Expats set to boost Australia's property market post-Brexit
According to new research, Brexit could boost the Australian property market as expats may return to Australia. The market has been flooded with people moving back and renting apartments, and this could turn into them choosing to purchase properties. After the Brexit, the bad exchange rate could also deter Australians from deciding to travel, live and work in the UK.

More expatriates moving back home after the Brexit vote could re-ignite the Australian property market, new research says.

The UK's decision to leave the European Union last month could lead to a stronger population growth and bring more demand for properties, The Sydney Morning Herald reported.

'A weaker growth outlook for the UK and Europe, could see a return of Australian expats, and a decline in the number of Australians seeking better opportunities offshore,' Macquarie economic analyst James McIntyre said in a note.

More expatriates moving back home after the Brexit vote could re-ignite the Australian property market, new research says. Pictured is a stock image

Recently the market has been flooded with apartments and more people moving back to Australia could see them buying up these properties.

'There's still a very large supply pipeline coming into the housing market. However, a potential firmer migration backdrop and additional stimulus from the [Reserve Bank of Australia] are not factors which could help ease any potential indigestion,' Mr McIntyre said.

Following the result, the British pound exchange rate with the Australian dollar plummeted by 10 per cent.

Even before this, the faint sniff of an out vote caused the Australian share market to plunge and investors dumped $50 billion worth of stock in anticipation of the decision.

Thousands also took to the streets of London at the weekend to protest against the Brexit, which saw

This unfavourable exchange rate could also deter more Australians travelling to the UK to work.

According to the UK's latest census, there are more than 120,000 Australians living the country.

After the Brexit referendum outcome was announced, Britain's Prime Minister David Cameron announced he would be resigning and a new leader would be installed by October.

Some voters have also come out and said they regretted voting 'leave' if they had know the repercussions of Britain leaving the EU.