Investors here are increasingly moving to conservative asset classes, such as overseas properties in Australia, because of poorer risk appetite after the recent global financial crisis.
According to Westpac Private Bank, it has seen 18 percent of its Australia and New Zealand multi-currency home loans coming from Singapore in the past nine months, up 6 percentage points over the same period last year.
Online investment solutions provider Fundsupermart.com said prices of private residential properties in Singapore have moved up significantly in the past few months.
Market observers said this has prompted investors to look elsewhere, more specifically – Australia. Cities popular among Singaporeans include Melbourne, Perth and Sydney.
With an estimated 8,000 Singaporeans studying in Australia currently, Westpac Private Bank said many parents are also considering buying real estate Down Under.
Mr Sean Straton, Premium Client Group head at Westpac Banking, said: “Singaporeans have been looking for assistance in financing properties in Australia and New Zealand. And I think it just comes down to the heart of an asset class that Singaporeans feel comfortable with. And certainly after the crisis, they feel that there’s some level of security.”
Mortgage and home loan broker Mortgage Choice said across Australia, Melbourne properties are the most expensive.
Source: Today, 7 Jul 2010
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