BARGAIN-HUNTING Australians are raiding the US housing market where huge family homes are for sale for just $1.50. Foreign buyers are traveling to US foreclosure hotspots where properties are listed for $US1000 ($1500), $US500 ($750) - even as little as $US1.One prominent dealer in Detroit - a town crippled by the collapsing car industry - has sold properties to Australian buyers for just $US3000 ($4500).
| Suckers! |
His latest buy, a $16,000 home in such good condition it did not even need a paint job, came with a $10,000 rates bill but he was still thrilled with the deal.
Mr Szinger is among the enterprising Aussies who have swooped on the ailing US home market where homes worth $200,000 18 months ago are going for a few thousand dollars.
"We've had a handful. Typically, they have been paying $US3000 to $US5000," Detroit foreclosure specialist Mike Shannon said. Mr Shannon said he had more than 100 lower quality homes listed in the Detroit metropolitan area for sale at just $US1.