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Buying property abroad no holiday

The Sydney Morning Herald
Buying property abroad no holiday - property buyer - US

It could be the opportunity of a lifetime. Certainly a lot of people think so as they take advantage of the high Australian dollar by picking up bargain properties in the US or Britain.

In the US, houses are selling for less than $50,000 and can be leased out on double-digit rental yields after US banks were forced to foreclose on home buyers during the global financial crisis, flooding the market with houses.

And with the eventual recovery of the US housing market, nice capital gains could be pocketed down the track.

''This is one of the biggest opportunities in property on the planet,'' says Vincent Selleck, the founder of buyer's agent 888 US Real Estate, which helps local investors buy and manage residential property in the US.


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