Australian Property Sellers Having to Slash Asking Prices

The reports are currently flooding in of Australian property sellers having to slash their prices in order to achieve a sale.

This is great news for the rising numbers of Britons emigrating, for which Australia is the favoured destination -- in fact the news may even increase the numbers of emigrating Brits by making it more appealing.

The property information provider RP Data has said that sellers are having to take up to 8% off the asking price of their Australian property in order to secure a sale. On the coast the recorded discount is 20%. The group said the coast is suffering worst because of the prevalence of people buying them as a discretionary asset, which it says are the first to go during a downturn.

Earlier this month UK based overseas property portal Property Abroad released its data on the top 10 most popular countries with its predominantly British user base of overseas property buyers. Australia had entered the chart in 10th position.

America had climbed to 2nd place in the first quarter of this year, compared to 7th position in the previous quarter; a massive climb on the back of reports that prices had fallen far enough in the US. If these reports of falling Australian property persist it is logical that Australia will see a similar growth in popularity.