Currency exchange could make buying Australian property tricky

Brits considering making an international money transfer for a property in Australia, may have to rethink their finances.

According to the Housing Affordability Index (HIA), Australia, homes in the country have shot up in price recently.

The report found that the high prices, climbing interest rates and a dent in the enthusiasm of first time buyers combined to work against the affordability of home.

Ben Phillips, a senior economist at the HIA, commented: "Australia's fast growing population is pushing new dwelling requirements to record high levels. Without the required new home building to keep up with underlying requirements house prices and rents are expected to continue pushing upwards through 2010."

Brits may find it especially hard to afford a home Down Under at the moment as the currency exchange rate between sterling and Aus Dollar looks poor for those in the UK.

One pound sterling bought AUS$ 1.72 at 16:00GMT today (February 22nd). This is down from the year's high of AUS$2.25.

Posted by Thomas Smith

Click here to make an International Money transfer (www.hifx.co.uk/online)