Expat interest in Australian property increasing

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Mar 27, 2020

Expat interest in Australian property increasing

Williams Media spoke to Managing Director of Kay & Burton, Ross Savas about their 81% clearance rates last weekend.

Kay & Burton

3 Duke Street, Kew - Sold last weekend by Walter Dodich, Robert Li and Luci Avro

"Kay & Burton had a great weekend with an 81% clearance rate." Mr Savas said.

Nine out of eleven auctions sold over the weekend in suburbs including,

- Brighton
- South Yarra
- Prahran
- Kew
- Hawthorn

Four bidders competed for 23 Duke Street Kew (pictured above) which sold under the hammer to a bidder who attended the auction on Saturday for over $4.3million. The property was purchased by a local couple with older children.

Agent, Walter Dodich told WILLIAMS MEDIA, “Considering the circumstances, a very strong result which shows Melburnians are still confident to purchase real estate”.

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Source: Kay & Burton 40 Harcourt Street, Hawthorn East - Sold last weekend by Sophie Su and Perry Zhou

A local, but out of area buyer was the successful bidder at the auction of 40 Harcourt Street Hawthorn East (pictured above) which also sold last Saturday for over $3million.

While a landmark family home at 130-132 Whitehorse Road, Deepdene sold on Monday via private auction within the quoted price range of $6.5-$7million.

View our 'Sold' property article for Whitehorse Road Deepdene here.

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Source: Kay & Burton 130-132 Whitehorse Road, Deepdene - Sold on Monday by Scott Patterson, Walter Dodich and Garrick Lim

Mr Savas went on to say, "We are seeing lots of interest in the Australian market from expats and other international buyers as depending on the day, the AUD is hovering around 60 cents to the USD."

"Kay & Burton spent 30+ years building an international client base around the world. We began with clients in London, New York, Hong Kong and Singapore and in the last ten years we have concentrated most of our efforts in Beijing, Shanghai and other major Asian capitals."

"The financial investment was enormous as was the thousands of man hours it took to build and now to maintain but it is now playing a big part in getting our listings sold to an international market who have a currency and tax advantage over local buyers."

"These are unprecedented times, the number one priority is safety" Mr Savas emphasised.