Weak sterling means 'Brits missing out on Aussie property boom'

Experts have claimed that Australia's property market can offer "exceptional opportunities" for investors.

However, Britons may lose out due to poor foreign exchange rates between the Australian dollar and sterling.

Martin Hession of Australian Unity Investments claimed that a recovering economic climate and increased interest from overseas were combining to boost the Australian property market.

But Marc Da-Silva, a property journalist, highlighted in a recent interview that Britons were unlikely to benefit from the growing market.

"The pound has fallen quite a lot against the Australian dollar," said Mr Da-Silva, adding that this would lead to high costs for Brits looking to invest in the country.

RP Data-Rismark revealed that house prices in Australia grew by 2.4 per cent in the fourth quarter of 2009, confirming the growth trend.

Britons who are determined to move 'down under' could keep their costs low by using a foreign exchange broker to make an international money transfer.

Click here to make an International Money transfer

Posted by Eleanor ward