Realestate.com.au has taken its real estate portal to the world, with the announcement of the REA Global Property Network.
This ground-breaking website (now the largest source for global property listings in the world) works in two ways – offering Australian investors the chance to purchase properties across the world, whilst also exposing Australian vendors’ assets to an international audience – boasting 200 million hits globally per month. The REA Global Property Network features listings from 56 countries including the US, Italy, Germany, France, Malaysia and Hong Kong.
Tracey Fellows, Chief Executive Officer of REA Group, notes “People love looking at property and now they can have easier access to international listings, whether they are interested in a beach house in Jamaica, a warehouse in Brooklyn, a villa in Thailand or even a castle in the French countryside.” But what do the buying, investing punters think about the portal? Elite Agent went straight to the source to find out, interviewing Australians with local and international property portfolios.
Stephanie Brennan, 25-year-old property investor with a growing local and international portfolio:
“I think the new REA Global Property Network will help Australians to find opportunities overseas through a trusted site. A lot of investors who want to take up opportunities in other parts of the world find it difficult to know who to trust. REA has a trusted brand and website – providing a level of due diligence which people are familiar with. Being able to pool those resources into one platform will make it convenient too.”
Will the average mum and dad investor be interested, competent and confident to purchase property overseas?
Stephanie Brennan: I think they are interested in overseas investment – whether they’re confident enough to do so is another story; it might be a bit difficult for mums and dads who aren’t in the know to access financing for properties overseas. That can be a little bit more difficult. But if they wanted to take up the opportunity to peruse the new REA international site and contact agents overseas to walk them through properties they are interested in, they’re well-resourced to do so now.
Do you think the international portal will create better outcomes for Australian vendors?
Stephanie Brennan: It will enable vendors in Australia to have a better opportunity for people to be viewing their property. Locals will be able to see a comparison between investing abroad and investing in Australia.
I have a block of land overseas and I’m in the process of purchasing in New York, Dubai and the UK – particularly now that Brexit has occurred and prices are going down in London. Being able to use REA’s site gives me a better opportunity to see what’s out there. There’s opportunities all around the world – we just don’t normally have access to them. In Australia we have a lot of people who invest in shares in different markets – why not in property, given that it’s so tangible and people everywhere need somewhere to live?
Steve Capper, Australian property investor who purchases assets in France:
“I think that the REA Global Property Network will improve the investment thinking of Australians, as it opens up opportunities and increases awareness of the possibilities of purchasing overseas.”
Will the average mum and dad investor be interested, competent and confident to purchase property overseas?
Steve Capper: Mum and dad investors are interested in investing overseas, but they do need to be thoughtful and well-informed when making these decisions. They probably need to pay cash and the difficulty of local banks lending on such properties are factors to consider, for example.
Do you think the international portal will create better outcomes for Australian vendors?
Steve Capper: The arrival of the REA international portal will benefit existing owners who are looking to sell property overseas. It will be easier to market to a global audience rather than, as we would normally do, market to people who are locals in France looking for houses.
It’s clear that Australians are increasingly taking up property investment opportunities further afield, with the United States, New Zealand and the United Kingdom ranked as most popular destinations for locals to purchase. Nerida Conisbee, Chief Economist for REA Group, comments that the platform will have a positive impact on the Australian property market, too. “The Australian property sector is one of the strongest and most consistent in the global market. Active global residential property investors come from the US, United Kingdom, China and Singapore, with an estimated $14 billion worth of new dwellings in Australia being purchased by people overseas.”
Visit the REA’s most international of new portals by visiting: www.realestate.com.au/international
