Hartlepool, United Kingdom (PressExposure) June 17, 2009 -- Efforts by the Australian government to revitalise the housing market appear to be paying off. It was revealed today that mortgage approvals in Australia hit a 14 month high, as first time buyers take advantage of government grants and low interest rates.
This is a very positive indicator, and good lead to increasing numbers of foreigners looking at and buying Australian property in the coming weeks and months, according to Erin Scott, a trends analyst with overseas property portal Property Abroad.com
"There is pent-up demand for overseas property, especially with lifestyle buyers who are watching for markets to bottom, and in many cases watching currency exchange rates also. Australia is the most popular place for emigrating Britsâ.
"If positive news like this continues to emerge on the Australian property market, it will likely be interpreted as a market close to bottoming, and many Brits will feel compelled to take the plunge."
The month before last the portal reported increased enquiries for Australian property, and this trend has been continuing.
"We have continued to see a lot of activity in terms of enquiries for Australian property, with figures remaining constant since they increased in April. People are definitely out there looking for bargains, and we will see more and more doing so if the market is indeed bottoming," Erin added.
Property Abroad.com is currently advertising Australia property for sale, prices start from Â£154,000.