Property Buying Expats
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it's the real estate podcast across every state city and town of australia and welcome to another episode of the real estate podcast available on iheart radio and also spotify and apple podcasts or wherever you get your podcast from another friday morning is rolled around i'm feeling very generous and i'll talk about my generosity in just a moment it is the eighth day for july for 2022 It is a Friday, so coming up in just a moment, Rich Harvey is here and we're looking at what is happening in the real estate market with expats buying property and how many of the expat Australians have now left and returned back overseas. The impact of the brain drain, we'll also take a look at that on the Australian economy and crucially,
Also looking at the real estate impact of what these expats are doing to the property market. As I mentioned, I'm feeling quite generous, so listen up because I want you to go into the draw for the Hunter Valley prize that we're giving away. Too many prizes to mention this morning, but I'm going to give you seven of these secret words. The first one is Mercure. I gave you that the other day. The second one is Loft. The third one is Helicopter. The fourth is Chocolate. The fifth is Five. The sixth is Red Salt. And the seventh is Awesome. So those are the secret words. All you have to do now is email to this email address, myrealestatepodcast at gmail.com. And of course, make sure that you put your telephone number in just in case you're the winner.
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Well, during COVID-19, large numbers of expats returned to Australia trying to escape the lockdowns overseas and wanting to reconnect with family and friends back in Australia. Now, thousands of these expats have returned home, but just how many of them are back permanently? That is a key factor. And what impact will this have on the overall property market? Well, let's see if we can find out some of the answers to that with Rich Harvey, Buyer's Advocate and CEO of propertybuyer.com.au. Good morning, Rich. Welcome back to the Friday Morning Podcast. Have you had a good week?
Yeah, Craig, good to be on the show again. We've had another interest rate rise since we last spoke, another 0.5%. The RBA jacked up the rates again. So we're now at 1.35% cash rate. So yeah, very topical week.
You got a feel for those first home buyers, but it's a very interesting question. question. It's an interesting subject looking at the expats. So first question, we know thousands of these expats have come back, but how many actually returned to Australia during the COVID period?
Well, it's interesting, Craig. A lot of them wanted to come back, but they couldn't get back because they were stranded. And there was a lot of people that, you know, a lot of displacement and felt really isolated because their family and friends were back here in Australia and the borders were snapped shut and they couldn't get back. The trend for long-term residents returning used to fluctuate anywhere from around 10,000 to 15,000 a month.
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