If you have been living under a rock for the last week, you are unware that the people of Britain have since voted themselves out of the European Union. This will no doubt affect the EU for one but more importantly Britain themselves. What baffles me is the amount of voters that voted for Brexit! Not fully aware of the implications it will have not only on their own economy but also that of the world. The fact remains that the economy in England has already started to be hit with this decision, the England currency for one is starting to plummet!
However, the question still remains how will Brexit affect the property market in Melbourne?
Discussions and debates over Brexit will continue for days, weeks, months and possibly years but one thing is certain, the Australian property market is one that will have NO implications from Brexit. Superannuation and the share market will surely hurt now and in the near future however I am of the opinion that it may actually be a positive for our local property market than a negative. London in particular has been a favourite for Asian investors and the decision for Britain to leave the EU may in fact boost the desire for investors from abroad to invest in Australia. The stability, economic growth, education and safety of Australia will no doubt be more attractive for overseas buyers.
Property has and will always remain a steady investment long term. This decision of Brexit might in fact be a bump in the road but I don’t see this affecting the Australian property market long term at all. If anything with expectations of the market holding strong and auction clearance rates still consistently high there may not be a better time to invest, purchase or simply just get your foot in the property market's door before it is out of reach!
Written by Anthony Molinaro