IF YOU are a first-home buyer who does not like the idea of spending $500,000 for an undistinguished, two-bedroom house in a middle-ring suburb of Sydney, perhaps you should look further afield.
While Sydney real estate prices have dropped, they have not been ravaged by the economic crisis as they have in many European countries. And the price crash is attracting overseas investors.
The managing director of Marsh and Parsons real estate agency in London, Peter Rollings, said prices had fallen massively. "[They] are down between 20-35 per cent since August 2007 and, on top of that, sterling also weakened dramatically … last year. As a result, we saw large numbers of overseas buyers coming to London buying blue-chip property at knock-down prices."
