©2016 Philippe Wojazer/Reuters

Brexit to boost property’s safe-haven status

Brexit will boost Australia’s residential property market as the UK decision to leave the European Union will increase perceptions of the market’s safe-haven status, observers say.

Nerida Conisbee, the chief economist at property-listing company REA Group, shrugged off a question that uncertainty created by the UK’s unexpected vote to leave the 28-nation EU bloc would trigger a sharp fall in Australian property prices.

If anything, it would boost demand for Australian real estate assets, Ms Conisbee said.

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©2016 by Michael Bleby for The Financial Times