Speculators who believed the ‘property bubble’ in Australia was about to burst will be interested to hear that the average property price in Australia went up by 40 per cent in 2011. One economist who believed in the bubble theory has predicted that 2012 will see a drop in property prices in Australia by a further 10 per cent.

What is proven is that last year’s rise in prices has left Australian property as virtually unaffordable – the latest Demographia International Housing Affordability Survey stated that “Australia exhibited the worst housing affordability of any national market outside Hong Kong”. This suggests that there is a problem with price in Australia and that the so-called ‘bubble’ could be about to burst as people simply stop buying at extortionate prices.

That said, what your money gets you in Australia compared with in the UK makes the country desirable to Brits. When you combine this with the more positive economic prospects, the better quality of life and the climate, it’s easy to see why so many of us move down under each year.

For details of property for sale in Australia, visit the Australia listings on Rightmove Overseas. One way to save money when emigrating to Australia, or buying property there, is to use a currency specialist when transferring your pounds into dollars. 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’