Aussies go for realty in Asia
By Yvette Pascua | August 23, 2010 3:56 PM EST
Australians are slowly buying into the Asian real estate market because of the more stable Aussie dollar. The Fiji Islands, Indonesia, Malaysia, and New Zealand are becoming popular for investments.
Property Planning Australia director Angelo Piazetta said, "There's an increased number of people buying in New Zealand as well and that's mainly due to the fact they have some favourable exemptions there, such as no capital-gains tax."
Most Australian buyers are baby boomers and retirees from the Gold Coast, Sydney, and Melbourne, while a few are from Adelaide and Noosa.
The Professionals Fiji Real estate agent Carol West said the number of Australian buyers doubled since 2008. West attributes the increase to the purchasing power of the Australian dollar and the abundance of budget flights.
According to West, “You can buy a property on Denarau for around $400,000 and the competition between the airlines drives the price of flights down.” She added, “People are realizing they can get on a plane and be here in a few hours and be in a different world.”
Australians are also looking at the Naisoso Island in Fiji. A budget of $500,000 can buy land and build a house along the coast.
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