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Australia leads the way !

Peter RighettiDirector of Sandhurst Residential Real Estate, Peter Righetti has just returned from a trip to the US and Europe and reports on the grim real estate scene on that side of the world. Prices are flat and in many places it is taking more than 12 months to sell a property.

Peter reports that the areas most severely hit are most of the US (excluding several major cities including New York), Ireland, Greece and to a lesser extent Spain, Portugal and Italy.

So, the question is – should Australians, with a strong dollar, be investing overseas ?

Peter’s view is that it is a very risky venture. Sure, prices are low but a recovery in those overseas markets could be a long way off. And with continuing financial turmoil in the USA and many European countries, there is nothing to say that property values over there will not drop further.

The Australian economy is leading the world. We have low government debt compared with other nations, our rural and mining exports are in great demand and businesses generally are expanding and employing. We judge that it is much safer to continue to invest in Australia.

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