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Australians Buying Investment Properties BROOKLYN!!!December 12, 2014
The first listed Australian landlord of U.S. housing is hunting for rundown properties in the New York City area as prices hit new highs.
The U.S. Masters Residential Property Fundowns A$545 million ($453 million) of single- and multi-family properties in the New York metropolitan area, including inBrooklyn, New Jersey and Harlem, said Alan Dixon, chief executive officer of Sydney-based investment firm Dixon Advisory, which manages the fund. It only buys properties located less than an hour by public transport from midtown Manhattan, he said.
“New records are being created on a regular basis” in many neighborhoods, Dixon said in an interview in Sydney. “But product that’s still in need of substantial renovation is still quite affordable.”