A new global survey has found Australia in the world’s Top 5 most stable countries for real estate investment.
The study, which was conducted by the Association of Foreign Investors in Real Estate (AFIRE), put the United States in the top spot.
The U.S was followed by Germany, Canada, Britain and Australia.
Australia was ranked fourth in the 2017 survey and was overtaken by Britain this year.
London became the number one city for investment, pushing New York to the number two spot.
“London has a number of attributes as a location for investment, including a stable rule of law, transparency, and use of the English language. In addition, a favourable time zone for international business, deep labour pool and cultural attributes also help,” AFIRE chairman Edward Casal said.
New York was followed by Berlin, Los Angeles and Frankfurt. In the wake off cooling measures, Sydney slipped down from seventh to eighth this year.
“Australia has had a very good run, it’s avoided recession for more than 25 years and seen very strong price growth in most property classes,” he said. “It’s not surprising that people are seeing better investment opportunities elsewhere,” BIS Oxford Economics senior manager Angie Zigomanis, told Domain.