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The strong US dollar makes Australia look attractive to big property spenders seeking top-end coastal homes, which Sotheby’s has embraced.
Speaking on an episode of the Secrets of the Top 100 Agents podcast, Queensland Sotheby’s International Realty CEO Paul Arthur revealed the impact the dollar has on its business.
Confidence returned to the market following the outcome of the 2019 federal election. Since then, it has been slightly more accessible for borrowers to get money, but the value of the Australian dollar has drawn a lot of interest in the high-end market.
“When the Aussie sits above 70 cents, it makes a lot of our high-end properties very attractive,” Mr Arthur told host Phil Tarrant.
“[So, we expect to see a] comeback in the market and purchasing in, particularly on lifestyle locations like Port Douglas, with Sunday’s Gold Coast, Byron Bay, Noosa. So, that’s having a very positive impact on the market for us.”
As a result of all these positive market fundamentals, the momentum of sales and settlements is building, he said.
“The listing in all locations has been very, very positive. And I think that’s a step in confidence and in the market. People are spending on a second or third home. And that is kind of very typical of clients.”
Although the right conditions have stimulated buyers, there are not enough properties on the market.
“We’ve seen, particularly on the Gold Coast, over this summer period where sales, and not only for us but other agencies that are operating in the top end, sales have been very very strong. So, there are lots of buyers,” Mr Arthur said.
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