Selling Houses Australia television host Andrew Winter has downplayed the impact that overseas housing trends and sentiment have on the Australian housing market and says it remains a “relatively safe haven for real estate and for many nationalities”.
Winter says that in the past overseas trends have had a negligible impact on the "mass housing stock" and only really impacted at the very top end of the market – the “elite bunch” buying homes worth over $30 million.
But in a column for News Limited, Winter says global housing trends can influence demand for property in some suburbs that may be popular with a certain type of overseas buyer, for example buyers from the UK or from Asia.
The other impact of global housing trends, he says, is its ability to influence "our perception of our own housing market”, which has made Australians more nervous about being “infected” which can turn into a self-fulfilling prophecy.
Winter says Australians should bear in though that there are many differences between our market and overseas housing markets, including a different banking system, low mortgage default rates and an undersupply of housing.
“So don't let overseas sentiment unnecessarily influence you, but do keep an eye on the demographic mix of your suburb. If it is changing, overseas influence on your local market can be closer than you think,” he says.