Aussies scooping up US homes

Friday 13 March 2009

Article by Mozo

Australians have been raiding their savings accounts and supers to make the most of the property slump in the US, the Daily Telegraph reports.

Many towns and cities across the states have seen house prices plummet since the onset of the financial crisis as property after property enters foreclosure.

Among those scooping up the bargain properties is Theo Szinger, 67, a vacuum cleaner manufacturer from Brisbane, who delved into his super to go on an acquisition spree, snapping up six properties for around $5,000.

"You can’t even buy a second-hand car for that," he told the paper.

Mike Shannon, a foreclosure specialist in Detroit, said that typically, Australians have been paying between US$3,000 ($4,500) and US$5,000 a pop for the properties.

Detroit has seen house prices plummet after thousands of people fell behind with home loan payments following the collapse of the city’s auto industry.

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