Looking for an overseas home? See how far your money will go
A new online tool lets buyers compare home prices around the world.
A new online tool lets buyers compare home prices around the world.Looking to buy an international holiday home? A new interactive tool launched by Homes.com has revealed where you can get the most bang for your buck.
The tool has been launched alongside a study examining property prices across all 36 OECD countries.
The study found that Turkey tops the list for affordable properties, at an average of US$69 per square foot. Other affordable nations include Mexico at US$90.10 per square foot, Russia at US$120.50 per square foot and Latvia at US$135.70 per square foot.
Switzerland is the most expensive spot for a holiday home, at US$967 per square foot. South Korea follows at US$772.30 per square foot. Luxembourg, Israel and Japan round out the world's priciest housing markets.
Australia is also an expensive market, at US$429.10 per square foot, which is the ninth most expensive among OECD countries.
Need a home loan? Compare your options
Latest home loans headlines
- Why home loan interest rates are rising in 2022
- Rent gone up? Here’s how to buy your first home sooner
- 8 big economist predictions for 2022 (and how they impact you)
- Housing affordability is in the toilet (and the toilet’s getting expensive)
- Room for improvement: Renters are less happy, more stressed than homeowners
Image: Shutterstock
What is single most relevant factor which has given rise to housing prices and do you think intervention by RBA is responsible because of lowering of interest rates
Hi Naren,
Thank you for your question.
I’m afraid, we can’t single out a factor that affects house price increase. Generally, the value of a property is influenced by a number of factors, like for instance, its location, economic outlook, and even the demand for housing in a given period. The true value of a property will be determined by ‘market valuation’ done by banks or lenders by taking into account these factors, then they will sell it at the right price under the right market conditions.
Meantime, the rise and fall of the interest rates go along when the Reserve Bank of Australia (RBA) changes monetary policy. So yes, when the RBA cash rate increases, the lenders may also do the same with their home loan interest rates. The same goes for when the cash rate is lowered, banks may also follow suit in decreasing their interest rates.
You might want to read our article about what influences a property’s value which you’d find useful.
Hope this helps.
Cheers,
May