The lure of low interest rates and lower property prices is proving to be too hard to resist for Aussie expatriates and new British migrants.
Mortgage broker Loan Market said it recently received a large number of home loan inquiries from new British migrants and a 250% increase in inquiries from Australian expats.
"They are looking for opportunities in properties priced between $400,000 and $600,000, but some expat buyers are looking for homes priced between $1 million and $2 million," said John Kolenda, executive director for Loan Market Group.
"UK migrants have been sold on the Australian lifestyle - the sunshine, the beaches and large homes with swimming pools."
He said that, even though Australia is doing it tough in the economic downturn, "we are still much better off than they are in the UK".
Properties near the ocean, such as on the Gold Coast and Sunshine Coast in Queensland, have been of greatest interest to new migrants and Aussie expats, he says.
"Some visas restrict immigrants living in major cities, so inland regional areas of Australia could also see some benefits," says Kolenda.