US property an Aussie bonanza
United States housing has been a temptation for Australian investors ever since property prices crashed through the floorboards in 2006.
Now, with the market on the mend just as the Australian dollar weakens, the bust is finally becoming a boon for punters who took the plunge.
“The US housing market has reached a critical turning point,” says Alan Dixon, who runs the ASX-listed US Masters Residential Property Fund. “For the first time since 2006, US house prices have begun to increase steadily.”
US Masters, managed by Dixon Advisory, already owns 490 properties and more than 1,500 units throughout New Jersey’s Hudson County and the New York boroughs of Brooklyn and Manhattan. While this so-called New York metropolitan area was the worst performer in the latest Case-Shiller report, rising 2.6% in 12 months, Dixon says independent appraisals show the fund’s property values appreciated an average of “around 10%” over the same period.
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