Many Greeks choosing low-cost Australian rental housing over Greek austerity measures

Greeks escaping the European crisis are chasing low-cost rental properties in Australian Greek communities.

Agents in Greek communities in Sydney and Melbourne say while sales patterns have not changed much since the crisis, many more young, recently arrived Greeks are seeking affordable housing.

Agent Nes Loizides from Fox First Real Estate in Oakleigh says he’s had many more Greek applicants for his shared housing arrangements.

“I do a lot of shared accommodation. I have a lot of Greeks coming into shared accommodation houses. A lot that don’t have much money are going into shared accommodation.”

“With the shared houses it’s definitely increased in the last eight to 12 months. A lot more of them are coming now.”

He says a lot of the applicants are Australian-born Greeks who have returned home after stints in Greece.

“A lot of Greeks are coming back. They were born here, went to Greece lost all their money and came back. They’re coming back and I’m giving them a place to live.”

Agent Tony Ioakimidis from LJ Hooker Earlwood says the pattern is similar in Sydney.

“We’ve had a lot of young Greeks asking for rentals. That’s what I’ve noticed.”

“I’ve been involved with property management, and I’ve had a lot of Greeks come through asking for rentals.”

The turmoil in Greece has not led to any noticeable shift in sales, however.

“Greek buyers are always on the market. Greeks like me, they buy, they don’t sell. I don’t think it made a big difference. People are concerned over there, but I haven’t noticed any changes in sales,” Ioakimidis says.

The Herald Sun recently reported an expected 65% increase in Greek migrants this financial year as Greeks seek safer shores.

A Department of Immigration spokesperson says the department acknowledges an increase in Greek migrants but says the increase does not represent a dramatic increase in the scheme of things.

But what their numbers don’t include is the number of Australian citizens moving back to Australia.

President of the Greek Orthodox Community of Melbourne Bill Papastergiadis says the number of returning Australians is around 5,000 this year.

“The people who are coming are all former citizens. Greece has the highest population of expat Australians outside of the UK,” Papastergiadis says.