According to a new report on global rented commercial space, Sydney, Melbourne and Brisbane are currently in the top 10 most expensive markets in the world for renting.

The commercial renting report shows that Australia is now one of the most expensive countries in the world to rent office space; good news for investors who are looking for a high return on their money. Sydney is currently ranked third most expensive, averaging at $1,224 per square foot to rent, only just behind New York and Hong Kong. Melbourne was ranked eighth at $776 and Brisbane ninth at $618.

A former managing director of a global franchise consultancy said: “While the top end rents may be a sign of a relatively robust Australian economy, it has massive consequences for Australian small business owners and aspiring entrepreneurs.”

He added: “Smart business owners are ensuring their rostering and productivity from labour is always improving but there is no getting away from the high overall cost of employing and managing staff.”

For details of property in Australia, visit the Australian listings on Rightmove Overseas. One way to save money when buying in Australia is to use a currency specialist when transferring your pounds into dollars to complete the purchase of your property. For more information on this, contact Smart Currency Exchange.

To understand the full step-by-step process to buying a property in Australia, collect The Overseas Guides Company’s ‘Australia Property Buying Guide’