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British Workforce Look Down Under For Jobs & Property - 1 October 2009

Australia is the top destination for Brits on the move, according to a recent survey of 2,000 employable adults in the U.K.

More than 25 percent of the UK workforce said they are willing to relocate for a job, and named Australia their number one pick. Though an obvious reason for Australia’s popularity could be attributed to language compatibility—US and New Zealand were runners up—the recent upswing in Australia’s economy may also be a determining factor in what’s driving the British down under.

Because of Australia’s stability—the Reserve Bank of Australia recently noted that the country’s economic data is “mostly positive”— overseas investors believe buying property in the country is a safe bet, especially when purchasing in heavily tourist-populated areas. Australia’s tourism industry continues to do quite well despite predictions several years ago of an impending crash.

Real estate prices in Sydney, New Castle and Wollongong continue to rise, yet at a pace slower than property prices this time last year. Over the second quarter of 2009, Sydney’s median house price increased by 3.02 percent, which was 0.04 percent down from June 2008.

When moving abroad to Australia, relocating Brits often look for already-constructed homes. However, recently many are also considering purchasing plots and building property on them later. Construction of new homes in Australia increased by 7.7 percent this summer, as new home approvals continue to rise in the country.

Even Brits who aren’t sure if they’re willing to make a permanent move are using the upbeat market as a reason to invest now. The number of UK residents purchasing second homes in Australia has also increased in recent months.

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