By Louise Cheer for Daily Mail Australia Published: 22:11 EDT, 4 July 2016 | Updated: 02:44 EDT, 5 July 2016 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. At the weekend, thousands took to the streets of London to protest against the Brexit. Advertisement
According to new research , this 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 translate into them choosing to purchase property . After the Brexit , the bad unemployment rate could also deter people from deciding to travel , live and work in the UK .