under."

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Posted by Eleanor Ward